Delta Resources Confirms the presence of a VMS horizon at Delta-2; Chibougamau, Quebec.
Tuesday, August 18, 2020 / Kingston, ON / Accesswire. Delta Resources Limited (“Delta” or “The Company”) (DLTA:TSX-V) (GOLHF: OTCBB) (6G01:Frankfurt) is pleased to report that its ongoing mechanical trenching program at the Delta-2 property in Chibougamau, Quebec has uncovered a sulphide-bearing horizon favourable for the presence of Volcanogenic Massive Sulphide (VMS) mineralization.
The favourable horizon coincides with a string of isolated VTEM conductors that represent VMS targets. The target horizon is characterized by the presence of felsic tuffaceous sediments, sulphide-bearing chert, sulphidic iron formation and volcanic rocks of rhyolitic affinity (see photos attached), believed to represent a pause in the volcanic sequence. Sulphide mineralization is typically dominated by pyrite and pyrrhotite with chalcopyrite and sphalerite in minor amounts (1-5%). No graphite has been observed on the conductive horizon, ruling out a graphitic source for the VTEM conductors. To date, this favourable horizon can be followed for over five kilometres along strike.
André Tessier, President and CEO at Delta commented as follows:
“Uncovering this favourable horizon is a significant step forward for our VMS exploration program at Delta-2. Not only does it confirm our geological model but it reaffirms the potential of the VTEM conductors along the horizon. The presence of sphalerite and chalcopyrite are also of great importance, indicating the right mineralizing processes are present for the formation of economic deposits.”
Mechanical trenching was carried out to expose bedrock to surface following the field-proofing of electro-magnetic conductors deemed to be excellent targets for VMS polymetallic mineralization of the same type as the past producing 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).
The Delta-2 project is located 35 kilometres southeast of the town of Chibougamau and now covers over 156 square kilometres. Targets at the Delta-2 project consist of VMS mineralization similar to the Lemoine Mine. In addition, Delta is also targeting 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.).
Qualified Person
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.
Delta is currently exploring its Eureka Gold Discovery in the Thunder Bay area (Delta-1) and its Delta-2 Gold-Polymetallic Property in the Chibougamau Mining District of Quebec.
Delta also owns a 100% interest in the Bellechasse-Timmins gold deposit in southeastern Quebec. On July 3rd, 2020, Delta announced the sale of the Bellechasse-Timmins project.
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
Tel: 613-328-1581
or
Frank Candido, Chairman
Tel : 514-969-5530
fcandido@deltaresources.ca
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.