DLP Resources Intersects 138m of 0.68 % CuEq* Within an 881.95m Interval of 0.46% CuEq* on the Aurora Project in Southern Peru and Discovers New Copper Oxide Zone to the East of the Current Drilling

Rhea-AI Summary

DLP Resources Inc. (TSXV: DLP) (OTCQB: DLPRF) announces complete drill results for drillhole A23-012 on the Aurora porphyry copper-molybdenum project in southern Peru. The drillhole intersected significant copper and molybdenum mineralization, with highlights including 0.46% CuEq over 881.95m and 0.80% CuEq over 16.35m. The company also discovered a new breccia zone and copper oxide showings east of the current drilling, and a metallurgical study is underway.

Positive

• Encounter of significant copper and molybdenum mineralization in drillhole A23-012 is a positive indicator of the potential of the Aurora porphyry copper-molybdenum project.
• Discovery of a new breccia zone and copper oxide showings east of the current drilling expands the exploration potential for DLP Resources Inc.
• Initiation of a metallurgical study reflects a proactive approach to understanding the project's mineralization and potential economic viability.

Negative

• None.

Cranbrook, British Columbia--(Newsfile Corp. - November 14, 2023) - DLP Resources Inc. (TSXV: DLP) (OTCQB: DLPRF) ("DLP" or the "Company") announces receipt of complete drill results for drillhole, A23-012 on the Aurora porphyry copper-molybdenum project in southern Peru (Figure 1).

Results for the first eleven drillholes, A22-001, A22-002, A22-003, A23-004, A23-005, A23-006, A23-007, A23-008, A23-009, A23-010 and A23-011 were last released on October 11, 2023. (see DLP Resources Inc., news release of October 11, 2023, for results for A23-001 to A23-011 and Table 3 below).

Highlights

Drillhole A23-012 was drilled approximately 130m east of drillhole A23-011 and intersected significant copper and molybdenum mineralization throughout the hole to a depth of 887.60m. A23-012 ended in molybdenum mineralization and the most significant mineralized intervals included:

• 0.46% CuEq* over 881.95m (0.18% Cu, 0.0514% Mo and 1.68g/t Ag) from 5.65m to 887.60m.
• 0.80% CuEq* over 16.35m (0.49% Cu, 0.0499% Mo and 6.53g/t Ag) from 5.65m to 22.00m.
• 0.50% CuEq* over 186.35m (0.15% Cu, 0.0643% Mo and 1.74g/t Ag) from 5.65m to 192.00m.
• 0.68% CuEq* over 138.00m (0.45% Cu, 0.0390% Mo and 3.08g/t Ag) from 406.00m to 544.00m.
• 0.62% CuEq* over 195.00m (0.06% Cu, 0.1083% Mo and 0.37g/t Ag) from 692.00m to 887.60m.
• 0.72% CuEq* over 116.00m (0.07% Cu, 0.1253% Mo and 0.43g/t Ag) from 692.00m to 808.00m.

The complete set of results for A23-012 are summarized in Table 1 below.

Mr. Gendall, President and CEO commented: "A23-012 was drilled on a step-out of 130m to the east of A23-011. We continue to encounter copper-molybdenum mineralization on the SE side of the project. Mineralization is still open to depth and to the east and southeast. Drilling is ongoing and drillhole A23-013 is being drilled higher on the ridge to 1000m depth and is planned to intersect the zone of enriched copper mineralization in the upper elevations. We look forward to receiving results for A23-013 in later December. In addition, we are encouraged with the discovery of copper oxides approximately 500m east of the current drilling and will be completing a geochemical sampling program over this area in November and early December."

Aurora Cu-Mo Project - Summary of Drill Results for A23-012

• Drillhole A23-012 (Figures 2,3,4 and 5) commenced on September 19 and was completed on October 17 at a depth of 887.60m. Coordinates are 8,565,427mN and 190,100mE at an elevation of 2728m. A23-012 was drilled at -70 degrees towards 020 degrees (NE).
  
  
  • This hole was drilled approximately 130m east of A23-011.
    
