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DLP Resources Announces Commencement of Drilling at Hungry Creek, Copper-Cobalt Project, Private Placement of Flow-Through Shares & Grant of Stock Options
Cranbrook, British Columbia--(Newsfile Corp. - July 28, 2022) - DLP Resources Inc. (TSXV: ...
About this update from Dlp Resources, Inc.
[{"type":"text","content":"DLP Resources Announces Commencement of Drilling at Hungry Creek, Copper-Cobalt Project, Private Placement of Flow-Through Shares & Grant of Stock OptionsCranbrook, British Columbia--(Newsfile Corp. - July 28, 2022) - DLP Resources Inc. (TSXV: DLP) (OTCQB: DLPRF) (\"DLP\" or the \"Company\") announces the start of a 1800m-six hole diamond drill programme at the Hungry Creek, 711 copper target zone. Hungry Creek - 711 Target ZoneThe Hungry Creek property is comprised of 74 claims (Figure 1). The mineral claims cover just over 38,852.92 hectares. Geologically the property is hosted within the Mesoproterozoic Belt-Purcell basin and is being targeted for strata-bound Cu-Co-Ag analogous to other Belt-Purcell hosted deposits such as Sheep Creek, Spar Lake, Rock Creek, Montanore (Montana), and the Blackbird district (Idaho) - Figure 2. The 711 Target zone at Hungry Creek will be the focus of the first six holes where very encouraging copper mineralization was reported from seven grab and two float samples (see DLP's press release dated November 30, 2021). Copper up to 1.15% and anomalous silver of up to 3.51ppm together with anomalous cobalt (up to 117.6ppm) and barium (up to 4,274 ppm) were also reported (Figure 3).Expenses incurred by the Company on Hungry Creek, a copper-cobalt project, may qualify for the 30% Critical Mineral Exploration Tax Credit (\"CMETC\"), as provided for in the Canadian federal budget of April 7, 2022. For more information on the CMETC, see the annex on tax measures proposed in the budget available at https://budget.gc.ca/2022/report-rapport/tm-mf-en.html.Ian Gendall, President & CEO of DLP, commented: \"We are extremely pleased to have started the 1800m drill programme on the 711-copper target. Field evidence suggests we are dealing with an untested package of sediment hosted copper mineralization which extends both north and south over at least 11km. This first phase of drilling is planned to test the thickness and grade of copper mineralization at the 711 target.\" Private PlacementThe Company is also pleased to announce that it intends to complete a non-brokered private placement (the \"Private Placement\") of up to 2,000,000 flow-through common shares (each, a \"FT Share\") at a price of $0.25 per FT Share for gross proceeds of up to $500,000. The Company intends to pay finder's fees in connection wi...