Cranbrook, British Columbia--(Newsfile Corp. - July 24, 2023) - DLP Resources Inc. (TSXV: DLP) (OTCQB: DLPRF) ("DLP" or the "Company") announces receipt of complete drill results for drillhole, A23-007 and A23-008 on the Aurora porphyry copper-molybdenum project in southern Peru (Figure 1).

Results for the first six drillholes, A22-001, A22-002, A22-003, A23-004, A23-005 and A23-006 were released on December 05, 2022, January 05, 2023, May 02, 2023, June 01, 2023 and June 12, 2023 (see DLP Resources Inc. news releases and Table 3 and 4 below).

Highlights

Drillhole A23-008 was drilled approximately 300m SE of drillhole A23-007. A23-007 intersected significant molybdenum-copper mineralization throughout the hole to a depth of 703.65m where it ended in very good molybdenum mineralization. The most significant mineralized intervals included:

• 0.40% CuEq* over 700.55m (0.10% Cu, 0.0852% Mo and 1.18% Ag) from 3.1m to 703.65m.
• 0.56% CuEq* over 301.65m (0.03% Cu, 0.1548% Mo and 0.26g/t Ag) from 402m to 703.65m.

The complete set of results for A23-008 are summarized in Table 1 below.

Drillhole A23-007 was drilled approximately 237m west of drillhole A23-006 on the contact of the hornfels with the intrusive porphyry. A23-007 intersected significant molybdenum-copper mineralization throughout the hole to a depth of 708.25m. This drillhole also ended in very good molybdenum mineralization and the most significant intervals included:

• 0.33% CuEq* over 708.25m (0.25% Cu, 0.0137% Mo and 3.07g/t Ag) from 0m to 708.25m.
• 0.61% CuEq* over 48.00m (0.57% Cu, 0.0020% Mo and 5.33g/t Ag) from 206m to 254m.

The complete set of results for A23-007 are summarized in Table 1 below.

Results from drillhole A23-007 confirms extensive copper-molybdenum mineralization across approximately 685m of the northwestern extent of the Aurora project.

Mr. Gendall, President and CEO commented: "A23-007 was drilled on a step out of 237m from A23-006 to define the western boundary of the porphyry Cu-Mo mineralization. This hole has now confirmed we have an east-west molybdenum-copper-silver mineralized zone of at least 685m. The eastern limit is still open. We continue to intersect very encouraging copper-molybdenum mineralization at Aurora and the downdip extension is open, as are the northern, southern and eastern extents. Drilling of A23-009 is now ongoing on a large step-out of approximately 868m m to the southeast of A23-007 and we have, as expected, cut a mineralized porphyry, in A23-009 at 12.90m. Assay results for A23-009 which ended at 790.55m are awaited and we are very encouraged with early mineralized porphyry intersections observed in A23-009."

Aurora Cu-Mo Project - Summary of Drill Results for A23-007 and A23-008

A23-007

Hole A23-007 was drilled at an angle of -70 degrees towards an azimuth of 140 degrees (Table 2, Figures 2, 3 and 4). The logged geology is summarized as follows:

• 0m - 99.00m: Partially leached hornfels with minor amounts of chalcopyrite, pyrrhotite, pyrite and trace molybdenite.
• 99.00m - 206.00m: Leached zone with trace chalcopyrite, molybdenite and minor amounts of pyrrhotite and pyrite.
• 206.00m - 406.00m: Hornfels with a mixed zone of pyrrhotite, chalcopyrite, pyrite and trace molybdenite.
• 406.00m - 639.50m: Late intermineral quartz-eye-feldspar-biotite porphyry with moderate quartz-sericite and intermediate argillic alteration overprint. Mineralization includes chalcopyrite and trace molybdenite.
• 639.50 - 708.25m: Hornfels with chalcopyrite, molybdenite, pyrrhotite and pyrite.