    
    • 0 to 5.65m: Overburden.
    • 5.56m to 22.00m: Breccia with moderate chalcopyrite and minor chalcocite in matrix.
    • 22m to 195.92m: Hornfels with moderate chalcopyrite-pyrite mineralization and moderate molybdenite.
    • 195.92m to 279.80m: Quartz-eye-feldspar-biotite porphyry (QEFBP - intermineral phase) with potassic alteration and overprint of weak chlorite and intermediate argillic alteration and pyrrhotite. Moderate veining with chalcopyrite disseminated and in microfractures with moderate molybdenite. Faulted contact.
    • 279.80m to 326,80m: QEFBP with predominantly intermediate argillic alteration on secondary biotite and weak chlorite alteration. Weak quartz veining and minor chalcopyrite and molybdenite mineralization. Faulted contact.
    • 326.80m to 631m: QEFBP (Intermineral phase) with moderate intermediate argillic alteration on quartz-sericite alteration. Weak chalcopyrite mineralization and moderate molybdenite.
    • 631m to 700m: QEFBP with moderate quartz-sericite alteration on K-feldspar alteration and moderate quartz veining. Weak chalcopyrite and molybdenite mineralization.
    • 700m to 815m: QEFBP (Early porphyry phase) with abundant quartz veining and moderate to strong molybdenite and minor chalcopyrite. Moderate quartz-sericite + green sericite alteration with magnetite.
    • 815m to 875.85m: QEFBP (Intermineral phase) with weak quartz veining and moderate chlorite overprint on potassic alteration (secondary biotite). Strong molybdenite mineralization.
    • 875.85m to 887.60m: FBP (Feldspar-biotite porphyry - Intermineral phase) with weak quartz veining and weak chalcopyrite and strong molybdenite mineralization.

Table 1. Summary of Drill Results for Diamond Drillhole A23-012. All grades are length-weighted averages of samples within the interval reported.

Hole	From	To	Interval1	Description	Cu (total)	Mo	Ag	Cueq*
ID	m	m	m		%	%	g/t	%
A23-012	0.00	5.65	5.65	Overburden (not sampled)	-	-	-	-
	5.65	887.60	881.95	Primary Mineralization/Hornfels + Porprhyry	0.18	0.0514	1.68	0.46
Includes	5.65	22.00	16.35	Primary Mineralization + Enriched/Breccia	0.49	0.0499	6.53	0.80
Includes	5.65	192.00	186.35	Primary Mineraliztion/Hornfels + Porphyry	0.15	0.0643	1.74	0.50
Includes	406.00	544.00	138.00	Primary Mineralization/Porphyry	0.45	0.0390	3.08	0.68
Includes	600.00	887.60	287.60	Primary Mineralizxation/Porphyry	0.07	0.0962	0.93	0.58
Includes	692.00	887.60	195.60	Primary Mineralization/Porphyry	0.06	0.1083	0.37	0.62
Includes	692.00	808.00	116.00	Primary Mineralization/Porphyry	0.07	0.1253	0.43	0.72

 

Note: *Copper equivalent grades (CuEq) are for comparative purposes only. Mo, Cu and Ag values are uncut, and recovery is assumed to be 100% for the entire drilled length of A23-012. The project is at an early stage of exploration and conceptual recoveries of Cu 85%, Mo 82%, and Ag 75% are assigned to the CuEq calculations. Conversion of metals to an equivalent copper grade based on these metal prices is relative to the copper price per unit mass factored by conceptual recoveries for those metals normalized to the conceptualized copper recovery. The metal equivalencies for each metal are added to the copper grade. The formula for this is: CuEq % = Cu% + (Mo% * (Mo recovery / Cu recovery) * (Mo $ per lb / Cu $ per lb) + (Ag g/t * (Ag recovery / Cu recovery) * (Ag $ per oz/ 31.1034768) / (Cu $ per lb* 22.04623)).

*Copper equivalent calculations use metal prices of Cu - US$3.34/lb, Mo - US$18/lb and Ag - US$21.87/oz.

¹ Intervals are downhole drilled core lengths. Drilling data to date is insufficient to determine true width of mineralization. Mo, Cu and Ag values are uncut.

Table 2: A23-012 Diamond drillhole location, depth, orientation and inclination.

Hole	Easting	Northing	Elevation	Length	Azimuth	Inclination
ID	m	m	m	m	Degrees	Degrees
A23-012	190,100	8,565,427	2728	887.60	020	-70

 

Co-ordinates are in WGS84 Zone 19S.

Table 3. Summary of significant drill results for diamond drillholes A23-01 to A23-011. All grades are length-weighted averages of samples within the interval reported.

