Delrey Metals (DLRY.C) continues to make good progress in Newfoundland and Labrador as the local Department of Natural Resources has granted the company all relevant permits to establish 20 drill sites and four trenches at its Four Corners polymetallic project.
Although this project was originally included in the Delrey Metals asset portfolio as a vanadium project, we feel all three elements deserve equal attention. The vanadium values were excellent during the boom-phase of the metal last year, but the iron content deserves some attention as well, considering the iron ore price is still exceeding $120/t and on top of that, the titanium values are excellent as well so we wouldn’t want to completely ignore that either. And that’s exactly what makes the Four Corners project so interesting: it’s a polymetallic project providing excellent optionality on any of those three elements. The iron ore will be the most challenging (as that would involve a large earth moving exercise) but the huge advantage of the project is its location; just a few kilometers from tidewater which would make it easier to ship any potential future concentrate. But before we are speculating about things that are still too far out, let’s check up on Delrey’s drill plans and assay results once the drill program gets underway.