A23-008

Hole A23-008 was drilled at an angle of -70 degrees towards an azimuth of 120 degrees (Table 2, Figures 2, 3 and 4). The logged geology is summarized as follows:

• 0m - 3.10m: No core recovered.
• 3.10m - 188.55m: Slates and hornfels with chalcopyrite, molybdenite and moderate amounts of pyrrhotite and pyrite.
• 188.55m - 404.00m: Intermineral quartz-eye-feldspar-biotite porphyry with moderate quartz-sericite alteration and weak intermediate argillic overprint. Mineralization includes moderate amounts of molybdenite and chalcopyrite.
• 404.00m - 703.65m: Intermineral quartz-eye-feldspar-biotite porphyry with moderate quartz-sericite, weak potassic and intermediate argillic alteration overprint plus fluorite in veins. Mineralization includes high amounts of molybdenite and moderate chalcopyrite.

Table 1. Summary of Drill Results for Diamond Drillhole A23-007 and A23-008. All grades are length-weighted averages of samples within the interval reported.

Note: *Copper equivalent grades (CuEq) are for comparative purposes only. Mo values are cut to 0.5% and Cu and Ag values are uncut and recovery is assumed to be 100% for the entire drilled length of A23-007 and A23-008. The project is at an early stage of exploration and conceptual recoveries of Cu 85%, Mo 82%, and Ag 75% are assigned to the CuEq calculations. Conversion of metals to an equivalent copper grade based on these metal prices is relative to the copper price per unit mass factored by conceptual recoveries for those metals normalized to the conceptualized copper recovery. The metal equivalencies for each metal are added to the copper grade. The formula for this is: CuEq % = Cu% + (Mo% * (Mo recovery / Cu recovery) * (Mo $ per lb / Cu $ per lb) + (Ag g/t * (Ag recovery / Cu recovery) * (Ag $ per oz/ 31.1034768) / (Cu $ per lb* 22.04623))

*Copper equivalent calculations use metal prices of Cu - US$3.34/lb, Mo - US$11.86/lb and Ag - US$21.87/oz.

¹ Intervals are downhole drilled core lengths. Drilling data to date is insufficient to determine true width of mineralization. Mo values are cut to 0.5% and Cu and Ag values are uncut.

Table 2: A23-007 and A23-008 Diamond drillhole location, depth, orientation and inclination.

Co-ordinates are in WGS84 Zone 19S

Quality Control and Quality Assurance

DLP Resources Peru S.A.C a subsidiary of DLP Resources Inc. supervises drilling and carries out sampling of HTW and NTW core. Logging and sampling are completed at a secured Company facility situated on the project site. Sample intervals are nominally 1.5 to 2m in length. Drill core is cut in half using a rotary diamond blade saw and samples are sealed on site before transportation to the ALS Peru S.A.C. sample preparation facility in Arequipa by Company vehicles and staff. Prepared samples are sent to Lima by ALS Peru S.A.C. for analysis. ALS Peru S.A.C. is an independent laboratory. Samples are analyzed for 48 elements using a four-acid digestion and ICP-MS analysis (ME-MS61). In addition, sequential copper analyses are done and reports, soluble copper using sulphuric acid leach, soluble copper in cyanide leach, residual copper and total copper. ALS meets all requirements of International Standards ISO/IEC 17025:2005 and ISO 9001:2015 for analytical procedures.

DLP Resources independently monitors quality control and quality assurance ("QA/QC") through a program that includes the insertion of blind certified reference materials (standards), blanks and pulp duplicate samples. The company is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data reported from 0m to 708.25m in A23-007 and 3.1m to 703.65m in A23-008.

Aurora Project

Aurora Project as an advanced stage porphyry copper-molybdenum exploration project in the Province of Calca, SE Peru (Figure 1). The Aurora Project was previously permitted for drilling in 2015 but was never executed. Thirteen historical drillholes, drilled in 2001 and 2005 totaling 3,900m were drilled over an area of approximately 1000m by 800m, cut significant intervals of copper and molybdenum mineralization. From logging of the only three remaining holes DDA-01, DDA-3A and DDA-3 and data now available, it appears that only three of the thirteen holes tested the enriched copper zone and only one hole drilled deep enough to test the primary copper and molybdenum zone (see DLP Resources Inc. news release of May 18, 2021)

Salient historic drillhole data of the Aurora Project are:

• 190m @ 0.57% Cu, 0.008% Mo in DDA-1 with a high-grade intercept of 20m @ 1.01% Cu related to a supergene enrichment zone of secondary chalcocite;

• 142m @ 0.5% Cu, 0.004% Mo in DDA-3;

• 71.7m @ 0.7% Cu, 0.007% Mo in DDA-3A (see historical Focus Ventures Ltd. news release July 11, 2012); and

• One of the historical holes ABC-6 drilled on the edge of the system intersected 78m @ 0.45% Cu and 0.107% Mo (Figure 2).