Hole	From	To	Interval1	Description	Cu (total)	Mo	Ag	Cueq*
ID	m	m	m		%	%	g/t	%
A23-001	22.45	145.80	123.35	Oxidized/Mixed	0.49	0.0036	4.20	0.51
Includes	100.35	145.80	45.45	Enriched	0.64	0.0017	3.40	0.65
	100.35	124.30	23.95	Enriched	0.87	0.0024	3.43	0.88
	108.65	124.30	15.65	Enriched	1.09	0.0033	3.00	1.11
A23-002	208.00	422.40	214.40	Oxidized/Mixed/Primary	0.35	0.0114	3.95	0.41
Includes	244.00	296.00	52.00	Primary	0.52	0.0131	4.53	0.59
A23-003	38.00	702.30	664.30	Partially leached /Mixed/Enriched/Primary	0.33	0.0483	3.23	0.58
Includes	132.00	350.00	218.00	Mixed sulphides/Enrichment	0.69	0.0162	5.65	0.77
	206.00	350.00	144.00	Enriched	0.75	0.0097	5.87	0.80
	258.00	350.00	92.00	Enriched	0.83	0.0071	6.81	0.87
	522.00	702.30	180.30	Primary (Moly rich)	0.07	0.1284	0.73	0.74
A23-004	0.00	700.90	700.90	Leached/Mixed/Enriched/Primary	0.18	0.142	2.47	0.92
Includes	110.90	333.00	222.10	Mixed/Enriched/Primary	0.46	0.056	5.88	0.75
	110.90	264.00	153.10	Mixed/Enriched	0.53	0.058	7.07	0.83
	333.00	421.00	88.00	Primary (Molybdenum rich)	0.05	0.149	0.78	0.83
	421.00	502.00	81.00	Primary (Molybdenum rich)	0.12	0.152	0.84	0.91
	502.00	700.90	198.90	Primary (Molybdenum rich)	0.02	0.273	0.17	1.44
A23-005	130.00	188.00	58.00	Mixed/Enriched	0.43	0.054	3.38	0.71
	188.00	302.00	114.00	Primary	0.14	0.076	1.38	0.54
	302.00	472.00	170.00	Primary (Molybdenum rich)	0.1	0.11	1.05	0.67
	472.00	693.40	221.40	Primary (Molybdenum rich)	0.03	0.259	0.95	1.38

 

Table 3 cont. Summary of significant drill results for diamond drillholes A23-01 to A23-011. All grades are length-weighted averages of samples within the interval reported.

Hole	From	To	Interval1	Description	Cu (total)	Mo	Ag	Cueq*
ID	m	m	m		%	%	g/t	%
A23-006	91.00	708.50	617.50	Mixed/Enriched/Primary	0.17	0.148	1.82	0.94
Includes	91.00	127.00	36.00	Mixed/Enriched	0.62	0.031	9.10	0.78
	321.00	708.55	387.55	Primary (Molybdenum rich)	0.07	0.205	0.74	1.14
A23-007	0.00	708.25	708.25	Partially Leached/Primary/Hornfels	0.25	0.0137	3.07	0.32
Includes	206.00	406.00	200.00	Primary/Hornfels	0.37	0.003	3.83	0.39
	206.00	254.00	48.00	Primary/Hornfels	0.57	0.002	5.33	0.58
	272.00	306.00	34.00	Primary/Hornfels	0.48	0.003	6.33	0.50
A23-008	3.10	703.65	700.55	Primary/Hornfels+Porphyry	0.10	0.0852	1.18	0.54
Includes	402.00	703.65	301.65	Primary/Porphyry	0.03	0.1548	0.26	0.84
A23-009	0.40	790.55	790.15	Primary/Hornfels+Breccia+Porphyry	0.27	0.0095	2.39	0.32
Includes	303.00	617.00	314.00	Primary/Hornfels+Breccia+Porphyry	0.37	0.0144	2.86	0.45
	561.00	617.00	56.00	Primary/Porphyry + Breccia	0.52	0.0144	3.46	0.60
A23-010	0	1002.55	1002.55	Leached/Mixed/Enriched/Primary	0.20	0.0838	2.19	0.66
Includes	190.00	218.00	28.00	Mixed/Enriched	0.86	0.0015	8.41	0.94
	190.00	315.00	125.00	Mixed/Enriched/Primary	0.43	0.0082	4.65	0.51
	543.00	625.00	82.00	Primary - Breccia zone	0.37	0.0618	3.51	0.72
	543.00	1002.55	459.55	Primary	0.09	0.1754	0.9	1.01
A23-011	3.10	1081.70	1078.60	Leached+Mixed & Primary Mineralization/Hornfels+Porphyry	0.16	0.0606	1.69	0.49
Includes	111.00	1081.70	970.70	Mixed & Primary Mineralization/Hornfels+Porphyry	0.17	0.0667	1.81	0.53
Includes	111.00	524.00	413.00	Mixed & Primary Mineralization/Hornfels+Porphyry	0.28	0.0112	2.40	0.36
	183.00	464.00	281.00	Mixed & Primary Mineralization/Hornfels+Porphyry	0.31	0.0043	2.40	0.35
Includes	183.00	215.00	32.00	Mixed & Primary Mineralization/Hornfels+Porphyry	0.44	0.0125	3.69	0.54
	524.00	1081.70	557.70	Primary Mineralization/Porphyry	0.09	0.1078	1.38	0.66
Includes	716.00	1081.70	365.70	Primary Mineralization/Porphyry	0.07	0.1403	0.66	0.81

