Delrey Metals Corp. (CSE:DLRY.CN)

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Delrey Acquires Vanadium Assets

Strengthens Portfolio Within Strategic Energy Metals Sector

 

DELREY METALS CORP. (CSE:DLRY, FSE:1OZ) (“Delrey” or the “Company”) is pleased to announce it has entered into and closed a share purchase agreement dated December 12, 2018 (the “Share Purchase Agreement”) with WEM Western Energy Metals Ltd., a private arm’s length corporation (“WEM”), to acquire all the issued and outstanding share capital of WEM.  Pursuant to the terms of the Share Purchase Agreement, the Company issued 4,250,000 common shares of the Company (each, a “Share”). All securities issued pursuant to the Share Purchase Agreement will be subject to a four month statutory hold period.

 

WEM owns a 100 percent undivided, unencumbered legal and beneficial interest in both the Peneece and the Blackie Vanadium properties (the “Properties”), located in British Columbia. The Properties cover a total area of 2,714 hectares and host vanadium mineralization within large bodies of titaniferous magnetite. Both properties are strategically located on tidewater, near to the small coastal cities of Port Hardy (Peneece – 68km) and Prince Rupert (Blackie – 96km).

 

About the Peneece and Blackie Vanadium Projects:

 

The Properties are comprised of large-scale ultramafic complexes which are intruded by gabbroic bodies hosting iron-titanium-vanadium (Fe-Ti-V) mineralization within massive titaniferous magnetite. Two of the gabbro bodies mapped on surface display lateral extents of 4.8km x 0.8km (Peneece) and 1.2km x 0.4km (Blackie).

 

Highlights:

 

  • Historic samples collected from the gabbro on the Blackie assay up to 2.14% V205.1
  • The Blackie property is located in a historic mining district. The adjacent past-producing Yellow Giant Mine, located less than 10km from the property and operated by Banks Island Gold as recently as 2015 initially boasted a 414% IRR, showing the economic potential that exists on Banks Island2.
  • McDougall (1984), commented that, “an unusually strong and extensive magnetic anomaly exists over the [Peneece Property]. It was, and still remains the largest flux gate magnetic anomaly noted by the writer during many years of work on the West Coast. The size and overall magnetic intensity of the anomaly were only exceeded at the multi-billion ton “Klukwan pyroxenite-amphibolite” deposit in S.E. Alaska.”
  • Magnetic concentrate from limited float samples collected distal to the magnetic anomaly on the Peneece Property assayed up to 0.59% V205.1
  • Both properties are easily accessible by boat or helicopter and workable year round. Historic barge-logging was completed within and near to the project areas, which has created a network of logging roads and allows for low cost exploration and development.

 

An initial work program including a high-resolution airborne magnetic survey is planned in the near term on both Properties.

 

Morgan Good, President and CEO of Delrey commented: “Delrey continues to rapidly grow its portfolio of quality projects prospective for metals relative to the energy metals sector. Our team has been evaluating properties, specifically vanadium rich properties, for quite some time now. While the notable increase in the price of vanadium is still specific to steel alloys, we’re anticipating the demand to continue growing and the prevalence of vanadium redox flow batteries is clearly on the rise. The world continues to move more and more toward renewable energy sources where the need for large capacity, inexpensive and long-lasting energy storage is an absolute necessity.”

 

About Delrey

 

Delrey Metals Corp. is a mineral exploration company focused on the acquisition, exploration and development of mineral resource properties, specifically in the strategic energy minerals space. The Company has an option agreement to purchase a 100% interest in the highly prospective Sunset property situated in the Vancouver Mining Division and located near Pemberton, British Columbia. In addition to its acquisition of the Star, Porcher, Blackie, and Peneece Vanadium properties in BC, Delrey intends to review and acquire projects showing potential for materials used in the energy storage and electric vehicle markets.  Delrey is based in Vancouver, British Columbia, and is listed on the CSE under the symbol “DLRY” and on the FSE under the symbol “1OZ”.

