Delta Resources Confirms the presence of a VMS horizon at Delta-2; Chibougamau, Quebec

Rhea-AI Summary

Delta Resources Limited (OTC PINK: GOLHF) announced progress in its trenching program at the Delta-2 property in Chibougamau, Quebec, revealing a sulphide-bearing horizon indicative of Volcanogenic Massive Sulphide (VMS) mineralization. This horizon aligns with isolated VTEM conductors, suggesting significant VMS targets. The presence of chalcopyrite and sphalerite points to potential economic deposits. The project site, covering over 156 square kilometers, is strategically located near historical mineral producers.

Positive

• Discovery of sulphide-bearing horizon indicates favorable conditions for VMS mineralization.
• Presence of chalcopyrite and sphalerite suggests potential for economic deposits.
• Mechanical trenching confirmed the geological model and extended over five kilometers.

Negative

• None.

KINGSTON, ON / ACCESSWIRE / August 18, 2020 / Delta Resources Limited ("Delta" or "The Company") (TSXV:DLTA)(OTC PINK:GOLHF)(FRA:6G01) 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 which is located 1.5 kilometre north of the property. 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.).

Chert Horizon with disseminated pyrrhotite-sphalerite and chalcopyrite.

Sulphide-bearing felsic tuffaceous rocks at the contact between mafic volcanic flows.

Sulphide-bearing felsic tuffs (in red) at the contact between rhyolites and mafic volcanics.

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 3^rd, 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
www.deltaresources.ca

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
atessier@deltaresources.ca

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.

SOURCE: Delta Resources Limited

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FAQ

What significant discovery did Delta Resources report for GOLHF on August 18, 2020?

Delta Resources reported the discovery of a sulphide-bearing horizon at the Delta-2 property, indicating potential for Volcanogenic Massive Sulphide (VMS) mineralization.

What is the relevance of the Lemoine Mine to Delta Resources GOLHF?

The Delta-2 property is located 1.5 kilometers from the historical Lemoine Mine, which produced significant quantities of zinc, copper, gold, and silver.

How does the mechanical trenching program benefit Delta Resources GOLHF?

The mechanical trenching program helped to expose bedrock and validate the geological model, confirming the presence of highly promising VMS targets.

What minerals are mainly found in the sulphide-bearing horizon reported by Delta Resources GOLHF?

The sulphide-bearing horizon primarily contains pyrite, pyrrhotite, with minor amounts of chalcopyrite and sphalerite.

What is the area covered by the Delta-2 project of Delta Resources GOLHF?

The Delta-2 project covers over 156 square kilometers in the Chibougamau Mining District of Quebec.