 

Note: *Copper equivalent grades (CuEq) are for comparative purposes only. Mo, Cu and Ag values are uncut, and recovery is assumed to be 100% for the entire drilled lengths of A23-01 to A23-011. The project is at an early stage of exploration and conceptual recoveries of Cu 85%, Mo 82%, and Ag 75% are assigned to the CuEq calculations. Conversion of metals to an equivalent copper grade based on these metal prices is relative to the copper price per unit mass factored by conceptual recoveries for those metals normalized to the conceptualized copper recovery. The metal equivalencies for each metal are added to the copper grade. The formula for this is: CuEq % = Cu% + (Mo% * (Mo recovery / Cu recovery) * (Mo $ per lb / Cu $ per lb) + (Ag g/t * (Ag recovery / Cu recovery) * (Ag $ per oz/ 31.1034768) / (Cu $ per lb* 22.04623)).

*Copper equivalent calculations use metal prices of Cu - US$3.34/lb, Mo - US$18/lb and Ag - US$21.87/oz.

¹ Intervals are downhole drilled core lengths. Drilling data to date is insufficient to determine true width of mineralization. Mo, Cu and Ag values are uncut.

Quality Control and Quality Assurance

DLP Resources Peru S.A.C, a subsidiary of DLP Resources Inc., supervises drilling and carries out sampling of HTW and NTW core. Logging and sampling are completed at a secured Company facility situated on the project site. Sample intervals are nominally 1.5 to 2.7m in length. Drill core is cut in half using a rotary diamond blade saw and samples are sealed on site before transportation to the ALS Peru S.A.C. sample preparation facility in Arequipa by Company vehicles and staff. Prepared samples are sent to Lima by ALS Peru S.A.C. for analysis. ALS Peru S.A.C. is an independent laboratory. Samples are analyzed for 48 elements using a four-acid digestion and ICP-MS analysis (ME-MS61). In addition, sequential copper analyses are done where secondary copper mineralization is observed and reports, soluble copper using sulphuric acid leach, soluble copper in cyanide leach, residual copper and total copper. ALS meets all requirements of International Standards ISO/IEC 17025:2005 and ISO 9001:2015 for analytical procedures.

DLP Resources independently monitors quality control and quality assurance ("QA/QC") through a program that includes the insertion of blind certified reference materials (standards), blanks and pulp duplicate samples. The company is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data reported from 5.65m to 887.60 in A23-012.

New Breccia Zone and Copper Oxide Showings - East of Current Drilling

During the past two months, while preparing an access road to the NE and SE side of the project for further drilling, a zone of approximately 500m x 500m was discovered with breccia's in the hornfels and copper-oxides on road cut surfaces. This is extremely encouraging for the extension of copper-molybdenum mineralization for at least another 500m further to the southeast and northeast of the current planned drilling. This area also overlies a similar magnetic anomaly that underlies the main porphyry area (Figure 6).

Currently a rock sample program is underway to define additional copper-molybdenum targets for drilling. Sample results are expected later in December.

Metallurgical Study Underway

Plenge laboratory in Lima, Peru have been contracted to do a metallurgical study on three composite samples from the Aurora project. Results from this study are expected in February-March 2024.

Aurora Project

Aurora Project is an advanced stage porphyry copper-molybdenum exploration project in the Province of Calca, SE Peru (Figure 1). The Aurora Project was previously permitted for drilling in 2015 but was never executed. Thirteen historical drillholes, drilled in 2001 and 2005 totaling 3,900m were drilled over an area of approximately 1000m by 800m, cut significant intervals of copper and molybdenum mineralization. From logging of the only three remaining holes DDA-01, DDA-3A and DDA-3 and data now available, it appears that only three of the thirteen holes tested the enriched copper zone and only one hole drilled deep enough to test the primary copper and molybdenum zone (see DLP Resources Inc. news release of May 18, 2021).

