DLP Stakes a Massive Land Position with an Addition of 454.91km2 of Sediment-Hosted Stratiform Copper-Cobalt-Silver Targets Following the Hungry Creek Drilling
Cranbrook, September 16, 2021 - DLP Resources Inc. (TSXV: DLP) (the "Company") is pleased to announce that following the completion of the two drill holes on the Hungry Creek project an additional 45,491.02 Ha have been staked. An additional 34,361.28 Ha's have been added to the original Hungry Creek land package and 11,129.74 Ha's staked north of Kimberley, BC now called the Copper Creek Project (Figure 1).
Hungry Creek
Drill holes HC21-01 and 02 did not intersect copper-cobalt mineralization identified previously in boulders during prospecting along Hungry Creek (Figure 2 and DLP press release of January 09, 2020). The drill hole information did however assist with the understanding of the Middle Creston Formation and further prospecting to the west and south of the area drilled was successful in identifying a significant package of visible copper mineralized middle Creston quartzites within the Belt-Purcell Basin (Figures 3, 4 and 5). These are the Revett equivalent quartzites which host the copper-silver deposits such as Montanore, Rock Creek and Spar Lake in Montana, USA (Figure 5).
There appears to have been very little, if any, recent prospecting along the middle Creston package on this western margin of the Purcell Basin. Interpretation of the Hungry Creek geology, followed by additional prospecting by DLP on Hungry Creek has identified copper mineralization in the form of chalcopyrite and bornite with associated manganese oxides and carbonate alteration within the C2-Middle Creston quartzite package (Figures 3 and 4). This mineralized package has now been traced southwards over approximately 10km.
Copper Creek
In addition to claims held along the western limb of the Purcell Basin, DLP has also staked 11,129.74 Ha's to the north of Kimberly which were previously held by Kootenay Silver Inc. and explored by Antofagasta Minerals S.A. No drilling was conducted on any of the copper targets which were written-up in a publicly available assessment report in March, 2019. Significant copper targets identified by prospecting and surface sampling in 2018 will now be evaluated further (Figure 6).
Ian Gendall, President of DLP commented: "Sediment-hosted stratiform copper deposits are important sources of copper, cobalt, and silver and have accounted for approximately 20% of global copper production in recent years. DLP has now acquired a significant land package along the most favourable stratigraphic horizon within the Creston Formation which is very much underexplored along the northern and western margins of the Purcell Basin. We are extremely encouraged to have identified the mineralized quartzite package within Hungry Creek which is a Revett-type look-alike and host to the Montanore, Rock Creek and Spar Lake copper deposits in the USA. Further prospecting and sampling will now begin so we can be drill ready by next year."
Sullivan-type Zn-Pb-Ag Program
Drill permits are still awaited for targets identified and reported in the DLP press release of June 28, 2021. Drilling will commence as soon as the permits are obtained.
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.
Figures
Figure 1: DLP Project areas with recently acquired Copper Creek and extensions to the original Hungry Creek property.
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Figure 2: Hungry Creek 2021 drilling on interpreted geology and section.
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Figure 3: Copper mineralization along fracture parting within thick bedded middle Creston quartzites.
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Figure 4: Copper mineralization and manganese oxides within thick bedded middle Creston quartzites.
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Figure 5: The Belt Purcell across Canada and northern USA with stratigraphic column showing equivalent correlations across the border with sediment hosted stratiform copper-silver occurrences.
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Figure 6: Compilation of historic 2017 and 2018 rock sampling on simplified geology with copper in grab samples shown and DLP Claims in shaded area (modified from BC Geological Survey Assessment Report 38395).
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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 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: DLP Resources Inc.
Ian Gendall, President
Jim Stypula, Chief Executive Officer
Robin Sudo, Chief Financial Officer and Corporate Secretary
Telephone: 250-426-7808
Email: iangendall@dlpresourcesinc.com
Email: jimstypula@dlpresourcesinc.com
Email: robinsudo@dlpresourcesinc.com
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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, among other things: the anticipated proceeds to be raised under the Private Placement; the use of any proceeds raised under the Private Placement; and finder's fees to be paid in connection with the Private Placement.
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: delays in obtaining or failure to obtain required regulatory approvals for the Private Placement; market uncertainty; and the inability of the Company to raise the anticipated proceeds under the Private Placement.
In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, that: the Company will obtain the required regulatory approvals for the Private Placement; the Company will be able to raise the anticipated proceeds under the Private Placement; and the Company will use the proceeds of the Private Placement as currently anticipated.
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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