DLP Resources Announces Receipt of Water Permit for the Aurora Copper-Molybdenum Project in Peru, Drilling to Commence

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Cranbrook, British Columbia–(Newsfile Corp. – August 15, 2022) – DLP Resources Inc. (TSXV: DLP) (OTCQB: DLPRF) (“DLP” or the “Company“) announces receipt of water permit for the Aurora porphyry copper-molybdenum project in Peru and the commencement of a programmed 5000m (~ 8 holes) diamond drill programme for phase 1.

Aurora Cu-Mo Project

Aurora Project is an advanced stage porphyry copper-molybdenum exploration project in the Province of Calca, SE Peru (Figure 1). The Aurora Project was previously permitted for drilling in 2015 but was never executed. Thirteen historical drill holes, drilled in 2001 and 2005 totaling 3,900m were drilled over an area of approximately 1000m by 800m, cut significant intervals of copper and molybdenum mineralization. From logging of the only three remaining holes DDA-01, DDA-3A and DDA-3 and data now available, it appears that only three of the thirteen holes tested the enriched copper zone and only one hole drilled deep enough to test the primary copper and molybdenum zone (see DLP news release of May 18, 2021).

Salient historic drill hole data of the Aurora Project are:

  • 190m @ 0.57% Cu, 0.008% Mo in DDA-1 with a high-grade intercept of 20m @ 1.01% Cu related to a supergene enrichment zone of secondary chalcocite;
  • 142m @ 0.5% Cu, 0.004% Mo in DDA-3;
  • 71.7m @ 0.7% Cu, 0.007% Mo inDDA-3A (see historical Focus Ventures Ltd. news release July 11, 2012); and
  • One of the historical holes ABC-6 drilled on the edge of the system intersected 64m @ 0.49% Cu and 0.087ppm Mo (Figure 2).

A review of the historical drilling indicates that the majority of the thirteen holes were drilled in the leached and partially leached zones of the porphyry system. Ten of the thirteen holes never fully tested the oxide and secondary enrichment zone and/or the primary copper zone at depth encountered in DDA-01. Copper-molybdenum mineralization is hosted by quartz-feldspar porphyries intruded into slates-hornfels and pelitic sandstones belonging to the Ordovician (439 – 463 ma) Sandia Formation (Figures 3 and 4).

Mr. Gendall, President and CEO commented: “I believe only three of the thirteen historic holes tested the copper-molybdenum potential at depth. Our first phase 5000m drill program is designed to confirm zones of copper enrichment and primary grade copper-molybdenum mineralization at Aurora. We are extremely encouraged with the start-up of the drill program and look forward to reporting results in October.”

Figure 2. Aurora Project – Simplified Diagram showing Historic Drilling and Proposed DLP Drill Holes.

To view an enhanced version of Figure 2, please visit:

Figure 4: Aurora porphyry copper-molybdenum project with copper showings in Sandia Formation and intrusive breccias near A22-001.

To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/6456/133808_20330c18e4f88bdf_004full.jpg

Qualified Person

David L. Pighin, consulting geologist and co-founder of DLP Resources, is the qualified person of the Company as defined by National Instrument 43-101. Mr. Pighin has reviewed and approved the technical contents of this news release.

About DLP Resources Inc.

DLP Resources Inc. is a mineral exploration company operating in Southeastern British Columbia and Peru, exploring for Base Metals and Cobalt. DLP is listed on the TSX-V, trading symbol DLP and on the OTCQB, trading symbol DLPRF. Please refer to our web site www.dlpresourcesinc.com for additional information.

FOR FURTHER INFORMATION PLEASE CONTACT:

DLP RESOURCES INC.
Ian Gendall, CEO & President
Jim Stypula, Executive Chairman
Robin Sudo, CFO & Corporate Secretary
Maxwell Reinhart, Investor Relations
Telephone: 250-426-7808
Email: [email protected]
Email: [email protected]
Email: [email protected]
Email: [email protected]

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.

Cautionary Note Regarding Forward-Looking Information

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to drilling on Aurora Project in Peru.

These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things drill results expected from the Aurora Project in Peru.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such 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 and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133808