Delta Set to Drill VMS Targets in Chibougamau, Quebec

Rhea-AI Summary

Delta Resources Limited (OTCBB:GOLHF) is nearing the end of its first phase of drilling at the Delta 2 project in Chibougamau, Quebec, having completed 15 drill holes over 2,288 metres. Targeting magmatic-hydrothermal gold deposits, results are anticipated in the new year. The upcoming second phase will focus on testing 10 Volcanogenic Massive Sulphide (VMS) targets with an additional 3,000 metres of drilling planned before the holiday break. Delta also holds a significant gold resource at its Bellechasse-Timmins deposit and continues to progress in enhancing shareholder value.

Positive

• Completion of 15 drill holes totaling 2,288 meters at Delta 2 project.
• Anticipation of exploration results in the upcoming year.
• Planned second phase of drilling to test VMS targets with 3,000 meters of drilling.
• Significant historical production data from past mines in vicinity.

Negative

• Drill results from the first phase are delayed until the new year.
• Completion of drilling may extend into early January 2021.

KINGSTON, ON / ACCESSWIRE / December 1, 2020 / Delta Resources Limited ("Delta" or "the Company") (TSXV:DLTA)(OTCBB:GOLHF)(FRANKFURT:6G01) is pleased to announce that it is nearing completion of its first phase of drilling at the Delta 2 project in Chibougamau, Quebec. During this first phase, 15 drill holes have been completed totalling 2,288 metres. The drill holes to date have been focussed on the southern portion of the property or otherwise referred to as the Snowfall gold-silver-copper occurrence. Drill results from the first phase of the campaign are not expected until the new year.

The drill holes in the southern portion of 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.).

Delta will immediately begin its second phase of drilling after completion of phase 1 and plans to continue drilling until December 18, 2020. The second phase of the drill program will be aimed at testing its previously defined VMS targets in Chibougamau, Quebec. This second phase will consist of an approximate additional 3,000 metres of drilling aimed at testing a minimum of 10 Volcanogenic Massive Sulphide (VMS) targets in the eastern portion of the Delta-2 property. Delta will begin drilling the VMS targets shortly and continue the program after the holiday break in early January 2021.

The VMS targets consist of isolated helicopter-borne VTEM conductors located proximal to the horizon that also hosts the past-producing Lemoine Mine. 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 company will update its investors on the progress of the second phase of its campaign as soon as it has been completed or when the company and its drillers break for the holidays.

About Delta Resources Limited

Delta Resources Limited is a Canadian mineral exploration company focused on growing shareholder value through the exploration of two very high-potential gold and base-metal projects in Canada.

• DELTA-1, located 50km west of Thunder Bay, Ontario where a 1000m drilling program was completed in Nov. 2019, testing the newly discovered Eureka Gold prospect. Results so far show very wide intercepts of low-grade gold in a km-scale alteration zone.
• DELTA-2, located 35km SE of the Chibougamau, Quebec, where preliminary due diligence and prospecting work discovered two new gold occurrences where grab samples returned up to 55,8 g/t Au and 11,45 g/t Au.

Delta also owns a 100% interest in the Bellechasse-Timmins gold deposit in SE Quebec, which contains a 43-101 gold resource of 171,000 oz @1.83 g/t gold (indicated) and an additional 95,000 oz @1.36 g/t gold (inferred). On July 3, 2020, Delta signed an agreement with Yorkton Ventures Inc for the sale of the Bellechasse-Timmins project for $1,7M payable over 15 months of signing.

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
Frank Candido, Chairman, VP Corporate Communications
Tel : 514-969-5530
fcandido@deltaresources.ca

or

Andre Tessier, CEO and President
Tel: 613-328-1581
atessier@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 includes, but is not limited to, statements regarding: the samples may be proximal to a rich bedrock source for the gold; the possibility of the same source for gold mineralization; and the initiation of a property-scale till survey in September. 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

View source version on accesswire.com:
https://www.accesswire.com/618928/Delta-Set-to-Drill-VMS-Targets-in-Chibougamau-Quebec

FAQ

What is the latest update on Delta Resources Limited's drilling at the Delta 2 project?

Delta Resources Limited has completed 15 drill holes totaling 2,288 meters at the Delta 2 project, with results expected in the new year.

When will results from Delta Resources Limited's drilling campaign be available?

Drill results from the first phase are anticipated to be released in the new year.

What is the focus of Delta Resources Limited's second phase of drilling?

The second phase will focus on testing approximately 10 Volcanogenic Massive Sulphide (VMS) targets with an additional 3,000 meters of drilling planned.

Where is the Delta 2 project located?

The Delta 2 project is situated in Chibougamau, Quebec.

What historical data supports the potential of the Delta 2 project?

Historical data reveals significant past ore production from nearby mines, such as the Joe Mann and Lemoine mines, suggesting strong mineralization in the area.