The Star property is located in west-central British Columbia, in the Skeena Mining Division, approximately 27km 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 6km from property), from Prince Rupert. Active barge-logging is underway within the project area, which has created a network of logging roads which cover the majority of the property allowing for low-cost exploration and development.
The property consists of 4 tenures covering 3646.8 Ha and is open for expansion in multiple directions. The Star property is located in a historic mining district. The high-grade gold Surf Point Mine, located on the northwest corner of Porcher Island approximately 10km from the Porcher Property, operated from 1919 through to 1939, before shutting down at the onset of WWII.
The eastern part of the property was explored and drilled in 1955 for Iron Ore by One Resources Canada Corp. Twelve short (<50m) diamond drill holes were completed for a total of 696m, targeting a small magnetic anomaly identified from a historic ground-based magnetometer survey. Conclusions from this work program were that ‘at least several hundred thousand tons of magnetite-bearing rock with a grade of the order of 35% iron exist within the drilling area’ (PF671671).
The One Resources Canada Corp. 200m Residual Total Magnetic field dataset highlights a 5km x 7km magnetic high located in the center of the Star claim group. Historic drilling was completed on the far eastern flank of this magnetic anomaly indicating that a much larger resource potentially exists within the property area to the west. While the historic drill program did not analyze the magnetite for Vanadium, a Regional Geochemical Survey (RGS) was completed by the British Columbia Geological Survey in 2000 over the Star claim group which highlighted up to 148ppm vanadium-in-silt (99th percentile) and 5.06% Fe. These impressive RGS results tap drainages that flank the large magnetic anomaly along its multiple sides.
The star property Property has the makings for a significant Vanadium discovery including a large magnetic (5km x 7km) high, drained by extremely anomalous Vanadium-in-stream results with a several hundred-thousand-ton magnetite resource on the margin.
The property is located on tide-water less than 28km 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.