DLP Resources Inc. Announces Exploration Update
Cranbrook, British Columbia--(Newsfile Corp. - June 9, 2022) - DLP Resources Inc. (TSXV: DLP) (OTCQB: DLPRF) ("DLP" or the "Company") announces temporary abandonment of drilling Hole MD22-01 on the Moby Dick property due to structural complications intersected at 1305m depth.
Moby Dick and NZOU Projects (Sullivan-type Zn-Pb-Ag Targets) - Figures 1 and 2
Drill hole MD22-01 hit a major fault at around 1200m and the re-drill off a downhole wedge placed at 1150m also had to be abandoned at 1305m due to poor drilling conditions. The hole was in Middle Aldridge sediments with weak pyrrhotite mineralization and intense sericite alteration with trace tourmaline within the fault zone. Geological and structural data obtained from the hole will now be interpreted to decide on how the Sullivan-type targets on Moby Dick and NZOU will be drilled. It is expected that the Sullivan program will be postponed until after the drilling of the Hungry Creek and Copper Creek sediment hosted copper targets this year. Hole MD22-01 will be re-entered and drilling will continue with a smaller core size to our targeted depth of 1700m when the program commences.
The Hungry Creek drill permit for six drill platforms is expected to be issued this month. Drilling will commence by mid-July.
Aurora Porphyry Copper-Molybdenum Project - Peru (Figure 3)
With the receipt of the environmental permit announced in the DLP news release of May 17, 2022, the water usage permit is expected this month. A 5000m drill program will commence by mid-July.
Ian Gendall, President & CEO of DLP, commented: "The temporary abandonment of Hole MD22-01 on Moby Dick has been a bit of a disappointment considering the depth to which we drilled with hydrothermal sericite alteration in the last 50m. A re-evaluation of the structural and geophysical magnetotelluric data will now be done based on the downhole information before we commence drilling again on the proposed holes on the Sullivan-type targets (Figure 2). Although we have a small setback on the Sullivan program we have an exciting drill program commencing on the Hungry Creek property west of Kimberley, BC and the Aurora porphyry copper-molybdenum project in Peru in July."
Figure 1: DLP Project areas with Moby Dick, NZOU, Hungry Creek and Copper Creek properties shown.
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Figure 2: Titan MT resistivity plan at 0m elevation with the main MT anomaly trending NE from DD21-02 onto the Moby Dick and NZOU properties.
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Figure 3: DLP Project areas in Southern Peru with Aurora and Esperanza Projects shown with red stars.
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David L. Pighin, consulting geologist and co-founder of DLP Resources, is the qualified person of the Company as defined by National Instrument 43-101. Mr. Pighin has reviewed and approved the technical contents of this news release.
About DLP Resources Inc.
DLP Resources Inc. is a mineral exploration company operating in Southeastern British Columbia and Peru, exploring for Base Metals and Cobalt. DLP is listed on the TSX-V, trading symbol DLP and on the OTCQB, trading symbol DLPRF. Please refer to our web site www.dlpresourcesinc.com for additional information.
FOR FURTHER INFORMATION PLEASE CONTACT:
DLP RESOURCES INC.
Ian Gendall, CEO & President
Jim Stypula, Executive Chairman
Robin Sudo, Chief Financial Officer and Corporate Secretary
Maxwell Reinhart, Investor Relations
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to drilling on the Moby Dick and NZOU properties, Hungry Creek-Copper Creek properties and the Aurora property in Peru
These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things drill results expected from the Moby Dick and NZOU properties, Hungry Creek-Copper Creek properties and the Aurora property in Peru
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
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