DLP Resources Announces Exploration and Corporate Update
DLP Resources Announces Exploration and Corporate Update
Cranbrook, British Columbia, (Newsfile Corp. – November 30, 2021) DLP Resources Inc. (“DLP” or the
“Company”) (TSXV:DLP) (OTCQB:DLPRF) is pleased to announce an exploration and corporate update.
Moby Dick and NZOU Projects (Sullivan-type Zn-Pb-Ag Targets)
Extreme weather conditions over the past two weeks in Southern BC have delayed the preparation of
trails to all proposed drill sites on the Moby Dick and Nzou properties. Drilling equipment has been
demobilized until such time it is safe to access the drill sites and start the program. Very wet ground
conditions in the field coupled with eminent snowfall is expected to delay the program until the new
year.
Aurora Project (Porphyry Cu-Mo Target)
The definitive agreement on the Aurora porphyry copper-molybdenum project in Peru has been
signed. Terms of the deal were reported in the Company’s news release dated May 18, 2021.
With DLP Resources Peru SAC now incorporated and the Aurora agreement finalized, the next step is
to initiate permitting for drilling in 2022.
Hungry Creek Project (Sediment Hosted – Stratiform Copper-Silver-Cobalt Targets)
The initial follow-up of the copper mineralization in the middle Creston Formation was reported in the
news release of the Company dated September 16, 2021. Seven grab samples and two float samples
taken during the initial follow-up have reported very encouraging copper (115.3 to 11480ppm), silver
(0.04 to 3,51ppm) and cobalt (0.9 to 117.6ppm) results at both the HC and 711 prospects,
approximately 11km along strike. In addition to the copper, silver and cobalt values returned,
anomalous gold of 0.1077 g/t was reported in one of the nine field samples taken (see Table 1 and
Figures 2 and 3).
Barium (Ba) is also highly anomalous with concentrations up to 4,274 ppm which is proposed to
indicate a source of Ba related to organic matter breakdown within a basin which could be an
important element controlling sulphide deposition and concentration of metals such as copper, cobalt
and silver in this sediment hosted copper-silver-cobalt system.
Copper mineralization is both disseminated and veined within the quartzite to silty quartzite units of
the middle Creston Formation and occurs principally as chalcopyrite with minor malachite on fractures.
Specks of limonite reported in the sections were reported to be after sulphides.
Ian Gendall, President of DLP commented: “These initial nine reconnaissance rock samples taken
during the prospecting along the 11 km trend of copper, silver and cobalt mineralization on the Hungry
Creek extension have indicated very encouraging results for further, more detailed sampling as soon
as the snow melts. The very anomalous Ba values within the mineralized quartzites, around the 711
showing is extremely encouraging for focusing our exploration effort. Detailed mapping and additional
systematic sampling will commence as soon as we can access the showings again in the spring of 2022”.
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Table 1: Summarized geochemical results for the nine samples taken during initial prospecting at
Hungry Creek.
QA/QC
All samples were placed in numbered and sealed bags and sent via secure transport to MSA Laboratory
in Langley, BC for sample preparation and analyses. Samples were crushed down to 2 mm and a 250g
split was pulverized to better than 85% passing 75µm. Samples were subjected to a 4-acid digestion
and analyzed for silver, gold and an additional 50 elements using inductively coupled plasma mass
spectrometry (ICP-MS). MSALabs is an ISO 9001 registered laboratory and has a quality control
program in place which includes the insertion of standard, blank, and duplicate samples, as well as
conducting repeat analyses.
Lab Sample Sample Type Eastings Northings Cu (ppm) Ag (ppm) Au (ppm) Ba (ppm) Co (ppm)
C0011354 Rock grab 529275.00 5497833.00 1796.1 1.69 0.0603 1695 2.3
C0011355 Rock grab 533786.00 5508390.00 11480 1.8 0.1077 23 15.9
C0011356 Rock grab 534118.00 5507789.00 766.6 2.39 0.0026 60 117.6
C0011357 Rock float 534113.00 5507760.00 1005.4 3.51 0.0015 52 1.1
C0011358 Rock grab 529350.83 5497880.57 238.5 0.22 0.002 4152 1.3
C0011359 Rock grab 529210.00 5498113.00 488.4 0.12 0.006 1843 1
C0011360 Rock grab 529241.79 5497825.60 115.3 0.04 0.0013 185 2.9
C0011361 Rock float 529347.00 5497878.00 225.8 0.04 0.0013 4274 0.9
C0011362 Rock grab 530339.00 5502163.00 2182.8 3.3 0.0163 78 16.7
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Figure 1: Petrographic slices of the nine field samples and polished thin sections for three of the
samples showing copper mineralization in the form of chalcopyrite within the matrix.
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Figure 2: Location of samples and geopoints on geology at the HC copper showing (see Legend – Figure 4)
Figure 3: Location of samples and geopoints on geology at the 711 copper showing (see Legend – Figure 4)
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Figure 4: Legend for Figures 2 and 3.
Investor Relations Agreement
The Company also announces that it has entered into an investor relations agreement dated
November 29, 2021 (the “Investor Relations Agreement”) with Max Reinhart (the “Consultant”), an
arm’s length party to the Company, pursuant to which the Consultant will provide advertising,
marketing and shareholder and investor relations services to the Company for a term of 12 months.
The Consultant has been engaged to heighten market awareness for the Company and to broaden the
Company's reach within the investment community. In conducting his marketing and advertising
program, the Consultant will employ a number of different communication methods, including phone
calls and emails.
Pursuant to the Investor Relations Agreement and subject to the approval of the TSX Venture Exchange
(the “Exchange”), the Company will issue the Consultant 150,000 stock options at an exercise price of
$0.20 for a term of 3 years. The options will vest one quarter upon the date of grant, one quarter after
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6 months, one quarter after 12 months and the remainder after 24 months. The Company will also pay
the Consultant a monthly cash fee of $6,000 which the Company intends to pay out of its general
working capital account.
The Company and the Consultant act at arm’s length, and the Consultant has no present interest,
directly or indirectly, in the Company or its securities, or any right or present intent to acquire such an
interest.
The Investor Relations Agreement is subject to the approval of the Exchange. The Consultant has
agreed to comply with all applicable securities laws and the policies of the Exchange in providing the
services to the Company.
Grant of Stock Options
The Company also announces that it has issued a total of 650,000 stock options to certain of its
directors and officers. All of the stock options will be exercisable for a period of 5 years at an exercise
price of $0.20.
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,
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, President
Jim Stypula, Chief Executive Officer
Robin Sudo, Chief Financial Officer and Corporate Secretary
Telephone: 250-426-7808
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
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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.
DLP Resources Inc. - News Release - Nov.30/21