Cranbrook, British Columbia–(Newsfile Corp. – December 3, 2020) – DLP Resources Inc. (TSXV: DLP) the wholly owned subsidiary of MG Capital Corporation is pleased to announce that the final results from the ~33 line km Titan magnetotelluric (“MT”) ground geophysical survey by Quantec Geoscience over the DD, Moby Dick and NZOU properties have been received.
DD, Moby Dick and NZOU Properties
A significant NE-SW trend of high conductivity (low resistivity) anomalies occur over an area of 5km x 0.5 km (Figure 1). Drilling of PAN18-01-EX and relogging of historic holes Irish 05-01 and IR 07-01 strongly supports the idea that the main conductive body of possible Sullivan-type Zn-Pb-Ag mineralization is between Pan 18-01-Ex, IR 07-01 and the Irish05-01 drill holes (Figure 2). Geological sections across this area further support the fact that the MT anomalies are associated with the interpreted downdip extension or position at depth of the Upper to Lower Middle Aldridge Formation and proposed Sullivan Horizon (Figures 3 and 4). Drilling of an additional 10,000 to 12,000m is currently planned to test these targets.
Ian Gendall, President of DLP commented: “In August this year DLP intersected the first Sullivan Horizon interval on the DD property by drilling the extension of hole PAN 18-01 (Teck Hole). Intensely altered siltstones of the Sullivan Horizon intersected in this hole indicated that we drilled in a distal part of a hydrothermal system consistent with the Sullivan-type Zn-Pb-Ag model. Further interpretation of historic drill hole data combined with the latest results of the MT geophysical survey has confirmed that intersections of weak zinc mineralization and intensely altered Sullivan Horizon sediments occur around a significant 5km trend of highly conductive anomalies. These highly conductive anomalies are possibly related to pyrrhotite (iron sulphide) which we know is a key indicator for targeting Sullivan-type Zn-Pb-Ag mineralization. When we look at the footprint of the Sullivan deposit it is clear we have a sizeable target area to host a significant mineralized system on the DD-Moby Dick and NZOU properties” (Figure 5).
Aldridge 1 Property
An additional 2 lines of MT geophysics, 1.4line km, was completed to the east and northeast of Holes AK20-01 and AK20-02 (see press release of October 8, 2020). The geophysical anomaly associated with the two drill holes extends to depth towards the east and northeast (Figure 6). Further drilling to the NE is being evaluated.
Aldridge 2 Property
Drilling of hole AG20-01 was completed to a depth of 481.9m. Middle Aldridge sediments were intersected throughout the hole. The hole went through a fault zone beyond the MT anomaly, but we were still well above the Sullivan Horizon which was interpreted to be another 600+m downhole. Further evaluation of additional target areas on Aldridge 2 is being done.
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.
Figure 2: Idealized section showing Sullivan geology across the Panda Basin with historic drill holes and the recent DLP drill hole – Pan 18-01 Extension.
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Figure 4: Titan MT resistivity section along Line 2N showing historic hole IR 07-01 and a highly conductive/low resistivity body to the west.
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Figure 6: Aldridge 1 Project – Titan MT resistivity section along Line 2400N showing holes AK20-01 and AK20-02 and a highly conductive/low resistivity body at depth extending to the east.
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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”, “appears to”, “should”, “expects”, “plans”, “anticipates”, believes”, “estimates”, “predicts”, “possibly”, “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.
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