The Porcher vanadium property is located in west-central British Columbia, in the Skeena Mining Division, approximately 38km south-southwest (straight-line distance) from Prince Rupert. The property is located on Porcher Island and is accessible year-round by float plane, helicopter, ferry or charter launch to Oona River (less than 5km from property), from Prince Rupert. Active barge-logging is underway within the project area, which has created a network of logging roads to the northwest and southeast allowing for low-cost exploration and development.
The property consists of 7 tenures covering 3122.16 Ha and is open for expansion in multiple directions. The Porcher property is located in a historic mining district. The high-grade gold Surf Point Mine, located on the northwest corner of Porcher Island approximately 9km from the Porcher Property, operated from 1919 through to 1939, before shutting down at the onset of WWII.
The property is host to two north-south trending gabbroic dykes hosting iron-titanium-vanadium (Fe-Ti-V) mineralization within massive titaniferous magnetite. The dykes are mapped at surface as being 5.2km x 1km and 4km x 0.6km. These dykes are coincident with a large magnetic anomaly identified in the Canada 200m Residual Total Magnetic field dataset. Limited sampling by McDougall (1961) was completed over these gabbroic bodies with concentrate results ranging from 0.3% to 1.5% Ti and 0.2% to 0.5% V (0.34% to 0.84% V205).
A report titled Vanadium Resources in Titaniferous Magnetite Deposits put out by the United States Geological Survey (Fischer, 1975), based on limited surface sampling work, estimated that a medium sized resource exists on Porcher island with an ore grade of >25% Fe, 2% TiO2, and 0.2-0.35% V205 with a magnetic concentrate grade of 60% Fe, 0.3-1.5% TiO2, and 0.3-0.9% V205.
The property is located on tide-water less than 39km from the Prince Rupert deep water port, which boasts the deepest main channel depth at a depth of 35m, and the shortest trans-pacific route travel time of 8 days to any North American west coast port, providing the property with ideal mine-to-market economics.
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.