Shares of Delrey Metals Corp. (CSE:DLRY) surged 17% on Tuesday morning following positive re-assay results from its Four Corners iron-titanium-vanadium project in Newfoundland, Canada. The company's market capitalization currently sits at C$3.8 million.
During a recent visit to the project, the company collected nine samples from drilling programs done in 2010-2011 and used both lithium metaborate fusion and ICP-MS with 4-acid digestion assay methods to test the samples. The company found that results obtained from lithium metaborate fusion were consistently higher compared to ICP-MS with 4 acid-digestion.
Most notably, the fusion assays returned, on average, 21% higher V205 (ranging from a 14% to 28% increase). Recoveries of iron and titanium were also higher using the fusion method.
Going forward, lithium metaborate fusion will be the preferred assay technique it will use for an upcoming drill program at Four Corners, the company says. Delrey believes this method has the ability to unlock additional vanadium potential at the project.
Four Corners covers 7,655 hectares in southwestern Newfoundland and Labrador, 25 km east of the town of Stephenville. It hosts a large vanadium-enriched deposit based historic drilling and government mapping, with several other zones yet to be tested. Delrey Metals recently acquired an 80% interest in the project.