Cranbrook, British Columbia--(Newsfile Corp. - June 25, 2024) - DLP Resources Inc. (TSXV: DLP) (OTCQB: DLPRF) ("DLP" or the "Company") announces receipt of complete drill results for drillhole, A24-014 on the Aurora porphyry copper-molybdenum-silver project in southern Peru. (Figure 1). In addition, a second drill rig is on site to assist with the expansion drilling in 2024.
Results for the first thirteen drillholes, A22-001, A22-002, A22-003, A23-004, A23-005, A23-006, A23-007, A23-008, A23-009, A23-010, A23-011, A23-012 and A23-013 were last released on January 04, 2023. (see DLP Resources Inc., news release of January 04, 2024, for results for the thirteen drillholes).
Highlights
Drillhole A24-014 was drilled approximately 250m northeast of drillhole A23-013 and intersected copper and silver mineralization throughout the hole to a depth of 641.30m. The hole was stopped at 641.30m due to faulting and fracturing between 273m and 332m and did not get into the planned molybdenum zone at depth. Mineralized intervals are indicated below.
534.30m at 0.14% Cu and 2.09g/t Ag from 107.00m to 641.30m.
202.00m at 0.25% Cu and 2.93g/t Ag from 107.00m to 309.00m.
66m at 0.42% Cu and 4.89g/t Ag from 219.00m to 285.00m.
The complete set of results for A24-014 are summarized in Table 1 below.
A second drill rig is currently on site and drilling the NE target.
Mr. Gendall, President and CEO commented: "A24-014 was the first step-out hole to the NE to extend copper mineralization into the undrilled NE zone where previously reported reconnaissance mapping and sampling identified copper and molybdenum mineralization in rock samples on surface. This hole was drilled at a higher elevation to intersect greater copper mineralization in the upper levels of the drillhole. Unfortunately, the hole did not get into the molybdenum zone due to faulting which resulted in the hole being stopped short of the planned 1000m depth. We are very encouraged with the copper results from drillhole A24-014 and will continue to trace the copper enrichment to the northeast and southeast with continued drilling with two drill rigs in 2024."
Aurora Cu-Mo Project - Summary of Drill Results for A24-014
Drill hole A24-014(Figures 2,3 and 4) commenced on April 24 on an azimuth of 050 degrees with an inclination of -70 degrees and ended on May 21st at 641.30m due to faulting in the hole. Summary geology is as follows:
0-3.50m: Overburden
3.5-107.00m: Leached zone of hornfels and Intermineral porphyry.
107.00m - 140.00m: Mineralized hornfels with chalcopyrite, chalcocite and covellite - weak enrichment zone.
140.00m - 172.90m: Brecciated and mineralized hornfels with pyrite, chalcopyrite, chalcocite and covellite - weak enrichment zone.
172.90 - 202.00m: Hornfels with disseminated and veined sulphides of chalcopyrite, pyrite and trace molybdenum.
202.00 - 350.00m: Mineralized hornfels and intense fracturing from 273m to 332m. Within a fault zone.
350 - 520m: Mineralized hornfels with chalcopyrite and pyrrhotite.
520 - 641.30m: Mineralized hornfels with chalcopyrite. End of hole on May 21st, 2024.
Table 1. Summary of Drill Results for Diamond Drillhole A24-014. 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
%
A24-014
0.00
3.50m
3.50m
No core recovered - overburden
3.50
107.00
103.50
Leached zone within hornfels and porphyry dykes
0.04
0.0225
0.87
0.17
107.00
641.30
534.30
Mineralized hornfels
0.14
0.0036
2.09
0.18
Includes
107.00
309.00
202.00
Hornfels with copper enrichment
0.25
0.0068
2.93
0.31
Includes
219.00
285.00
66.00
Enriched copper zone in hornfels
0.42
0.0022
4.89
0.47
Includes
477.00
513.00
36.00
Primary chalcopyrite mineralization in hornfels
0.10
0.0062
2.17
0.15
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 length of A24-014 except for intervals from 58.00m to 60.00m, 79.00m to 83.00m, 273.00m to 275.00m and 329.00m to 332.00m where core recovery was below 50% due to leaching and faulting. The project is at an early stage of exploration and conceptual recoveries of Cu 85%, Mo 82%, and Ag 75% 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: A24-014 Diamond drillhole location, depth, orientation and inclination.
Hole
Easting
Northing
Elevation
Length
Azimuth
Inclination
ID
m
m
m
m
Degrees
Degrees
A24-014
190,113
8,566,088
2978
641.30
050
-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 1.5 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 reported from 3.5m to 641.30m in A24-014 except for intervals from 58.00m to 60.00m, 79.00m to 83.00m, 273.00m to 275.00m and 329.00m to 332.00m where core recovery was below 50% due to leaching and faulting.
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.
Stock Options and RSU's
The Company also announces that a total of 400,000 restricted share units ("RSUs") have been granted to founders pursuant to the Company's long-term incentive plan. Each RSU entitles the holder to acquire one common share of the Company on vesting. All RSUs will vest one year from the date of grant.
Figure 1: DLP Project areas in Peru with Aurora Project Shown.
Figure 2: Aurora Project - Plan view showing historic drilling and drilling by DLP in 2022-2023 with A24-014 and A24-015 in yellow lettering and proposed holes in red lettering. Blue = Mo >500ppm and Brown = Cu>0.2%.
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 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.
