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DLP Announces Mobilization of Drill Rig to Hungry Creek Copper-Cobalt Project to Commence a Two Hole Drill Program of 800m and Private Placement of Flow-Through Shares
Cranbrook, British Columbia--(Newsfile Corp. - July 15, 2021) - DLP Resources Inc. (the " Co...
About this update from Dlp Resources, Inc.
[{"type":"text","content":"DLP Announces Mobilization of Drill Rig to Hungry Creek Copper-Cobalt Project to Commence a Two Hole Drill Program of 800m and Private Placement of Flow-Through SharesCranbrook, British Columbia--(Newsfile Corp. - July 15, 2021) - DLP Resources Inc. (the \"Company\") (TSXV: DLP) is pleased to announce that drilling of the Hungry Creek project (the \"Hungry Creek Project\") is to commence within the week of July 19. A drill rig is being mobilized to site and two 400m holes for a total of 800m is planned to test a copper-cobalt target identified in January 2020. The Hungry Creek Project is approximately 33km WNW of Kimberley in SE British Columbia. Hungry Creek Copper-Cobalt ProjectDrilling of two approximately 300-400m holes will be focused on a VLF (very low frequency) geophysical and magnetic anomaly near the massive sulphide float boulders discovered in the creek in 2020 (see Figures 1, 2 and 3 below). The assay results from the 16 grab samples returned values between 0.008% to 5.0% for copper and 0.002% to 0.23% for cobalt (see the previously issued news release of the Company dated January 9, 2020).Figure 1: Hungry Creek - Cobalt in soil samples and Proposed Drill Holes on VLF and Magnetic Anomalies.To view an enhanced version of Figure 1, please visit:https://orders.newsfilecorp.com/files/6456/90302_4b46e957a46e6aec_001full.jpgFigure 2: VLF Geophysical Section with proposed Hole HC21-01To view an enhanced version of Figure 2, please visit:https://orders.newsfilecorp.com/files/6456/90302_4b46e957a46e6aec_002full.jpgFigure 3: VLF Geophysical Section with proposed Hole HC21_02To view an enhanced version of Figure 3, please visit:https://orders.newsfilecorp.com/files/6456/90302_4b46e957a46e6aec_003full.jpgPrivate PlacementThe Company is also pleased to announce that it intends to complete a non-brokered private placement (the \"Private Placement\") of up to 1,000,000 flow-through common shares (each, a \"FT Share\") at a price of $0.30 per FT Share for gross proceeds of up to $300,000. The Company intends to pay finder's fees in connection with the Private Placement to certain eligible finders in the form of: (i) a cash commission of 7% of the gross proceeds raised under the Private Placement from investors introduced to the Company by the finder; and (ii) the issuance of such number of non-transferable common share purchase wa...