MG Capital Corp and DLP Resources Announce Receipt of Drill Permits and Appointment of New Director
Cranbrook, British Columbia--(Newsfile Corp. - July 13, 2020) - DLP Resources Inc. (TSXV: DLP) the wholly owned subsidiary of MG Capital Corporation is pleased to announce that approvals to commence work, including drilling, on the Aldridge 1, 2 and Hungry Creek properties have been received from the BC Ministry of Energy, Mines and Petroleum Resources.
Ian Gendall, President of DLP commented "We are extremely excited to be able to start executing our plan of drilling the Sullivan-type Pb-Zn-Ag targets on the Aldridge 1 and 2 Properties approximately 50 km southwest of Cranbrook, this year. Targets identified from the MT geophysical survey (see news release of March 23, 2020 and Figures below) and mapping done by Dave Pighin will now be tested by drilling".
Ian Gendall further commented "With the recently announced option agreement with PJX Resources (see news release of June 22, 2020) on the DD property adjacent to Aldridge 1 we have an exciting package of ground along a significant northeast structural trend and other north trending structures for exploring Sullivan-type targets at the Lower to Middle Aldridge contact".
Additional follow-up mapping and soil sampling to locate the source of the massive to semi-massive sulphides, hosted by float boulders at Hungry Creek will commence before any drilling will be initiated. Sixteen mineralized float boulders taken from the Hungry Creek drainage were assayed for cobalt and copper. The 16 boulders sampled had an assay range of 0.008% to 5.0% for copper and 0.002% to 0.23% for cobalt (see news release of January 09, 2020).
Once the recently announced (see July 09, 2020 news release) non-brokered private placement for gross proceeds of $1,500,000 is completed the Company will mobilize crew and equipment for the summer drill program which is expected to commence the last week of July, 2020.
APPOINTMENT OF NEW DIRECTOR
DLP would also like to announce the appointment of Ms Carol Li to the Board of Directors of DLP. Ms. Li is a Canadian Chartered Professional Accountant with over 20 years of financial and executive management experience, of which 14 years in mining. Ms. Li was appointed as Chief Financial Officer of Ascot Resources Ltd. on November 2, 2017. Ms. Li was formerly Vice President, Finance for KGHM International Ltd. from 2012 to 2017 and Corporate Controller for Quadra/QuadraFNX Mining Ltd. from 2004 to 2012. Ms. Li became a director of Strikepoint Gold Inc. on June 3, 2019 as a representative for Ascot Resources as one of Strikepoint's largest shareholders.
DLP has taken proactive measures to ensure the health and safety of its employees, contractors and communities from COVID-19. All exploration activities in 2020 will be conducted with additional safety measures in place related to COVID-19. Guidance is taken from the BC Restart Plan, Workers Compensation Act and the BC Government Mineral Exploration and Mining Health and Safety, Guidance for Covid-19 site.
David L. Pighin, consulting geologist and co-founder of DLP Resources, is the qualified person ("QP") of the Corporation 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, exploring for Base Metals and Cobalt. DLP is a wholly-owned subsidiary of MG Capital Corporation listed on the TSX-V, trading symbol DLP. Please refer to our web site www.dlpresourcesinc.com for additional information.
FOR FURTHER INFORMATION PLEASE CONTACT:
MG Capital Corporation
DLP Resources Inc.
Ian Gendall, President
Jim Stypula, Chief Executive Officer
Robin Sudo, Chief Financial Officer and Corporate Secretary
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.
This News Release contains forward-looking statements. Forward looking statements are statements which relate to future events. Forward-looking statements include, but are not limited to, statements with respect to exploration results, the success of exploration activities, mine development prospects, completion of economic assessments, and future gold production. In some cases, you can identify forward-looking statements by terminology such as "may", "appears to", "should", "expects", "plans", "anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking-statements.
Although DLP has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking 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.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59604