DLP Resources Announces Continuation of Drilling NZ23-01 on the NZOU Critical Metals Project - Sullivan-Type Zn-Pb-Ag Target in SE British Columbia
Cranbrook, June 21, 2024 - DLP Resources Inc. (TSXV: DLP) (OTCQB: DLPRF) ("DLP" or the "Company") announces commencement of drilling the continuation of drillhole NZ23-01 on the NZOU critical metals project in southeastern British Columbia, Canada (Figure 1).
NZOU Project (Sullivan-type Zn-Pb-Ag Target)
A one-hole drill program which commenced in 2023 on the NZOU Project was re-started on June 18, 2024. This drillhole NZ23-01, was collared in Middle Aldridge siltstones and ended at a depth of 1330m at the top of the Sullivan horizon in July 2023. Drilling was halted due to the window of imposed permit restrictions.
Alteration observed in the hole was locally intense and consisted of 1 to 3m zones of albitization, with associated garnets, chlorite and epidote. From 449.0m to 480m the rocks were strongly chloritized and sericitized. Minor pyrrhotite and pyrite occurs throughout the hole as weak disseminations and in discontinuous hairline calcite veinlets. Traces of sphalerite were noted locally.
At 1317.0m the hole intersected "Sullivan time" and the sediments contained disseminated pyrrhotite and thin pyrrhotite layers parallel to bedding. Some weakly disseminated sphalerite associated with the pyrrhotite was observed. The presence of sphalerite within this horizon coupled with the fact that the hole was entering the MT (magnetotelluric) anomaly warranted continuation of drilling another 300m. This continued drilling will identify the true thickness of the Sullivan horizon and confirm any development of economic mineralization of Zn-Pb-Ag to approximately 1650m (Figures 1, 2 and 3).
As highlighted in the DLP press release of November 9, 2021 the extension of the well-developed MT geophysical anomalies to the NE of hole DD21-02 indicated 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 (Figure 2). Both geophysical and geological data support the fact that a significant mineralized Sullivan-type Zn-Pb-Ag system may be encountered in this phase of drilling approximately 3.7km northeast of DD21-02. A low resistivity (strong conductive) anomaly extending from approximately 700m to beyond the targeted depth of 1500m to 1700m is well developed on this drill section (Figure 3).
Ian Gendall, President and CEO of DLP commented, "We are very excited to be continuing the drilling of NZ23-01 to target a potential critical metals Sullivan-type zinc system on the NZOU property. Previous drilling in 2020, 2021, 2022 and 2023 has continued to vector us from the southwest to the northeastern end of this extensive 5000m MT geophysical trend."
Summary of Vectoring towards a Sullivan-Type Zn-Pb-Ag Target along the 5km Magnetotelluric Geophysical Trend (Figure 2)
- In 2020, DLP extended the original PAN18-01 hole, renamed PAN18-01-Ex, drilled by Teck from 1425m to 1711m and intersected the Sullivan horizon with weak zinc mineralization and good chlorite and sericite alteration.
- In 2021, drill hole DD21-02 was drilled on the chargeability anomaly approximately 1.2 km to the NE of PAN18-01-EX. Hole DD21-02 like PAN18-01-EX, was drilled on the PJX's DD property and intersected an extensive thickness (168m) of fragmentals, part of the Sullivan Horizon, from 1705m with abundant pyrrhotite with hydrothermal alteration of secondary biotite and sericite + chlorite visible throughout. Finely laminated Sullivan horizon siltstone/argillite was intersected at the base of the fragmentals from 1861.24m to top of Lower Aldridge banded siltstones at 1873.31m. A 7.6m interval of the Sullivan siltstones/argillites with fine grained disseminated sphalerite (zinc-iron sulphide) and wispy bands of pyrrhotite (iron-sulphide) was observed from 1861.24m to 1873.31m. Within this section there was a 2.92m interval with 0.16% Zn and 0.06% Pb from 1861.26m to 1864.18m. The highest values in this interval were 0.27% Zn, 0.11% Pb and 2.5ppm Ag (see DLP Press Release of November 9, 2021).
- In 2022, DLP drilled MD22-01 on the Moby Dick property and hit a major fault at around 1200m. A re-drill off a downhole wedge placed at 1150m also had to be abandoned at 1305m due to poor drilling conditions. The hole ended in Middle Aldridge sediments with weak pyrrhotite mineralization and intense sericite alteration with trace tourmaline within the fault zone.
A review of the data obtained from the above three holes, historic drilling of IR07-01 and IRISH-07 and updated geological maps, DLP is now targeting the Sullivan-type Zn-Pb-Ag system at the end of the MT anomalous zone with a very well-developed chargeability zone at 1500m depth.
The historic Sullivan mine which was one of the largest sedimentary exhalative Zn-Pb-Ag deposits in the world is located approximately 52km to the north of our NZOU drilling. The Sullivan mine was in active production for 92 years with a reported 160 million tons of ore containing 8 million tons of lead, 7 million tons of zinc, and 285 million ounces of silver, worth approximately $40 billion at today's metal prices.
Figure 1: Location of Moby Dick and NZOU Sullivan-type Zn-Pb-Ag Projects.
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Figure 2: 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 3: Titan MT resistivity section along Line 5N showing drill hole NZ23-01.
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Stock Options and RSU's
The Company also announces that a total of 230,000 stock options ("Options") and 100,000 restricted share units ("RSUs") have been granted to a founder and three contractors of the Company pursuant to the Company's long-term incentive plan.
The options are exercisable for a term of 5 years at exercise prices of $0.36 and $0.465. 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.
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, Office & Land Manager/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 drilling on the NZOU project in SE British Columbia, Canada.
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 NZOU project in SE British Columbia.
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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