Vancouver-based exploration company Delrey Metals (CSE:DLRY) has entered into a share purchase agreement with WEM Western Energy Metals to acquire all the issued and outstanding share capital of WEM.
WEM owns a 100% undivided, unencumbered legal and beneficial interest in both the Peneece and the Blackie vanadium properties in British Columbia. The properties cover a total area of 2,714 hectares and host vanadium mineralization within large bodies of titaniferous magnetite.
Both properties are located on tidewater, near the small coastal cities of Port Hardy and Prince Rupert. The properties are comprised of large-scale ultramafic complexes which are intruded by gabbroic bodies hosting iron-titanium-vanadium (Fe-Ti-V) mineralization within massive titaniferous magnetite.
Historic samples collected from the gabbro on the Blackie assay up to 2.14% V205. The Blackie property is located in a historic mining district. The adjacent past-producing Yellow Giant mine, located less than 10km from the property and operated by Banks Island Gold as recently as 2015 initially boasted a 414% IRR.
An initial work program including a high-resolution airborne magnetic survey is planned in the near term on both properties.