Following its recent acquisition of the Four Corners project, Delrey Metals (CSE:DLRY) received this week authorization from the Newfoundland and Labrador Department of Natural Resources to establish up to 20 drill sites and four trenches on the property.
“The Delrey team is very excited to have received its Four Corners project drill permits so quickly allowing work to commence in short order,” the company’s president and CEO, Morgan Good, said in a media statement. “The Department of Natural Resources in Newfoundland and Labrador is well known for its ability to move expediently through the permitting process and certainly did not disappoint.”
Delrey has committed to spend $5 million in exploration work on the property
Good said that now that the permit has been issued, Delrey personnel will be staying at an existing camp located within 15 kilometres of the project’s road-accessible Keating Hill East Zone.
Such area hosts potential strike length in excess of 4.5 kilometers and is the focus of the miner’s 2019 drilling campaign, which is expected to be 6-8 weeks long.
Four Corners is a 5,157-hectare property located 25 kilometres east of the town of Stephenville, in the Atlantic Canadian province. The area is host to vanadium enriched titaniferous magnetite mineralization which shows historical evidence for significant and consistent vanadium accumulations.
Delrey reports that preliminary metallurgical tests carried out by SRK Consulting yielded positive vanadium recoveries of over 90%.