Delta Signs Drill Contract for Chibougamau, Quebec

Rhea-AI Summary

Delta Resources Limited has signed a drill contract with Miikan Drilling Limited for a minimum of 5,000 metres, potentially extending to 10,000 metres, at the Delta-2 property in Chibougamau, Quebec. Drilling, targeting gold and VMS resources, is set to commence in October. Delta also holds significant resources in its other projects, including the Bellechasse-Timmins gold deposit, which boasts a resource of 171,000 oz at 1.83 g/t gold. This strategic move aims to enhance shareholder value through increased exploration efforts.

Positive

• Drill contract signed for 5,000 to 10,000 metres, targeting gold and VMS resources.
• Significant gold occurrences reported, with grab samples showing up to 55.8 g/t Au.
• Existing gold resource of 171,000 oz at Bellechasse-Timmins project.

Negative

• None.

KINGSTON, ON / ACCESSWIRE / October 20, 2020 / Delta Resources Limited ("Delta" or "the Company") (TSXV:DLTA)(OTC PINK:GOLHF)(FRA:6G01) is pleased to announce that it has signed a drill contract with Miikan Drilling Limited of Chibougamau, Quebec.

The contract is for a minimum of 5,000 metres and may extend up to 10,000 metres of NQ core. The drill campaign is for the Delta-2 property in Chibougamau, Quebec where Delta will drill a number of Gold and VMS targets. Drilling is expected to begin in October when a drill becomes available and further details on the start date and specific targets to be drilled will be announced shortly.

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:

Contact Delta Resources Limited
Frank Candido, Chairman
Tel: 514-969-5530
fcandido@deltaresources.ca

or

Andre Tessier, President and CEO
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 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

View source version on accesswire.com:
https://www.accesswire.com/611227/Delta-Signs-Drill-Contract-for-Chibougamau-Quebec

FAQ

What is Delta Resources Limited's latest press release about?

Delta Resources Limited has announced a drill contract with Miikan Drilling Limited for exploration in Chibougamau, Quebec.

What are the drilling targets for Delta Resources Limited?

The drilling targets at Delta Resources Limited include gold and VMS resources at the Delta-2 property.

When is drilling expected to start for Delta Resources Limited?

Drilling for Delta Resources Limited is expected to begin in October 2020.

What is the significance of the drill contract for GOLHF?

The drill contract aims to enhance exploration efforts, potentially increasing shareholder value for GOLHF.

What gold resources does Delta Resources Limited hold?

Delta Resources Limited holds a resource of 171,000 oz at 1.83 g/t gold at the Bellechasse-Timmins project.