The growing global demand for strategic energy metals like vanadium paired with the dwindling global inventory has put the spotlight on resource companies developing new projects of this kind, indicating a steady demand for the metal. One company that is focused primarily on the exploration and development of vanadium projects in Canada is the newly listed micro-cap resource company Delrey Metals Corp. (CSE:DLRY) (OTC:DLRYF).
The Vancouver-based mineral resources exploration and development company just released very positive results from a Phase II prospecting program on its British Columbia-based, wholly-owned Star, Porcher, and Blackie properties, where a total of 125 rock samples revealed assays returning as high as 0.513% Vanadium Pentoxide (V205), 49.3% Iron (Fe), and 4.01% Titanium (Ti).
The prospecting program was focused on the strongest magnetic anomalies at the three properties that were mapped out during the Phase I airborne magnetic surveys completed last month by Delrey. Those results outlined sizeable magnetic anomalies on all three properties and allowed the company to increase the size of the Porcher property from 3,122.16 to 3,525.46-hectares, and the Star property from 3,646.8 to 4,618.3-hectares.
The Phase II program confirmed that Delrey Metals has strong prospects at all three properties, identifying consistent V205, titanium and iron enrichment on all three properties.
“The Delrey team is very pleased with our Phase II results as the assays not only show excellent continuity with the previous Phase I geophysical anomalies, but include some impressive vanadium, iron and titanium grades,” said Delrey Metals CEO Morgan Good.
Delrey Metals has now submitted five-year area-based permit applications which will allow the company to establish up to 40 drill sites on the three properties.
Highlights from Delrey’s Phase II Program
As mentioned, the Phase II program garnered some very positive findings at all three Prince George-based vanadium properties. Blackie is an over 1,200-hectare property with intriguing bedrock samples with historic highly elevated Vanadium Pentoxide assays.
Selective outcrop samples from Blackie showed results up to 0.513% Vanadium Pentoxide, with 21 of the 22 samples returning >0.10% V2O5 and 5 of the 21 samples returning >0.30% V2O5.
Porcher’s selective historic concentrate grades assayed as high as 0.84% Vanadium Pentoxide over the recently-expanded 3,525-hectare property. Selective outcrop samples from the Phase II program resulted in up to 0.422% Vanadium Pentoxide, with 11 of the 61 rock samples returning >0.20% V2O5 along a strike length of 1 kilometer.
Meanwhile, assay results from the Star property showed 11 of the 43 selective outcrop samples returning >47% Iron (up to 61.2%) from exposed northwest-southeast oriented semi-massive to massive magnetite outcrops along a strike length of about 4.7 kilometers.
Revealing the Strong Potential of Canadian Vanadium
While there have been a number of substantial upgrades on vanadium operations in Brazil and South Africa, the newest vanadium projects arising in Canada are also looking very promising. With its mining-friendly jurisdictions and prolific potential vanadium deposits, it makes sense why Delrey Metals has chosen to focus on projects in Canada.
The expansion at the Blackie, Porcher, and Star properties followed by the positive Phase II results further solidify the potential of the company’s Canadian vanadium operations.
On the other side of the country, Delrey’s massive Four Corners project in Newfoundland, which has been dubbed “one of the largest and most accessible vanadium projects in North America,” is another impressive vanadium property that is garnering attention in the vanadium sector.
Delrey Metals also announced Thursday that it has been working diligently to finalize negotiations with Triple Nine Resources for the option to earn 80% of the Newfoundland-based Four Corners project. The flagship project is base on 5,157 hectares and contains Vanadium-Iron-Titanium showings across a potential 12-kilometer strike-length—with selective outcrop samples of up to 56.92% Iron, 15.13% Titanium and 0.39% Vanadium Pentoxide.
In 2012, global firm SRK Consulting performed work on the Four Corners project with initial metallurgical results yielding >90% Vanadium Pentoxide and >80% Titanium dioxide recovery. What’s more, historic work at the property is estimated to contain up to 2.37 billion tonnes of vanadium-bearing titaniferous magnetite.
Investors will no doubt be keeping an eye on news regarding the definitive agreements for the Four Corners Project and what the company will be doing next at Blackie, Porcher, and Star.
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