Delrey Metals Corp. secured an option to acquire an 80% interest in the 5,157-hectare Four Corners vanadium-iron-titanium project in Newfoundland from Four Corners Mining Corp. and Triple Nine Resources Ltd.
Delrey said March 21 that it can own the project stake within four years by paying C$450,000, issuing 12 million shares, spending C$5 million on exploration and granting a 3% net smelter royalty, one-third of which can be bought for C$3 million.
The companies will form a joint venture upon the exercise of the option.
Drilling is planned this year to add to the currently defined vanadium mineralization and test four other target zones.
Delrey began trading on the Canadian Securities Exchange in October 2018 after completing a C$1.5 million initial public offering.