DLP Resources Announces Exploration Update and Proposed Extension of Warrants
Cranbrook, March 3, 2022 - DLP Resources Inc. ("DLP" or the "Company") (TSXV: DLP) (OTCQB: DLPRF) is pleased to announce an exploration update.
Moby Dick and NZOU Projects (Sullivan-type Zn-Pb-Ag Targets)
With weather conditions improving, it is expected that access to the first drill platform on the Moby Dick project will be cleared for drill rig mobilization to commence in mid March and drilling to start in late March-early April.
A three-to-four-hole drill program of approximately 5400m is planned for the Sullivan-type Zn-Pb-Ag targets on the Moby Dick and NZOU projects (Figure 1). As highlighted in the DLP press release of November 9, 2021, the extension of the well-developed MT (magnetotelluric) geophysical anomalies to the NE of hole DD21-02 indicate well developed conductive bodies extending over 5000m x 500m. These conductive zones are proposed to be associated with pyrrhotite (iron sulphide) associated with the extension of the Sullivan Horizon intersected in DD21-02 (Figures 2 and 3). Both geophysical and geological data support the fact that sufficient "smoke" exists to suggest that a significant mineralized Sullivan-type Zn-Pb-Ag system may be encountered in this phase of drilling.
Hungry Creek Project and Copper Creek (Sediment Hosted - Stratiform Copper-Silver-Cobalt Targets)
Permitting for drilling six drill holes (1800m) on both Hungry Creek and five drill holes on Copper Creek (2000m) has commenced. It is expected that permits for both projects should be approved for a summer drill program.
Both Hungry Creek and Copper Creek drilling will target sediment hosted - stratiform copper-silver-cobalt mineralization within the middle Creston Formation. Target 711 at Hungry Creek will be the focus of the first six holes where very encouraging copper mineralization was reported from seven grab and two float samples (see DLP press release dated November 30, 2021). Copper up to 1.15% and anomalous silver of up to 3.51ppm together with anomalous cobalt (up to 117.6ppm) and barium (up to 4,274 ppm) were also reported.
Aurora Project (Porphyry Cu-Mo Target)
Aurora is a porphyry copper-molybdenum project in Southern Peru with the potential to host a significant copper-molybdenum mineralized system. (Figures 4 and 5).
The community agreement with the Parobamba community has been finalized and permitting for drilling initiated. Drilling is expected to commence by June 2022.
When the property was under option with Focus Ventures Ltd. in 2013, they reported that thirteen historic holes drilled in 1999 and 2005 cut significant intervals of copper and molybdenum mineralization, including 244m @ 0.48% Cu, 0.007% Mo in DDA-1, 142m @ 0.5% Cu, 0.004% Mo in DDA-3, and 71.7m @ 0.7% Cu, 0.007% Mo in DDA-3A (see Focus news release July 11, 2012). No additional drilling has been done since Bear Creek and Vena Resources drilled those six and seven historic holes respectively. From a review of the historic data, majority of the holes were drilled within the leached cap of the mineralized system which extends to approximately 200m depth. Ten of the thirteen holes never fully tested the oxide and secondary enrichment zone and/or the primary copper zone at depth encountered in DDA-01.
Once permitting for drilling is approved, a 3000m phase 1 drill program will be initiated to confirm the historic copper-molybdenum results reported and expand the known secondary copper mineralization intersected previously in historic Hole DDA-01 (see news release of DLP Resources Inc. dated May 18, 2001).
Ian Gendall, CEO & President of DLP, commented: "We are excited about initiating the planned drilling on the Sullivan-type Zn-Pb-Ag targets on the Moby Dick and NZOU projects within the next month. In addition, drilling of the 711-copper target on the Hungry Creek Project in SE BC this summer is expected to give us a good indication of the mineralized thickness and copper grades at depth along this stratiform horizon which has now being mapped over 11km. With permitting underway on the Aurora porphyry copper project in Peru, we look forward to having drilling commence in June 2022."
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 section along Line 2N showing drill hole DD21-02.
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Figure 3: 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 4. Summarized geology and historic drill holes on the Aurora Project.
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Figure 5. Section 1-1' showing preliminary modelling and interpretation of historic drilling on the Aurora Project.
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Proposed Extension of June 2021 Warrants
The Company is pleased to announce that it has applied to the TSX Venture Exchange (the "Exchange") for a one-year extension of the term of 4,333,967 common share purchase warrants (the "Warrants") issued as part of the Company's private placement that closed on June 23, 2021. The Warrants are exercisable at a price of $0.40 and currently expire on June 23, 2022.
Subject to the approval of the TSX Venture Exchange, the term of the Warrants will be extended to June 23, 2023 for a total term of two years.
The Warrants are exercisable at a price of $0.40 and currently expire on June 23, 2022, subject to acceleration in the event that the trading price of the common shares of the Company equals or exceeds $0.50 for 10 consecutive days."
Not for distribution to U.S. news wire services or dissemination in the United States.
Qualified Person
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
Telephone: 250-426-7808
Email: iangendall@dlpresourcesinc.com
Email: jimstypula@dlpresourcesinc.com
Email: robinsudo@dlpresourcesinc.com
Email: maxreinhart@dlpresourcesinc.com
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, among other things, acquiring permits for drilling on the Aurora property.
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 permits on the Aurora property and delays in obtaining or failure to obtain required regulatory approvals for the Investor Relations Agreement.
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 permitting on the Aurora project and for the Investor Relations Agreement.
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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