 

About Vanadium

 

Vanadium is one of the largest percentage gainers among the battery metals group (Li, Co, Ni, Cu) since early 2017 climbing from under $5/lb to over $29/lb where it currently trades. This ductile, malleable and corrosion resistant transition metal has a wide range of use cases and can be found in automobiles, pipelines, jet engines, redox flow batteries and as an alloy in steel production, among others. Currently 90% of global vanadium production is used as an alloy in the manufacturing of steel, with the grade of the steel proportional to its vanadium content. New regulations recently emplaced by the Standardization Administration of China (SAC) have eliminated Grade 2 steel rebar production in China, replacing it with Grades 3, 4, and 5, which each consume progressively more vanadium. Global industrial growth and increased building standards in earthquake prone areas are forecasted to keep demand for vanadium strong.

 

The emerging market for Vanadium Redox Flow Batteries (“VRBs”) is showing tremendous potential. VRBs are non-flammable, reusable over semi-infinite cycles and are shown to not degrade for more than 20 years, which make them an efficient alternative to traditional lithium-ion batteries for grid power storage. The energy generated by renewable sources such as wind and solar is not constant over time and presents an excellent use case for VRBs to store excess power generated during peak production periods, which can be utilized during seasons with low wind or sun exposure. While the battery technology is in its early stages, the recent commissioning of the world’s largest ever battery, a 200MW/800MWh vanadium flow battery in Dalian, China, is proof that the fledgling technology is progressing at a fast rate. Currently VRBs account for only 2% of global vanadium demand, while many estimates are forecasting the market share for VRB’s to increase substantially as the emerging VRB space continues to grow.

 

Qualified person

Scott Dorion, P.Geo., is the designated Qualified Person of the Company as defined by National Instrument 43-101 and has reviewed and approved the technical information contained in this release.

 

Cautionary Notes

Note that these estimations precede National Instrument 43-101, are repeated for historical reference only, and are not to be relied upon. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or reserves; and the issuer is not treating the historical estimate as current mineral resources or reserves.  Nevertheless, the estimates were completed by competent individuals to the standard of the day, and are considered to be relevant to future exploration of the property.

 

ON BEHALF OF THE BOARD OF DIRECTORS OF

DELREY METALS CORP.

 

“Morgan Good”

 

Morgan Good

President and Chief Executive Officer

 

For more information regarding this news release, please contact:

Morgan Good, CEO and Director

T: 604-620-8904

E: info@delreymetals.com

W: www.delreymetals.com

 

Cautionary Note Regarding Forward-Looking Statements

 

Certain statements contained in this news release, constitute “forward-looking information” as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, but are not limited to, general business and economic uncertainties. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, which could result in delays, or cessation in planned work, that the Company’s financial condition and development plans change, delays in regulatory approval, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company’s Management’s Discussion and Analysis reports filed under the Company’s profile at www.sedar.com. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.

 

1Historical information contained in this news release cannot be relied upon as the Company’s Qualified Person, as defined under NI 43-101 has not prepared nor verified the historical information.

 

2Adjacent Properties – This news release contains information about adjacent properties on which Delrey Metals does not have the right to explore or mine. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company’s properties.

 

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

Delrey Metals Announces Acquisition of Two B.C.  Vanadium Projects; Strengthens Portfolio Within Strategic Battery Metals Sector

Vancouver BC – December 7, 2018 – DELREY METALS CORP. (CSE:DLRY) (FSE:1OZ) (“Delrey” or the “Company”) is pleased to announce it has entered into and closed a share exchange agreement dated December 6, 2018 (the “Share Exchange Agreement”) with BC Vanadium Corp., a private arm’s length corporation (“BCVC”), to acquire all the issued and outstanding share capital of BCVC.  Pursuant to the terms of the Share Exchange Agreement, the Company issued 5,500,000 common shares of the Company (each, a “Share”) and repaid debt of $10,000 owed to a creditor of BCVC.  All securities issued pursuant to the Share Exchange Agreement will be subject to a four month statutory hold period.

 

BCVC owns a 100 percent undivided, unencumbered legal and beneficial interest in both the Star and the Porcher Vanadium properties (the “Properties”), located in northwestern British Columbia.  The Properties cover a total area of 6,740 hectares and host vanadium mineralization within large bodies of titaniferous magnetite.  The Properties are strategically located on tidewater, near to the small logging community of Oona River on Porcher Island.

