Delta Resources Provides Update on Geophysical Interpretation at Its Delta-2 Property; Chibougamau, Quebec
- High-resolution magnetic survey helps delineate and extend early structures known to control gold occurrences in the area.
- 25 high-priority VTEM conductors identified with potential for VMS deposits.
- On the basis of the surveys the Company has acquired more strategic ground through staking.
KINGSTON, ON / ACCESSWIRE / May 20, 2020 / Delta Resources Limited (« Delta » or the « Company ») (DLTA.V) is pleased to provide an update on its interpretation of geophysical data from a 549 line-kilometre, helicopter-borne VTEM survey and a 722 line-kilometre high-resolution drone-magnetic survey over the Delta-2 property in Chibougamau, Quebec. The VTEM and magnetic surveys were completed in February and March 2020, respectively. In addition, Delta acquired the data for a 692 line-kilometre VTEM survey over the northeastern part of the property; which was previously flown in 2012 by a now defunct company and the data had never been interpreted. Together, these surveys cover an area of 152 square kilometres.
André Tessier, President and CEO of Delta Resources Limited commented as follows:
« We’ve now covered the whole Delta-2 property with state-of-the-art geophysical methods. These new methods allowed us to refine our geological interpretation of the property and highlight its high potential for gold and polymetallic economic mineralization. Our exploration team is excited to start field work to ground proof these anomalies, leading to a drill program. It’s an exciting time at Delta. »
Michel Chapdelaine, Vice-President Exploration at Delta commented as follows:
« The high-resolution VTEM and drone-magnetic surveys are a game-changer at Delta-2. Both surveys allowed us to refine our geological model, better understand the distribution of gold occurrences and define targets to a level that no one has done before in the area. »
In the southern portion of the property, where there is excellent potential for magmatic-hydrothermal gold mineralization, the high-resolution magnetic survey allowed the Company to identify several early structures related to the emplacement of the La Dauversiere pluton. These early structures are known to control five (5) gold occurrences which have already been identified and include the R-14 Gold Prospect.
In the northern portion of the property, where the Company believes there is a high potential for gold-rich volcanogenic massive sulphide (« VMS ») deposits, the new VTEM surveys identified at least 77 conductors. Twenty-five (25) of these conductors have been identified as high-priority based on criteria such as strike length, intensity, association to magnetic highs and location at, or near, the geological contact that is known to be favourable for the occurrence of VMS deposits in the region. That same horizon hosts the Lemoine Mine, a past producer with 757,585 tonnes grading 9.52% Zn, 4.18% Cu, 4.56 g/t Au and 82.26 g/t Ag. Of the 25 anomalies initially identified as high-priority, 19 are brand new and have never been drill-tested, while the remaining 6 were previously known, but deemed to have been incorrectly, or insufficiently tested.
Readers are invited to visit the following link for detailed information on the survey results and interpretation: http://youtu.be/BUWwd5zYvb8. The same video is also available in the « Investors/President’s Message » section at www.deltaresources.ca
Ground Acquisition at Delta-2
Following its new interpretation of the area, Delta has added, through staking, an additional 30 claims, covering 1,669 hectares. With these additional claims, the Delta-2 property now covers 146 square kilometres.
Michel Chapdelaine, P.Geo. and Vice-President of Exploration at 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.
On October 3rd, 2019, Delta announced the acquisition of the Eureka Gold Discovery in the Thunder Bay area (Delta-1) and on October 16th, 2019, the acquisition of 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, Southeastern Quebec, August 1, 2012).
The Company’s focus is currently to build a 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
Frank Candido, Chairman
Tel : 514-969-5530
Andre C. Tessier, CEO and President
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.