A review of the historical drilling indicates that the majority of the thirteen holes were drilled in the leached and partially leached zones of the porphyry system. Ten of the thirteen holes never fully tested the oxide and secondary enrichment zone and/or the primary copper zone at depth encountered in DDA-01. Copper-molybdenum mineralization is hosted by quartz-feldspar porphyries intruded into slates-hornfels and pelitic sandstones belonging to the Ordovician (439 - 463 ma) Sandia Formation.

Table 3: Aurora Drill Results for Holes A23-001 to A23-003

Table 4: Aurora Drill Results for Holes A23-004 to A23-006

Note: *Copper equivalent grades (CuEq) are for comparative purposes only. Mo values are cut to 0.5% and Cu and Ag values are uncut and recovery is assumed to be 100% for the entire drilled length of A23-007 and A23-008. The project is at an early stage of exploration and conceptual recoveries of Cu 85%, Mo 82%, and Ag 75%. are assigned to the CuEq calculations. Conversion of metals to an equivalent copper grade based on these metal prices is relative to the copper price per unit mass factored by conceptual recoveries for those metals normalized to the conceptualized copper recovery. The metal equivalencies for each metal are added to the copper grade. The formula for this is: CuEq % = Cu% + (Mo% * (Mo recovery / Cu recovery) * (Mo $ per lb / Cu $ per lb) + (Ag g/t * (Ag recovery / Cu recovery) * (Ag $ per oz/ 31.1034768) / (Cu $ per lb* 22.04623))

*Copper equivalent calculations use metal prices of Cu - US$3.34/lb, Mo - US$11.86/lb and Ag - US$21.87/oz.

¹ Intervals are downhole drilled core lengths. Drilling data to date is insufficient to determine true width of mineralization. Mo values are cut to 0.5% and Cu and Ag values are uncut.

Figure 1: DLP Project areas in Peru with Aurora Project Shown.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6456/174509_637bff11b4008a77_001full.jpg

Figure 2: Aurora Project - Simplified geology showing historic drilling and drilling by DLP in 2022-2023 with A23-007, A23-008, A23-009 and A23-010 (in progress) highlighted in red numbering.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6456/174509_637bff11b4008a77_002full.jpg

Figure 3: Aurora Project - WSW-ENE section showing positions of historic drilling and current DLP drillholes numbered in red. Downhole values for copper and molybdenum are shown as bar graphs for assigned intervals with Cu % on right and Mo ppm on left of drillhole.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6456/174509_637bff11b4008a77_003full.jpg

Figure 4: Aurora Project - NW-SE section showing positions of historic drilling and current DLP drillholes numbered in red. Downhole values for copper and molybdenum are shown as bar graphs for assigned intervals with Cu % on right and Mo ppm on left of drillhole.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6456/174509_637bff11b4008a77_004full.jpg

Qualified Person

David L. Pighin, consulting geologist and co-founder of DLP Resources, is the qualified person of the Company as defined by National Instrument 43-101. Mr. Pighin has reviewed and approved the technical contents of this news release.

About DLP Resources Inc.

DLP Resources Inc. is a mineral exploration company operating in Southeastern British Columbia and Peru, exploring for Base Metals and Cobalt. DLP is listed on the TSX-V, trading symbol DLP and on the OTCQB, trading symbol DLPRF. Please refer to our web site www.dlpresourcesinc.com for additional information.

FOR FURTHER INFORMATION PLEASE CONTACT:

DLP RESOURCES INC.
Ian Gendall, CEO & President
Jim Stypula, Executive Chairman
Robin Sudo, Chief Financial Officer and Corporate Secretary
Maxwell Reinhart, Investor Relations
Telephone: 250-426-7808
Email: iangendall@dlpresourcesinc.com
Email: jimstypula@dlpresourcesinc.com
Email: robinsudo@dlpresourcesinc.com
Email: maxreinhart@dlpresourcesinc.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to drilling on the Aurora Project in Peru.

These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things drill results expected from the Aurora Project in Peru.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/174509