 

About the Porcher and Star Vanadium Projects:

The Properties are comprised of large-scale ultramafic complexes which are intruded by gabbroic bodies hosting iron-titanium-vanadium (Fe-Ti-V) mineralization within massive titaniferous magnetite.  Historic samples collected from the gabbro’s range from 0.34 to 0.84% V2O5.  Two of the gabbro bodies mapped on surface display lateral extents of 5.3km x 0.8km and 4.0km x 0.6km.  Reconnaissance stream sediment surveys conducted on the Properties returned vanadium values in the 99th percentile of all British Columbia’s Regional Geochemistry Survey (RGS) databases.

 

Highlights:

 

  • Strong magnetic high anomalies, up to 7km x 5km, indicate that the historic mapping likely underestimated the size of the Fe-Ti-V bearing magnetite bodies and good upside potential exists for expansion.
  • The Properties are located in a historic mining district. The Surf Point Mine, located on the northwest corner of Porcher Island, operated from 1919 through to 1939, before shutting down at the onset of World War II.
  • Both Properties are easily accessible by boat or helicopter and workable year round. Active barge-logging is underway within the project areas, which has created a network of logging roads and allows for low cost exploration and development.
  • An initial work program including a high-resolution airborne magnetic survey is planned in the near term on both Properties.

 

Morgan Good, President and CEO of Delrey commented: “We are extremely excited to announce the acquisition of these two vanadium projects into Delrey’s growing portfolio.  We look forward to completing high resolution magnetic surveys on the projects and continuing to generate news flow for the Company during the winter months.  The vanadium redox battery market is still in its infancy and demand is set to grow exponentially over the coming years.  With the vanadium price at all-time highs and forecasted to continue rising, Delrey is well positioned to capitalize on this emerging market.”

 

The Company also plans to actively continue its pursuit of additional strategic battery energy metals assets for its portfolio as the burgeoning sector expands.

 

About Vanadium

Vanadium is the largest percentage gainer among the battery metals group (Li, Co, Ni, Cu) since early 2017 climbing from under $5/lb to over $30/lb where it currently trades (https:/www.vanadiumprice.com/). This ductile, malleable and corrosion resistant transition metal has a wide range of use cases and can be found in automobiles, pipelines, jet engines, redox flow batteries and as an alloy in steel production, among others. Currently 90% of global vanadium production is used as an alloy in the manufacturing of steel, with the grade of the steel proportional to its vanadium content. New regulations recently emplaced by the Standardization Administration of China (SAC) have eliminated Grade 2 steel rebar production in China, replacing it with Grades 3, 4, and 5, which each consume progressively more vanadium. Global industrial growth and increased building standards in earthquake prone areas are forecasted to keep demand for vanadium strong.

 

The emerging market for Vanadium Redox Flow Batteries (“VRBs”) is showing tremendous potential. VRBs are non-flammable, reusable over semi-infinite cycles and are shown to not degrade for more than 20 years, which make them an efficient alternative to traditional lithium-ion batteries for grid power storage. The energy generated by renewable sources such as wind and solar is not constant over time and presents an excellent use case for VRBs to store excess power generated during peak production periods, which can be utilized during seasons with low wind or sun exposure. While the battery technology is in its early stages, the recent commissioning of the world’s largest ever battery, a 200MW/800MWh vanadium flow battery in Dalian, China, is proof that the fledgling technology is progressing at a fast rate. Currently VRBs account for only 2% of global vanadium demand, while many estimates are forecasting the market share for VRB’s to increase substantially as the emerging VRB space continues to grow.

 

Qualified person

Scott Dorion, P.Geo., is the designated Qualified Person of the Company as defined by National Instrument 43-101 and has reviewed and approved the technical information contained in this release.

 

About Delrey

 

Delrey is a mineral exploration company focused on the acquisition, exploration and development of mineral resource properties, specifically in the strategic energy minerals space. The Company has an option agreement to purchase a 100% interest in the highly prospective Sunset property situated in the Vancouver Mining Division and located near Pemberton, British Columbia. In addition to its acquisition of the Star and Porcher Vanadium properties in BC, Delrey intends to review and acquire projects showing potential for materials used in the energy storage and electric vehicle markets.  Delrey is based in Vancouver, British Columbia, and is listed on the CSE under the symbol “DLRY” and on the FSE under the symbol “1OZ”.

 

ON BEHALF OF THE BOARD OF DIRECTORS OF

DELREY METALS CORP.

