Delrey Metals (CNSX: DLRY) has finished its $165,000 phase one exploration program at its Sunset cobalt-copper-zinc property in southwest British Columbia.
In September 2018, the company took 708 soil samples at Sunset, as well as 68 rock samples and 11 stream sediment samples. The company had previously collected 436 soil samples at Sunset, and a previous operator collected 938 soil samples. As a result, Delrey has access to more than 2,000 Sunset soil samples.
The soil sampling has extended the existing cobalt-copper-zinc anomaly to the west, with grades higher than 100 parts per million cobalt. In particular, the company identified a new bedrock discovery consisting of chalcopyrite-bornite mineralization that graded as high as 4.3% copper and 3% copper. The company is calling its new discovery the Roughrider zone.
The project lies in British Columbia's Whistler-Pemberton area, which also hosts the historic, volcanogenic massive sulphide (VMS) Britannia copper mine. Between 1905 and 1977, Britannia produced 47.8 million tonnes grading 1.1% copper. Delrey hypothesizes that cobalt-copper-zinc VMS mineralization may also exist beneath a thin layer of overburden on the north side of Sunset's Soo River Valley.
The company completed its initial public offering in October 2018. It issued 7.5 million shares at 20 ? per share for $1.5 million. It began trading on the Canadian Securities Exchange in late October.
Shares of Delrey are currently trading at 33 ? with a 52-week range of 24 ? to 40 ?. The company has an $8 million market capitalization.