The Peneece vanadium project is located at the head of Seymour Inlet, southwest BC, a narrow coastal mainland fjord 85km east of the north tip of Vancouver Island in the Vancouver mining division, and 68km (straight-line distance) from Port Hardy. The property consists of 5 tenures covering 1500.4 Ha and is open for expansion in multiple directions. The property is located along tide-water and is accessible year-round by float plane, helicopter, or charter launch from Port Hardy. Historic barge-logging was completed within the project area, which has created a network of logging roads which run through the center of the property, allowing for low-cost exploration and development.
The property is host to a northwest-southeast trending >4.8km long by 0.8km wide (open to the northwest) pyritic gabbroic complex associated with a very large and intense magnetic anomaly which is believed to be caused by a large body of vanadium-bearing massive titaniferous magnetite. The magnetic survey was flown in the late 1950’s and the author noted that, “an unusually strong and extensive magnetic anomaly [exists] north of Wigwam Bay. 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 were only exceeded at the multi-billion ton “Klukwan proxenite-amphibolite” deposit in S.E. Alaska.” (McDougall, 1984 – AR 12204). Access problems (heavy snow cover) during this program prevented sampling of the highly magnetic core, and only marginal material samples were obtained downslope. Concentrate results from these samples graded an impressive 0.16% to 0.33% V (0.29% to 0.59% V205 – AR 12204) and up to 6.5g/t Ag2, a precious metal not often found in appreciable quantities in these systems.
The property is located on tide-water less than 68km (straight-line distance) from the Coastal town of Port Hardy. The climate is typical of ‘Inner Coast’ with wet winters and moderate summers allowing for year-round working conditions.
Please note all work mentioned above is historic in nature and cannot be relied upon as Delrey’s QP, as defined under NI 43-101 has not prepared nor verified the historical information at this time. The reader is cautioned that any mention of tonnage is highly speculative and conceptual in nature and, as such, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. Any reference to historical results are believed to be based on reasonable assumptions, and neither the company nor its qualified person has any reason to contest the relevance and reliability of the historical samples. A qualified person has not done sufficient work to replicate any mention of historic rock grab samples using current lab methods. Although the historical rock grab samples are believed to be based on reasonable sampling and assay methodologies, they were calculated prior to the implementation of National Instrument 43-101. Any historical assays do not meet current standards as defined under sections 3.2a-c of NI 43-101; consequently, the Company is not treating the historical rock grabs with full confidence at this time. Any information about adjacent properties on which Delrey Metals does not have the right to explore or mine are not under the Company’s control. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company’s properties. Historical information regarding the Company’s projects are reported for historical reference only.