CHIBOUGAMAU, QC / ACCESSWIRE / July 9, 2020 / Delta Resources Limited ("Delta" or the "Company") (TSXV:DLTA)(OTC PINK:GOLHF)(Frankfurt:6G01) is pleased to announce that it has started Phase II of its exploration program at its Delta-2 property in Chibougamau, Quebec. Phase II consists of mechanical trenching to expose bedrock to surface where it is possible and where initial field work has yielded encouraging results. Initial work in June 2020 focussed on field-proofing of conceptual gold targets and electro-magnetic conductors deemed to be excellent targets for Volcanogenic Massive Sulphide (VMS) polymetallic mineralization.
During Phase l exploration, a crew of 10 geologists, technicians and prospectors, investigated the sites of 27 VTEM conductors and four large target areas for gold. These targets were based on the Geophysical Interpretations reported on May 20, 2020. Over 300 grab samples and channel samples have been collected and sent to the lab for assaying. Although the majority of assays are still pending, three gold targets and six VMS targets have been selected so far for mechanical trenching.
The objective of the mechanical trenching program is to gain a better understanding of the controls on the mineralization through detailed geological mapping and sampling after removing overburden, exposing and cleaning bedrock. This greater understanding of the geology and mineralization will help to better prepare Delta for Phase III of its 2020 exploration which will consist of diamond drilling. Mechanical trenching will be starting at the Snow gold occurrence, discovered in November 2019, where three gold assays returned values in excess of 10 g/t gold in grab samples. Many of the target-sites visited during initial field exploration were deemed to have overburden too deep for mechanical trenching and will have to be drill-tested during Phase III of exploration.
Targets at the Delta-2 project consist of magmatic-hydrothermal gold deposits related to the La Dauversiere pluton, such as the Joe Mann past producer (1956-2007: 1.173 million ounces of gold at a grade of 8.26 g/t Au, 607,000 ounces of silver at 5 g/t Ag and 28.7 million pounds of copper at 0.25% Cu) (Source: Technical Report on the Joe Mann Mining Property dated January 11, 2016, prepared by Geologica Inc.). In addition, Delta is targeting VMS mineralization similar to the Lemoine Mine which is located 1.5 kilometre north of the property. Between 1975 and 1983, the extraordinarily rich Lemoine Mine produced 757,585 tonnes of ore grading 9.52% Zn, 4.18% Cu, 4.56 g/t Au and 82.26 g/t Ag (Source: www.sigeom.mines.gouv.qc.ca).
André Tessier, President and CEO at Delta commented as follows:
"We are working as quickly as possible to be drill ready for late summer. Visual examination of the rocks was enough to prompt this accelerated pace, particularly at the Snow gold occurrence. So far, we are very excited with our results and continue to be optimistic of the potential results. We have a large land package which could yield several new discoveries."
The Delta-2 project is located 35 kilometres southeast of the town of Chibougamau and now covers over 156 square kilometres.
Andre C. Tessier, P.Eng and P.Geo. President and CEO of Delta Resources Limited is a Qualified Persons as defined by NI-43-101 and is responsible for the technical information presented in this press release.
About Delta Resources Limited
Delta Resources Limited is a Canadian mineral exploration company focused on growing shareholder value through the acquisition of high-potential gold and base-metal projects in Canada, exploring these projects with state-of-the-art methods, and potentially developing these projects into mines.
In October 2019, Delta acquired the Eureka Gold Discovery in the Thunder Bay area (Delta-1) and the Delta-2 Property which hosts the R-14 Gold Prospect in the Chibougamau Mining District of Quebec.
Delta also owns a 100% interest in the Bellechasse-Timmins gold deposit in southeastern Quebec, Canada which contains a 43-101 gold resource of 171,000 ounces at an average grade of 1.83 g/t gold in the indicated category and an additional 95,000 ounces at an average grade of 1.36 g/t gold in the inferred category (SGS Canada Inc., Bellechasse-Timmins Property Resource Estimate, August 1, 2012). On July 3rd, 2020, Delta announced the sale of the project for $1.7M.
The Company continues to focus on building upon its strong portfolio of mineral exploration properties with a high potential for economic discoveries in Canada.
ON BEHALF OF THE BOARD OF DELTA RESOURCES LIMITED.
Andre C. Tessier
President, CEO and Director
We seek safe harbor. Neither 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. The TSX Venture Exchange has not approved nor disapproved of the information contained herein.
For Further Information:
Delta Resources Limited
Andre C. Tessier, CEO and President
Frank Candido, Chairman
Tel : 514-969-5530
Cautionary Note Regarding Forward Looking Information
Some statements contained in this news release are "forward looking information" within the meaning of Canadian securities laws. Forward looking information include, but are not limited to, statements regarding the use of proceeds of the non-brokered private placement and payment of the debt settlements. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases (including negative or grammatical variations) or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Investors are cautioned that forward-looking information is inherently uncertain and involves risks, assumptions and uncertainties that could cause actual facts to differ materially. There can be no assurance that future developments affecting the Company will be those anticipated by management. The forward-looking information contained in this press release constitutes management's current estimates, as of the date of this press release, with respect to the matters covered thereby. We expect that these estimates will change as new information is received. While we may elect to update these estimates at any time, we do not undertake to update any estimate at any particular time or in response to any particular event.
SOURCE: Delta Resources Limited