Delta Resources Discovers Another New Gold Occurrence and Acquires More Ground at Delta-2 - Chibougamau
Delta Resources Ltd. ("Delta") (TSXV:DLTA) is pleased to announce that it has made another new gold discovery at the Delta-2 property southeast of Chibougamau, Quebec.Following the signing of an exploration and option agreement at Delta-2 on October 16, 2019, two days of prospecting were carried out at the property prior to snowfall. The limited field work resulted in the discovery of another gold occurrence that substantiates Delta's new interpretation in the area. As a result, Delta elected to stake an additional 9 claims covering a total of 502 hectares to add to the property.
The new discovery is located approximately 3.3 kilometres SSW of the R-14 gold prospect and consists of a 30cm wide, strongly deformed, sub-vertical, gold quartz vein trending 040az (please visit www.deltaresources.ca for a location map and photos). The discovery was made shortly before snowfall and so far, the vein and host structure could only be exposed over 2 metres along strike and approximately 1 metre across. The rocks hosting the quartz vein are strongly altered with iron-carbonate over at least one metres perpendicular to the quartz vein. Six grab samples were sent to assay, sampling both vein material and host rocks, 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 2251: | 0.01 g/t gold | Quartz vein material |
| Sample 2252: | 9.97 g/t gold | Quartz vein material |
| Sample 2253: | 5.62 g/t gold | Host rock material |
| Sample 2254: | 10.10 g/t gold | Host rock material-Gossanous |
| Sample 2255: | 0.04 g/t gold | Feldspar Porphyry dike |
| Sample 2256: | 11.45 g/t gold | Composite sample vein and host rock |
"This new discovery is another important development from Delta-2." said Andre Tessier, President and CEO of Delta Resources. "The most significant takeaway from this new discovery and the Due Diligence discovery is that they reinforce our new interpretation of the area. We are looking forward to a full field season beginning next Spring at Delta-2 to better expose the new discoveries made in the last months and to further test our new exploration model."
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 better known being 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 Ltd. 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 Ltd. 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
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 Ltd.
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.