Vancouver-based junior resource exploration and development company Delrey Metals (CSE:DLRY) (FSE: 1OZ) (OTC:DLRYF) released some very exciting news on Tuesday and increased its land position by over 50%.
The company signed a much-anticipated definitive agreement for the right and option to acquire an 80% interest in the Four Corners Vanadium-Iron-Titanium Project for an aggregate cash payment of $450,000. The agreement will also see Delrey Metals establish a joint venture with Triple Nine Resources.
At the same time, Delrey Metals also announced that it has acquired two additional claims at the project, totaling 2,576.7 hectares.
The Four Corners Project, which has been dubbed “one of the largest and most accessible vanadium projects in North America,” now comprises 7,655 hectares with the addition of the new claims, increasing the land package by 51%.
Expanding its Land Position by Over 50%
The new claims capture the entire Four Corners magnetic anomaly, which is roughly 4 kilometers by 4.7 kilometers, as well as the Bullseye magnetic anomaly, which has a coincident historic selective outcrop sample that assayed 48.18% Fe203, 8.93% Ti02, and 0.327% V2O51.
This land package at The Four Corners Project will provide Delrey Metals with further opportunity to add value through regional exploration around the company’s flagship Keating Hill East Zone.
The property shows strong drill-defined vanadium mineralization at the Keating Hill East Zone, with a potential strike length exceeding 4.5 kilometers, along with four other Vanadium-Iron-Titanium mineralized zones on the property which have never been drill tested.
The Keating Hill East Zone has been mapped by the Geological Survey of Canada (GSC) to be at least 4,500 meters in length, with variable widths between 400 meters to 1,100 meters, extending from surface to 590 meters in depth, where it remains open, representing a very large potential target.
“We have a plan in place to move quickly on unlocking the project’s value through systematic exploration while taking advantage of the excitement and increased interest within the vanadium and iron ore sectors,” said Delrey Metals President and CEO Morgan Good. “The Keating Hill East Zone in particular, as well as the four other high priority target zones on the property, will be the exploration focus for the 2019 season.”
Why Four Corners Is One of the Largest And Most Accessible Vanadium Projects in North America
The Four Corners Vanadium-Iron-Titanium Project is located in Newfoundland, which is one of the top mining jurisdictions in the world, offers a ton of value to Delrey Metals. The area also has excellent community relations that strongly support the development of Four Corners.
The property was discovered by local prospector John Keating in the 1930s as an iron ore prospect, but it was not until 2009 that significant concentrations of titanium, vanadium, and iron ore, were confirmed at the Four Corners Project by Triple Nine Resources.
Not only is the property situated in an optimal location, but Global firm SRK Consulting (US) Inc. found positive vanadium recoveries of >90% in preliminary metallurgical tests.
The Four Corners Project also boasts excellent infrastructure and is transected along its entire length by the Burgeo Highway (Route 480) as well as a 33-megawatt powerline.
Being located along the Burgeo Highway provides access to the deep-water ice-free Port Harmon Complex which is within 40 kilometers of Four Corners. The property is also located near the commercial airport and industrial service center in Stephenville, Newfoundland, which could act as a brownfield site for primary and secondary processing.
The location of Delrey Metas’ Four Corners Project offers low exploration and development costs with no need for helicopter or camp support, as well as a rebate of up to 50% of select exploration expenditures under the Junior Exploration Assistance Program from the Newfoundland and Labrador government.
Delrey Metals plans to expedite a work program on the Four Corners Project and file a maiden resource.
Investors will want to keep an eye out to see what Delrey Metals does next at its promising new vanadium-iron-titanium project.
Featured Image: Canva
