Mineral exploration company Delrey Metals (CSE:DLRY) (OTCPK:DLRYF) announced some exciting news Tuesday that will advance the development of its Four Corners Fe-Ti-V exploration project in Newfoundland.
The company revealed the plans for its 2019 drill program at the project. Delrey Metals plans to drill a total of 500 meters from 20 drill pads at its Keating Hill East Zone, which is designed to test over 3.5 kilometers of strike length. Delrey Metals will also be conducting follow-up prospecting and sampling at Bullseye, Four Corners, and Keating Hill West, as well as the newly discovered Keating Hill North Zones, and plans to conduct late-season drilling on the most-promising targets.
The drill plan, which will commence this month, is designed to generate a maiden resource estimate on the Keating Hill East Zone by this winter.
At the same time, the company has engaged Dr. Luke Longridge of CSA Global Canada Consultants to provide exploration advice ahead of the 2019 drill program. Dr. Longridge offers extensive experience working on vanadiferous, titaniferous magnetite projects in Canada and South Africa.
“We are extremely excited to be nearing the launch of the 2019 drill program on our Flagship Four Corners Project in Newfoundland and Labrador,” said Delrey Metals’ President and CEO Morgan Good. “Having expertise from professionals such as Dr. Longridge, with his vast experience working and advancing vanadiferous, titaniferous magnetite projects truly do add significant value to the Delrey story as we push forward on our path to generating the Company’s maiden resource estimate.”
Delrey Metals Advances Development of Four Corners
The 2019 drill program plan comes just one week after Delrey Metals received permits to establish up to 20 drill sites and four trenches at the Four Corners property. In order to maintain low-cost highway access, the Delrey Metals team will be staying at an existing camp close to the flagship target where drilling will take place.
The Four Corners project, which is considered “one of the largest and most accessible vanadium projects in North America,” now totals 7,655 hectares after Delrey Metals added two additional claims to the land package to comprise the project’s entire magnetic anomaly.
The project offers excellent infrastructure, low exploration and development costs, and has returned very encouraging metallurgical results for iron, vanadium, and titanium.
Delrey Metals is developing the Four Corners Fe-Ti-V project at a time when both iron ore and vanadium are in high demand. Iron ore prices recently hit a five-year high of $126 per tonne this month, thanks to global supply shocks from iron mining giants. Meanwhile, growing demand for vanadium redox batteries is expected to create a $56 billion USD market by 2026, representing a CAGR of 6.6%.
Delrey recently reported assays from the project that revealed iron results ranging from 19.16% iron oxide up to 48.61% iron oxide, with an average grade of 35.07%. Preliminary metallurgical tests at Four Corners also yielded positive vanadium recoveries over 90%.
It will be exciting to see what kind of results will come from the 2019 drill program at the Four Corners project.
Delrey Metals’ share price reacted favorably to the news Tuesday, increasing by 12.5% to $0.09 CAD by 3:20 pm EST on the CSE. The stock also went up on the OTC, rising 16.28% to $0.07 USD.
Featured Image: Delrey Metals