Salient historic drillhole data of the Aurora Project are:

• 190m @ 0.57% Cu, 0.008% Mo in DDA-1 with a high-grade intercept of 20m @ 1.01% Cu related to a supergene enrichment zone of secondary chalcocite;
  
  
• 142m @ 0.5% Cu, 0.004% Mo in DDA-3;
  
  
• 71.7m @ 0.7% Cu, 0.007% Mo in DDA-3A (see historical Focus Ventures Ltd. news release July 11, 2012); and
  
  
• One of the historical holes ABC-6 drilled on the edge of the system intersected 78m @ 0.45% Cu and 0.107% Mo (Figure 2).

A review of the historical drilling indicates that the majority of the thirteen holes were drilled in the leached and partially leached zones of the porphyry system. Ten of the thirteen holes never fully tested the oxide and secondary enrichment zone and/or the primary copper zone at depth encountered in DDA-01. Copper-molybdenum mineralization is hosted by quartz-feldspar porphyries intruded into slates-hornfels and pelitic sandstones belonging to the Ordovician (439 - 463 ma) Sandia Formation.

Figure 1: DLP Project areas in Peru with Aurora Project Shown.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/6456/187237_341dc70754272a99_001full.jpg

Figure 2: Aurora Project - Plan view showing historic drilling and drilling by DLP in 2022-2023 with A23-013 in progress and shown with blue dot.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/6456/187237_341dc70754272a99_002full.jpg

Figure 3: Aurora Project - NW-SE geological section showing DLP and historic drillholes. Downhole values for copper (%) are shown on drillholes with molybdenum (ppm) shown as bar graphs to left of drillholes.

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/6456/187237_341dc70754272a99_003full.jpg

Figure 4: Aurora Project - Simplified NW-SE geological section showing DLP drillholes in yellow dots with summarized mineralized intervals shown alongside drillholes. Green intervals are predominantly copper in CuEq*calculation and blue intervals are predominantly molybdenum in CuEq* calculation (Refer to Table 3 for full description).

To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/6456/187237_341dc70754272a99_004full.jpg

Figure 5: Aurora Project - Simplified N-S geological section showing DLP drillholes in yellow dots with summarized mineralized intervals shown alongside drillholes. Green intervals are predominantly copper in CuEq* calculation and blue intervals are predominantly molybdenum in CuEq* calculation (Refer to Table 3 for full description).

To view an enhanced version of Figure 5, please visit:
https://images.newsfilecorp.com/files/6456/187237_341dc70754272a99_005full.jpg

Figure 6: Aurora Project - Magnetic analytic signal data with drillholes shown and new copper oxide showings with planned geochemical grid (blue box).

To view an enhanced version of Figure 6, please visit:
https://images.newsfilecorp.com/files/6456/187237_341dc70754272a99_006full.jpg

Qualified Person

David L. Pighin, consulting geologist and co-founder of DLP Resources, is the qualified person of the Company as defined by National Instrument 43-101. Mr. Pighin has reviewed and approved the technical contents of this news release.

About DLP Resources Inc.

DLP Resources Inc. is a mineral exploration company operating in Southeastern British Columbia and Peru, exploring for Base Metals and Cobalt. DLP is listed on the TSX-V, trading symbol DLP and on the OTCQB, trading symbol DLPRF. Please refer to our web site www.dlpresourcesinc.com for additional information.

FOR FURTHER INFORMATION PLEASE CONTACT:

DLP RESOURCES INC.
Ian Gendall, CEO & President
Jim Stypula, Executive Chairman
Robin Sudo, Chief Financial Officer and Corporate Secretary
Maxwell Reinhart, Investor Relations
Telephone: 250-426-7808
Email: iangendall@dlpresourcesinc.com
Email: jimstypula@dlpresourcesinc.com
Email: robinsudo@dlpresourcesinc.com
Email: maxreinhart@dlpresourcesinc.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to drilling on the Aurora Project in Peru.

These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things drill results expected from the Aurora Project in Peru.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/187237

FAQ

What are the highlights of the drill results for drillhole A23-012?

The highlights include 0.46% CuEq over 881.95m and 0.80% CuEq over 16.35m, indicating significant copper and molybdenum mineralization.

What new discoveries were made by DLP Resources Inc.?

The company discovered a new breccia zone and copper oxide showings east of the current drilling, expanding the exploration potential.

What is the current status of the metallurgical study?

The metallurgical study is underway, with results expected in February-March 2024, reflecting a proactive approach to understanding the project's mineralization.