Cranbrook, British Columbia--(Newsfile Corp. - October 9, 2024) - DLP Resources Inc. (TSXV: DLP) (OTCQB: DLPRF) ("DLP" or the "Company") announces receipt of complete drill results for drillhole A24-019A on the Aurora porphyry copper-molybdenum-silver project in southern Peru. (Figure 1).
Results for the first 18 drillholes, were last released between January 04 and September 26, 2024 (see DLP Resources Inc., news release of January 04, 2024, June 25, 2024, August 15, 2024, and September 26, 2024, for results for the previous eighteen drillholes).
Highlights
Drillhole A24-019A was drilled off the same drill platform as A24-017 with the aim of expanding the copper mineralization in the northeast. This drillhole intersected copper mineralization from 34.30m extending to 168m in mineralized hornfels. This hole was a redrill of A20-019 which was stopped in a near surface fault at 66.88m. Unfortunately, A24-019A also entered the fault zone, which resulted in the hole being stopped at 267.45m. Results were as follows:
0.21% Cu over 133.70m from 34.30m to 168.00m.
0.40% Cu over 59.70m from 34.30m to 94.00m.
The complete set of results for A24-019A are summarized in Table 1 below.
DLP has engaged AMC Consultants to initiate and complete the preliminary NI43-101 compliant resource estimation on Aurora. AMC are renowned international mining consultants whose clients include the world's leading mining and exploration companies, corporate advisors, financial institutions, and insurance companies.
Mr. Gendall, President and CEO commented: "We are excited with the near surface copper-silver mineralization in the northeast and east of Aurora. Four holes drilled in the east and northeast in 2024, have all intersected good near surface copper-silver mineralization expanding the copper-silver shell over the project area. In addition to continued drilling, to expand both copper-silver and molybdenum mineralization at Aurora, we have also engaged AMC Consultants to initiate the preliminary resource estimation on Aurora. It is expected that AMC will have the preliminary resource estimate completed by March 2025."
Aurora Cu-Mo Project - Summary of Drill Results for A24-019A
Drill hole A24-019A(Figures 2 and 3) commenced on August 22, 2024 at an inclination of -70 degrees on an azimuth of 200 degrees and ended on September 02, at 267.45m. Summary geology is as follows:
0-34.30m: No core recovered - Overburden
34.30 - 94.00m: Mineralized hornfels with copper enrichment.
94.00m - 267.45m: Weakly mineralized hornfels.
Table 1. Summary of Drill Results for Diamond Drillhole A24-019A. All grades are length-weighted averages of samples within the interval reported.
Hole
From
To
Interval1
Description
Cu (total)
Mo
Ag
CuEq*
ID
m
m
m
%
%
g/t
%
A24-019A
34.30
168.00
133.70
Mineralized hornfels
0.21
0.0001
0.98
0.22
Includes
34.30
94.00
59.70
Mineralized hornfels - copper enrichment
0.40
0.0001
0.58
0.41
Note: *Copper equivalent grades (CuEq) are for comparative purposes only. Mo, Cu and Ag values are uncut and core recovery is assumed to be 100% for the entire drilled lengths of A24-019A. The project is at an early stage of exploration and recoveries of Cu 95.8%, Mo 86.4%, and Ag 89.3%, as determined from the recent metallurgical study, are assigned to the CuEq calculations. Conversion of metals to an equivalent copper grade based on these metal prices is relative to the copper price per unit mass factored by conceptual recoveries for those metals normalized to the conceptualized copper recovery. The metal equivalencies for each metal are added to the copper grade. The formula for this is: CuEq % = Cu% + (Mo% * (Mo recovery / Cu recovery) * (Mo $ per lb / Cu $ per lb) + (Ag g/t * (Ag recovery / Cu recovery) * (Ag $ per oz/ 31.1034768) / (Cu $ per lb* 22.04623)).
*Copper equivalent calculations use metal prices of Cu - US$3.34/lb, Mo - US$18/lb and Ag - US$21.87/oz.
1 Intervals are downhole drilled core lengths. Drilling data to date is insufficient to determine true width of mineralization. Mo, Cu and Ag values are uncut.