 

“Morgan Good”

 

Morgan Good

President and Chief Executive Officer

 

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

 

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release, constitute “forward-looking information” as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, but are not limited to, general business and economic uncertainties. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, which could result in delays, or cessation in planned work, that the Company’s financial condition and development plans change, delays in regulatory approval, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company’s Management’s Discussion and Analysis reports filed under the Company’s profile at www.sedar.com. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.

 

For more information regarding this news release, please contact:

Morgan Good, CEO and Director

T: 604-620-8904

E: info@delreymetals.com

W: www.delreymetals.com

 

Source:  DELREY METALS CORP.

About Delrey Metals

Exploring British Columbia

 

“At Delrey Metals, we aspire to create value for our shareholders by sourcing,

 

financing and developing undervalued strategic energy metals assets”

 

— Morgan Good, Founder, President, CEO & Director

 

Our Corporate Strategy

 

Maximizing public awareness, strengthening financial relationships new and old, as well as creating marketing and finance opportunities that lead to success and increased shareholder value.

 

MANAGEMENT

 

MORGAN GOOD
Founder, President, CEO & Director

Mr. Good is a Venture Capitalist with 15 years of experience as a stock market professional focusing in areas of finance, corporate development and investor relations. He founded Patriot Capital in early 2013 to invest in both private and public companies, with an emphasis on sourcing undervalued opportunities in the mining resource, healthcare and technology fields. Mr. Good currently serves as CEO & Director of ALQ Gold Corp. (CSE:ALQ) which has raised ~$20M since August, 2017. Mr. Good has been responsible for raising in excess of ~$40M over recent years.

 

MIKE BLADY
Director

Mr. Blady has served as senior management, director, and member of the audit committees for several publicly listed companies. Currently CEO and Director of Golden Ridge Resources (TSXV:GLDN), which recently made a new major alkalic copper-gold porphyry discovery in the Golden Triangle. Mr. Blady is also an Officer and Director of GTEC Holdings (TSXV:GTEC). Mr. Blady has served in many other companies on executive levels where he has been directly and indirectly responsible for raising in excess of ~$100M to date.

 

LEIGHTON BOCKING
Director

Mr. Bocking is an independent Corporate Development Consultant. He was the Manager of Corporate Development at Gold Standard Ventures Corp. from October 2014 through November 2015, and prior to that worked in a Corporate Development role at Timmins Gold Corp. from March 2008 through July 2013, both mining resource companies that combined raised in excess of $100M.

 

ALASTAIR BROWNLOW
CFO

Mr. Brownlow is a Chartered Professional Accountant and a U.S. Certified Public Accountant (Washington) with significant public company experience who has specialized in the mineral exploration and development field in Canada and throughout the world. Mr. Brownlow also previously worked as an auditor in the British Virgin Islands specializing in financial and regulatory reporting of public and private fund and trust companies. Prior to this, Mr. Brownlow worked for a Canadian chartered accountant firm where he specialized in the mining industry, gaining significant accounting experience auditing mineral exploration and development companies in Canada and throughout the world. Mr. Brownlow has a Bachelor of Business Administration degree with first class honours from Simon Fraser University.

 

Sunset Cobalt Copper Property

 

  • Historical drilling done in 1991 totaled 393.5m over 2 holes.

 

  • Work completed in 2016 & 2017 includes: Prospecting, Mapping Grid work, Soil and Rock Sampling, Detailed Ground Magnetic survey.

 

  • The Whistler-Pemberton area is a strongly mineralized belt. Deposit types in the area are:

 

  • Volcanogenic massive sulphide deposits (Fitzsimmons, Northair, Britannia)
  • Gold bearing vein or replacement deposits (Northair)
  • Gold –silver veins (Brandywine, Daisy Lake, Ashlu, Wren)
  • Iron deposits (Iron King)
  • Pyrite-chalcopyrite-magnetite skarn (London)
  • Copper-Molybdenum porphyry (Marble, Daisy, Elk)

 

  • The target presently sought at the Sunset claims is a volcanogenic massive sulphide deposit, similar to Britannia or a vein and replacement type gold-silver deposit similar to Northair or Brandywine.

 

  • In Phase 1, we will examine the area adjacent to the Geochemical and Mineral Anomalies using Induced Polarization and Electromagnetic Surveys.

 

  • Approximate Budget for Phase 1: $165,000

 

SOURCE:  https://delreymetals.com/

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