BEIJING (Asian Metal) 23 May 19 – On May 21, Canadian-based Delrey Metals Corp. announced that, it has entered into a definitive property option agreement with respect to the right and option to acquire an 80% interest in and to certain mineral licenses which comprise the Four Corners Vanadium-Iron-Titanium Project, from Triple Nine Resources Ltd. (the “Optionor”) and to establish a joint venture therewith (the “Joint Venture”).
The Four Corners Project now comprises 7,655.0 hectares with the recent acquisition of the new claims increasing the contiguous land package by 51%. It is 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 the five main target zones.
In order to exercise the Option and acquire up to an 80% interest in the Project, the Company has agreed to pay the Optionor an aggregate cash payment of $450,000. In addition to the Cash Payment, the Company has agreed to issue the Optionor an aggregate of 12,000,000 common shares in the capital of the Company. Upon the exercise of the Option, the Joint Venture will be formed.
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