Table 2: A24-019A Diamond drillhole location, depth, orientation and inclination.
Hole
Easting
Northing
Elevation
Length
Azimuth
Inclination
ID
m
m
m
m
Degrees
Degrees
A24-019A
190,192
8,566,398
2837
267.45
200
-70
Co-ordinates are in WGS84 Zone 19S.
Quality Control and Quality Assurance
DLP Resources Peru S.A.C, a subsidiary of DLP Resources Inc., supervises drilling and carries out sampling of HTW, NTW and BTW core. Logging and sampling are completed at a secured Company facility situated on the project site. Sample intervals are nominally 1m to 3m in length. Drill core is cut in half using a rotary diamond blade saw and samples are sealed on site before transportation to the ALS Peru S.A.C. sample preparation facility in Arequipa by Company vehicles and staff. Prepared samples are sent to Lima by ALS Peru S.A.C. for analysis. ALS Peru S.A.C. is an independent laboratory. Samples are analyzed for 48 elements using a four-acid digestion and ICP-MS analysis (ME-MS61). In addition, sequential copper analyses are done where secondary copper mineralization is observed and reports, soluble copper using sulphuric acid leach, soluble copper in cyanide leach, residual copper and total copper. ALS meets all requirements of International Standards ISO/IEC 17025:2005 and ISO 9001:2015 for analytical procedures.
DLP Resources independently monitors quality control and quality assurance ("QA/QC") through a program that includes the insertion of blind certified reference materials (standards), blanks and pulp duplicate samples. The company is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data for intervals reported in A24-019A from 34.30m to 168m.
Aurora Project
Aurora Project is an advanced stage porphyry copper-molybdenum exploration project in the Province of Calca, SE Peru (Figure 1). The Aurora Project was previously permitted for drilling in 2015 but was never executed. Thirteen historical drillholes, drilled in 2001 and 2005 totaling 3,900m were drilled over an area of approximately 1000m by 800m, cut significant intervals of copper and molybdenum mineralization. From logging of the only three remaining holes DDA-01, DDA-3A and DDA-3 and data now available, it appears that only three of the thirteen holes tested the enriched copper zone and only one hole drilled deep enough to test the primary copper and molybdenum zone (see DLP Resources Inc. news release of May 18, 2021).
Salient historic drillhole data of the Aurora Project are:
190m @ 0.57% Cu, 0.008% Mo in DDA-1 with a high-grade intercept of 20m @ 1.01% Cu related to a supergene enrichment zone of secondary chalcocite;
142m @ 0.5% Cu, 0.004% Mo in DDA-3;
71.7m @ 0.7% Cu, 0.007% Mo in DDA-3A (see historical Focus Ventures Ltd. news release July 11, 2012); and
One of the historical holes ABC-6 drilled on the edge of the system intersected 78m @ 0.45% Cu and 0.107% Mo (Figure 2).
A review of the historical drilling indicates that the majority of the thirteen holes were drilled in the leached and partially leached zones of the porphyry system. 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. Copper-molybdenum mineralization is hosted by quartz-feldspar porphyries intruded into slates-hornfels and pelitic sandstones belonging to the Ordovician (439 - 463 ma) Sandia Formation.
Figure 1: DLP Project areas in Peru with Aurora Project Shown.
Figure 3: Aurora Project - Simplified SW-NE section 1-1' showing DLP and historic drillholes. Mo is on the left and the Cu is within the drillhole column.
DLP announces that it intends to extend the term of an aggregate of 4,358,800 common share purchase warrants (the "Warrants") issued as part of the Company's private placement that closed in two tranches on November 22, 2022 and December 15, 2022. The Warrants are exercisable at a price of $0.40 and currently expire on November 22, 2024 and December 15, 2024, respectively.
Subject to the approval of the TSX Venture Exchange (the "Exchange"), the term of the Warrants will be extended to November 22, 2025 and December 15, 2025, respectively. All other terms of the Warrants will remain the same.
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, Corporate Secretary and Land Manager Maxwell Reinhart, Investor Relations Telephone: 250-426-7808 Email: [email protected] Email: [email protected] Email:[email protected] Email: [email protected]
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 Aurora Project 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 Aurora Project 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.
