The Four Corners Project comprises 7655.0 hectares and located in southwestern Newfoundland and Labrador, 25km east of the town of Stephenville. The Project is host to vanadium enriched titaniferous magnetite (iron) mineralization which shows encouraging historical evidence for significant and consistent vanadium accumulations across five main target zones.
The Project also boasts excellent infrastructure and is transected along its entire length by the Burgeo Highway (Route 480) and a 33 megawatt powerline. It is located only 40km (along Route 480), east of the deep-water ice-free Port Harmon Complex. Newfoundland and Labrador is consistently rated as being one of the top mining jurisdictions in Canada and worldwide by the Fraser Institute.
The flagship target, the Keating Hill East Zone, was mapped by the Geological Survey of Canada to be at least 4,500m in length with variable widths between 400m to 1,100m and extending from surface to 590m depth, where it remains open, representing a very large potential target. An airborne EM (electromagnetic) survey conducted in 2011 by Geotech Ltd. greatly added to the potential of the Project with the identification of four new targets, increasing the potential mineralized strike length to greater than 16km. Preliminary surface sampling confirms the same style of mineralization found at the Keating Hill East Zone is producing the geophysical anomalies and follow-up work is planned for 2019. Selective samples across the mineralized strike length assayed >40% Fe, 5% Ti, and 0.30% V205 with individual assays returning as high as 56.92% Fe, 15.13% Ti, and 0.39% V205.
SRK completed preliminary magnetic characterisation work which returned very encouraging metallurgical results. The Standard Davis Tube results from a marginal vanadiferous titanomagnetite assayed 29.1% Fe, 9.8% Ti, and 0.232% V205 with concentrate samples returning an impressive 0.643% V205 (initial runs producing a concentrate with an equally impressive >90% recovery of vanadium).
- Located in Newfoundland, the Four Corners Project is an advanced stage exploration project with positive historic drilling, metallurgy, and development economics
- Excellent infrastructure with the Trans-Canada highway and a 33MW power-line intersecting property. An adjacent Highway provides access to an ice-free deep-water port within 40km of the project, as well as a commercial airport and industrial service center at Stephenville 35km away
- Low exploration and development costs with no need for helicopter or camp support, and an additional rebate of up to 50% of exploration expenditures (up to a maximum of $150,000/yr)
- 7655.0 Hectare land package with numerous Fe-Ti-V showings across a 16km strike length (select outcrop samples assayed up to 56.92% Fe, 15.13% Ti, 0.39% V2O5)
- The properties flagship target, the Keating Hill East Zone (KHE), is historically estimated to host a large vanadium bearing titaniferous magnetite deposit based on the size of a mapped geophysical anomaly, historic drilling and government mapping (5.4km x 800m x 600m)
- Property hosts four other Fe-Ti-V magnetite zones, all yet to be drill tested. Preliminary surface samples from these zones indicate very comparable mineralization to the KHE Zone
- Initial SRK metallurgical results completed on a representative composite sample from 2010 drilling showed vanadium recovery >90%, iron recovery >80%, and titanium recovery >70%
- 2012 reports by SRK noted a highly favorable hillside mining architecture at the main KHE Zone
- Selective grab samples across the 16km of mineralized strike length on the property consistently assayed >40% Fe, >5% Ti, and >0.3% V, individual outcrop samples returning as high as 56.92% Fe, 15.13% Ti, 0.39% V within samples of semi-massive to massive magnetite
- Standard Davis Tube assay techniques performed by SRK consulting on a marginal vanadiferous titanomagnetite composite bulk sample from drill core assayed 29.1% Fe, 9.8% Ti, and 0.232% V2O5, with concentrate samples returning an impressive 0.643% V2O5 with initial runs producing a concentrate with an impressive >90% recovery of V2O5
- 2019 drill program will focus on adding to currently defined Fe-Ti-V mineralization at the KHE Zone, as well as further ground-truthing over the four other large target zones
Please note all work mentioned above is historic in nature and cannot be relied upon as Delrey’s QP, as defined under NI 43-101 has not prepared nor verified the historical information at this time. The reader is cautioned that any mention of tonnage is highly speculative and conceptual in nature and, as such, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. Any reference to historical results are believed to be based on reasonable assumptions, and neither the company nor its qualified person has any reason to contest the relevance and reliability of the historical samples. A qualified person has not done sufficient work to replicate any mention of historic rock grab samples using current lab methods. Although the historical rock grab samples are believed to be based on reasonable sampling and assay methodologies, they were calculated prior to the implementation of National Instrument 43-101. Any historical assays do not meet current standards as defined under sections 3.2a-c of NI 43-101; consequently, the Company is not treating the historical rock grabs with full confidence at this time. Any information about adjacent properties on which Delrey Metals does not have the right to explore or mine are not under the Company’s control. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company’s properties. Historical information regarding the Company’s projects are reported for historical reference only.