Tickers: PINX:GOLHF, XTSX:GNH, XTSX:DLTA
Tags: #Mining
Laval, Quebec - TheNewswire - October 29, 2019 - Delta Resources Limited ("Delta") (TSXV:DLTA) is pleased to announce that it has made a new gold discovery during its due diligence work at the Delta-2 property southwest of Chibougamau, Quebec.
The new discovery is located approximately 1.1 kilometre northeast of the R-14 gold prospect and consists of a 20cm wide, sub-vertical, gold quartz vein trending 070az. So far, the structure is only exposed over a few metres of strike length as the outcrop disappears under glacial till. Five grab samples were sent to assay and results are as follows (note that grab samples are selective by nature and reported values are not necessarily representative of all the mineralized zones):
Sample 2404: 11.75 g/t gold
Sample 2405: 2.42 g/t gold
Sample 2406: 15.65 g/t gold
Sample 2407: 55.80 g/t gold
Sample 2408: 15.45 g/t gold
Shortly after the initial discovery, a channel sample was collected over the vein and host rocks and returned 6.45 g/t Au over 1 metre.
"The Due Diligence Occurrence is a very pleasant surprise." said Andre Tessier, President and CEO of Delta Resources. "We think this bodes very well for the future of the Delta-2 property. If our small team was able to discover this new high-grade occurrence during 2 weeks of due diligence field work, I can only imagine what we can do in a whole field season."
On October 16, 2019, Delta announced the signing of an exclusive agreement to acquire a 100% interest in the R-14 Gold Property ("The Delta-2 Property") in the Chibougamau Mining District of Quebec.
The property covers nearly 126 square kilometres and is located 40 kilometres south-east of the city of Chibougamau, Quebec and accessed via paved Highway 167.
The Delta-2 Property is host to several gold occurrences, the most important of which is the R-14 Gold Prospect where mechanical trenching has exposed a gold-bearing dike swarm within a discordant alteration halo 3 kilometres long and 1 kilometre wide. At R-14, exceptional gold values of up to 142.29 g/t Au over core length of 2.44 metres have been intersected in the early 1980's by Corner Bay Exploration (Brunelle, 1983 quoted by Faure, 2012). The property was later worked by D'Arianne Resources Inc. who also reported significant results in channel and drill samples.
The Delta exploration team has carried-out due diligence work at the property and has refined a new geological interpretation of the area which opens great exploration potential. Please refer to the Delta Resources web site at http://www.deltaresources.ca/ for additional information on the Delta-2 Property.
Analytical Protocol
The gold geochemical analyses were performed by atomic absorption method but all samples with results greater than 10 ppm were re-analyzed by gravimetric method on 30g weighted samples. The samples were analysed by ALS Chemex Geochemistry from Val D'Or, Quebec.
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.
Delta Resources Limited is a new Canadian mineral exploration company born at the end of June 2019. The Company is 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 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 while evaluating the long-term potential of its 100% owned Bellechasse-Timmins gold deposit in southeastern Quebec.
On October 3rd, 2019, Delta announced the acquisition of the Eureka Gold Discovery in the Thunder Bay area where exploration will start shortly.
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
or
Andre Tessier, President and CEO
Tel: 613-328-1581
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.
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