Date: Dec 14, 2018
Strengthens Portfolio Within Strategic Energy Metals Sector
Vancouver, British Columbia–(Newsfile Corp. – December 13, 2018) – DELREY METALS CORP. (CSE: DLRY) (FSE: 1OZ) (“Delrey” or the “Company“)is pleased to announce it has entered into and closed a share purchase agreement dated December 12, 2018 (the “Share Purchase Agreement“) with WEM Western Energy Metals Ltd., a private arm’s length corporation (“WEM“), to acquire all the issued and outstanding share capital of WEM. Pursuant to the terms of the Share Purchase Agreement, the Company issued 4,250,000 common shares of the Company (each, a “Share“). All securities issued pursuant to the Share Purchase Agreement will be subject to a four month statutory hold period.
WEM owns a 100 percent undivided, unencumbered legal and beneficial interest in both the Peneece and the Blackie Vanadium properties (the “Properties“), located in British Columbia. The Properties cover a total area of 2,714 hectares and host vanadium mineralization within large bodies of titaniferous magnetite. Both properties are strategically located on tidewater, near to the small coastal cities of Port Hardy (Peneece – 68km) and Prince Rupert (Blackie – 96km).
About the Peneece and Blackie Vanadium Projects:
The Properties are comprised of large-scale ultramafic complexes which are intruded by gabbroic bodies hosting iron-titanium-vanadium (Fe-Ti-V) mineralization within massive titaniferous magnetite. Two of the gabbro bodies mapped on surface display lateral extents of 4.8km x 0.8km (Peneece) and 1.2km x 0.4km (Blackie).
Highlights:
- Historic samples collected from the gabbro on the Blackie assay up to 2.14% V205.1
- The Blackie property is located in a historic mining district. The adjacent past-producing Yellow Giant Mine, located less than 10km from the property and operated by Banks Island Gold as recently as 2015 initially boasted a 414% IRR, showing the economic potential that exists on Banks Island2.
- McDougall (1984), commented that, “an unusually strong and extensive magnetic anomaly exists over the [Peneece Property]. It was, and still remains the largest flux gate magnetic anomaly noted by the writer during many years of work on the West Coast. The size and overall magnetic intensity of the anomaly were only exceeded at the multi-billion ton “Klukwan pyroxenite-amphibolite” deposit in S.E. Alaska.”
- Magnetic concentrate from limited float samples collected distal to the magnetic anomaly on the Peneece Property assayed up to 0.59% V205.1
- Both properties are easily accessible by boat or helicopter and workable year round. Historic barge-logging was completed within and near to the project areas, which has created a network of logging roads and allows for low cost exploration and development.
