Property Description

The Blackie Vanadium property is located in west-central British Columbia, in the Skeena Mining Division, approximately 96km south-southwest (straight-line distance) from Prince Rupert. The property is located on Banks Island and is accessible year-round by float plane, helicopter, ferry or charter launch, from Prince Rupert. Historic barge-logging was conducted within the project area, which has created a network of logging roads directly northwest and west of the property (<500m away) allowing for low-cost exploration and development.

The property consists of 5 tenures covering 1213.2 Ha and is open for expansion in multiple directions. The Blackie property is located in a historic mining district. The high-grade Yellow Giant underground mine3 (located only 4km southwest of the claims) was operational as recently as 2015. During mine construction, a 35-person floating barge camp and 6.8km of haul roads were constructed in the area. The Yellow Giant mine3 economics highlighted a 414% IRR (8% discount) showing the economic potential that exists on Banks island.

The property is host to a large gabbroic body that, “is easily recognized as it usually forms bold protuberances, resists soil formation, is supportive of little vegetation, and is highly magnetic – so much so that is causes serious variations in ships’ compasses along shipping lanes” (McDougall, 1985: AR 13737. This body is easily recognizable from satellite images and has dimensions of 1.2km by 0.4km and an estimated thickness of at least 500m as per exposures on the east and north slopes of Blacky Hill (McDougall, 1985).

The Gabbro carries disseminations and bands of vanadium-bearing massive titaniferous magnetite over a large area. Assays from gabbroic samples collected by McDougall (1984) ranged from 20 to 25% Fe, 1.1 to 1.9% Ti, and up to 0.33% V (0.59% V205), and concentrate results made from these samples returned 0.5% to 1% V (0.89% to 1.78% V205) 2. Individual outcrop results from a previous operator returned up to 49% Fe, 7.0% Ti and an extremely anomalous 1.2% V (2.14% V2O5) 2. “Several million tons of Fe-Ti-V bearing material are known at this locality” 1 (Rose and Mulligan, 1970).

A report titled Vanadium Resources in Titaniferous Magnetite Deposits put out by the United States Geological Survey (Fischer, 1975), based on limited surface sampling work, estimated that a medium sized resource exists on Banks island with an ore grade of 20-50% Fe, 1-3% TiO2, and 0.07-0.55% V205 with a magnetic concentrate grade of 60% Fe, 1.5-5% TiO2, and 0.9-1.8% V205. 1

https://pubs.er.usgs.gov/publication/pp926B

The property is located on tide-water less than 96km from the Prince Rupert deep water port, which boasts the deepest main channel depth (35 meters), and the shortest trans-pacific route travel time of 8 days to any North American west coast port, providing the property with ideal mine-to-market economics.

Blackie Property Maps

Locator

Regional Locator

Satellite Map Showing Claim Detail

Detail Claim Map Showing Geology

Detail Claim Map on Satellite

Cautionary Notes

1Note 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.

2Historical information contained in this presentation cannot be relied upon as the Company’s QP, as defined under NI 43-101 has not prepared nor verified the historical information.

3Adjacent Properties This presentation 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.

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