Cranbrook, British Columbia, (Newsfile Corp.–Oct 08, 2020) – DLP Resources Inc. (TSXV:DLP) the wholly owned subsidiary of MG Capital Corporation is pleased to announce that a significant, 200m, thickness of moderate to intense hydrothermally altered Sullivan Horizon (SH) sediments have been intersected in AK20-02 at a depth of 1,190m. Associated with this moderate to intense alteration of albite, garnets, silicification and trace tourmaline is weak zinc mineralization which occurs as disseminated sphalerite throughout and as veinlets together with moderate to intense amounts of pyrrhotite (iron sulphide) mineralization. A 18.0m thick fragmental unit was intersected at the top of the SH. Sampling of the mineralized zone in AK20-02 is currently underway.
AK20-02 was drilled approximately 350m east of AK20-01 which intersected a 74.6m thick zone of weakly mineralized and hydrothermally altered Sullivan Horizon sediments (see news release of September 11, 2020). The Sullivan Horizon in this part of the Panda Basin appears to be thicker and better mineralized east and adjacent to a major fault structure trending NNW on Aldridge 1. This NNW trending structure is similar to the trend of the North Star-Sullivan Corridor which is the feeder system to the Sullivan deposit.
Ian Gendall, President of DLP commented: “Drill holes AK20-01 and AK20-02 have given us some very significant geological information for this part of the Panda Basin for further targeting a Sullivan-type Zn-Pb-Ag deposit on our claim blocks in this area. The 200m of hydrothermally altered Sullivan Horizon sediments in AK20-02 is very encouraging and disseminated zinc throughout this interval bodes well for additional targeting downdip, to where the MT geophysics shows a large strong conductor. Based on our interpreted geology coupled with the geophysical magnetotelluric (MT) resistivity anomalies around AK20-01 and AK20-02, it has been decided to extend some of the original MT lines further to the east of these two holes to further assist us in the targeting process. The additional 1,400m of Titan MT on Aldridge 1 will be completed when the MT survey currently in progress by Quantec on the DD, NZOU and Moby Dick properties is completed later this month”.
Drilling of AG20-01 on Aldridge 2 has commenced and this hole is planned for a depth of approximately 400m. With continued geological update of information DLP recently added 2,283.3 hectares of claims to Aldridge 1 and the claims now total 5,936.6 hectares.
David L. Pighin, consulting geologist and co-founder of DLP Resources, is the qualified person (“QP”) of the Corporation as defined by National Instrument 43-101. Mr. Pighin has reviewed and approved the technical contents of this news release.
Grant of Stock Option
Pursuant to its Stock Option Plan, the Company announces it has granted a consultant 120,000 incentive stock options. The options will have a term of 5 years expiring October 8, 2025. The options shall vest over a 24 month period with one third vesting immediately, one third after 12 months and one third after 24 months. Each option will allow the holder to purchase one common share in the Company at a price of $0.21 per share.
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 a wholly-owned subsidiary of MG Capital Corporation listed on the TSX-V, trading symbol DLP. Please refer to our web site www.dlpresourcesinc.com for additional information.
FOR FURTHER INFORMATION PLEASE CONTACT:
MG Capital Corporation & DLP Resources Inc.
Ian Gendall, President
Jim Stypula, Chief Executive Officer
Robin Sudo, Chief Financial Officer and Corporate Secretary
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.
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. Forward-looking statements include, but are not limited to, statements with respect to exploration results, the success of exploration activities, mine development prospects, completion of economic assessments, and future gold production. In some cases, you can identify forward-looking statements by terminology such as “may”, “very encouraging”, “appears to”, “similar to”, “should”, “significant”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential”, or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking-statements.
Although DLP has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking 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.