DLP Resources Intersects 365.7m of 0.81% CuEq* Within a 970.7m Interval of 0.53% CuEq* on the Aurora Project in Southern Peru

Rhea-AI Summary

DLP Resources Inc. announces receipt of complete drill results for drillhole A23-011 on the Aurora porphyry copper-molybdenum project in southern Peru. The drillhole intersected significant copper and molybdenum mineralization throughout the hole, with highlights including 0.53% CuEq over 970.70m and 0.81% CuEq over 365.70m. The company is encouraged by the results and drilling is ongoing.

Positive

• DLP Resources Inc. has received complete drill results for drillhole A23-011 on the Aurora porphyry copper-molybdenum project in southern Peru. The drillhole intersected significant copper and molybdenum mineralization throughout the hole, with highlights including 0.53% CuEq over 970.70m, 0.54% CuEq over 32.00m, 0.66% CuEq over 557.70m, and 0.81% CuEq over 365.70m.
• The results confirm a copper-molybdenum mineralized trend of at least 980m, which is still open to the southeast and west. The drilling is ongoing on the southeast side, and the company is drilling a new hole, A23-012, on a step out of approximately 140m west of A23-011.
• The company is encouraged by the results of the first 11 drillholes and looks forward to receiving results for A23-012 in early November.

Negative

• None.

Cranbrook, British Columbia--(Newsfile Corp. - October 11, 2023) - DLP Resources Inc. (TSXV: DLP) (OTCQB: DLPRF) ("DLP" or the "Company") announces receipt of complete drill results for drillhole, A23-011 on the Aurora porphyry copper-molybdenum project in southern Peru (Figure 1).

Results for the first ten drillholes, A22-001, A22-002, A22-003, A23-004, A23-005, A23-006, A23-007, A23-008, A23-009 and A23-010 were released on September 05, 2023 (see DLP Resources Inc., news releases of September 05, 2023 for results for A23-001 to A23-010 and Table 3 below).

Highlights

Drillhole A23-011 was drilled approximately 268m southwest of drillhole A23-010 and intersected significant copper and molybdenum mineralization throughout the hole to a depth of 1081.70m. A23-011 ended in molybdenum mineralization and the most significant mineralized intervals included:

• 0.53% CuEq* over 970.70m (0.17% Cu, 0.0667% Mo and 1.81g/t Ag) from 111m to 1081.70m.
• 0.54% CuEq* over 32.00m (0.44% Cu, 0.0125% Mo and 3.69g/t Ag) from 183.00m to 215.00m.
• 0.66% CuEq* over 557.70m (0.09% Cu, 0.1078% Mo and 1.38g/t Ag) from 524.00m to 1081.70m.
• 0.81% CuEq* over 365.70m (0.07% Cu, 0.1403% Mo and 0.66g/t Ag) from 716.00m to 1081.70m.

The complete set of results for A23-011 are summarized in Table 1 below.

Mr. Gendall, President and CEO commented: "A23-011 was drilled on a step-out of 268m to the SW of A23-010 to define the western edge of the hornfels-porphyry contact on the southeast side of Aurora. This hole now confirms a copper-molybdenum mineralized trend of at least 980m which is still open to the southeast and west. This hole ended in molybdenum mineralization at a depth of 1081.70m. Drilling is ongoing on the southeast side and A23-012 is being drilled on a step out of approximately 140m west of A23-011 to a depth of 1000m. We continue to be encouraged with the results of the first 11 drillholes and look forward to receiving results for A23-012 in early November."

Aurora Cu-Mo Project - Summary of Drill Results for A23-011

Drillhole A23-011 (Figures 2, 3 and 4) commenced on August 16, 2023 and was completed on September 16, 2023 at a depth of 1081.70m. The drillhole was drilled on an azimuth of 025 degrees with a dip of -70 degrees. Coordinates are 8,565,440mN and 189,970mE at an elevation of 2760m.

• 0 - 3.10m: Overburden, no core recovered.
• 3.10 - 192.15m: Hornfels with minor chalcopyrite with molybdenite. Upper 110m is partially leached.
• 192.15 - 297.70m: Quartz-eye-feldspar-biotite porphyry (QEFBP) with moderate to strong intermediate argillic alteration and quartz-sericite alteration overprint of weak secondary biotite alteration. Mineralization includes minor amounts of disseminated chalcopyrite with trace chalcocite and covellite, moderate amounts of pyrite and trace molybdenite. Fault zone on lower contact.
• 297.70 - 524.00m: QEFBP with moderate secondary biotite alteration and minor fluorite with moderate chalcopyrite-pyrite mineralization and minor molybdenite.
• 524.00 - 704.70: QEFBP with moderate quartz-sericite alteration overprint on potassically altered porphyry. Minor chalcopyrite-pyrite mineralization with moderate molybdenite mineralization.
• 704.70 - 1081.70m: QEFBP and quartz-feldspar porphyry (QFP) with moderate to strong coarse graine muscovite and K-feldspar alteration and weak intermediate argillic overprint. Mineralization includes moderate disseminated pyrite, minor chalcopyrite with intense molybdenite both disseminated and in quartz veinlets. The hole ended in molybdenite mineralization.

Table 1. Summary of Drill Results for Diamond Drillhole 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	%
A23-011	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 Mineraliztion/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 length of 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.

Table 2: A23-011 Diamond drillhole location, depth, orientation and inclination.

Hole	Easting	Northing	Elevation	Length	Azimuth	Inclination
ID		M	m	m	Degrees	Degrees
A23-011	189,970	8,565,440	2760	1081.70	025	-70

 

Co-ordinates are in WGS84 Zone 19S

Table 3. Summary of significant drill results for diamond drillholes A23-01 to A23-010. 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 A23-010. 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

 

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 A23-010. 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 3.1m to 1081.70m in A23-011.

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.

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https://images.newsfilecorp.com/files/6456/183555_882a1b1254652a45_001full.jpg

Figure 2: Aurora Project - Simplified geology showing historic drilling and drilling by DLP in 2022-2023 with A23-011 and A23-012 (in progress) highlighted in red numbering.

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https://images.newsfilecorp.com/files/6456/183555_882a1b1254652a45_002full.jpg

Figure 3: Aurora Project - Simplified NW-SE geological section showing DLP drillholes A23-001 to A23-012. Downhole values for copper and molybdenum are shown as bar graphs for assigned intervals with Cu % on right and Mo ppm on left of drillhole.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6456/183555_882a1b1254652a45_003full.jpg

Figure 4: Aurora Project - Simplified N-S geological section showing DLP and historic drillholes. Downhole values for copper (%) are shown as solid cones and molybdenum values (ppm) are shown as bar graphs on left of drillhole.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6456/183555_882a1b1254652a45_004full.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/183555

FAQ

What is the name of the company that announced the drill results?

The company that announced the drill results is DLP Resources Inc.

Where is the Aurora porphyry copper-molybdenum project located?

The Aurora porphyry copper-molybdenum project is located in southern Peru.

What were the highlights of the drill results for drillhole A23-011?

The highlights of the drill results for drillhole A23-011 include 0.53% CuEq over 970.70m, 0.54% CuEq over 32.00m, 0.66% CuEq over 557.70m, and 0.81% CuEq over 365.70m.

Is the mineralized trend open to further exploration?

Yes, the mineralized trend is still open to the southeast and west.

What is the status of the drilling on the Aurora project?

The drilling is ongoing on the southeast side, and a new hole, A23-012, is being drilled on a step out of approximately 140m west of A23-011.

When can we expect the results for A23-012?

The results for A23-012 are expected to be received in early November.