KINGSTON, Ontario, Oct. 31, 2019 (GLOBE NEWSWIRE) -- Delta Resources Limited (“Delta”) (DLTA:TSX-V) is pleased to announce that it will be starting its first drilling program during the first week of November 2019, at the Delta-1 Property in the Thunder Bay Mining District, Ontario.
Delta will be drill-testing the Eureka Gold Occurrence, a new and never drilled, discovery made during the summer of 2018 and acquired by Delta on October 3rd, 2019. The EUREKA gold zone is exposed by trenching over a minimum strike length of 400m and chip sampling has returned assays of 13.8 g/t Au over 5m, 5.9 g/t Au over 5m, 2.4 g/t over 5m, 2.2 g/t Au over 10m, 1.6 g/t Au over 12m and 1.4 g/t Au over 7m. It’s also believed that a 16m wide shear zone located at the heart of the mineralized zone could not be reached by mechanical trenching due to its depth below overburden.
The 1,000 metre drill program will be testing the gold-bearing ankerite-pyrite-arsenopyrite zone, exposed by trenching over a strike length of 400m so far. The mineralized alteration zone as a whole, spans for a minimum strike length of 2 kilometres and a width of up to 400 metres.
THE EUREKA ZONE AND ITS POSSIBLE STRIKE EXTENSIONS HAVE NEVER BEEN DRILLED OVER A MINIMUM STRIKE LENGTH OF 1.5 KILOMETRES.
In addition to this drilling program, Delta has also started a high-resolution drone magnetic survey covering the eastern part of the Delta-1 property (which includes the Eureka Discovery). The 168 line-kilometre survey will help to outline structures parallel to and cross-cutting the mineralized zone where bedrock is not exposed. This will help in future target definition.
The Delta-1 Property covers 48 square kilometres and is located 50 kilometres west of the City of Thunder Bay, Ontario and straddling the Trans-Canada Highway.
The property is located in the Shebandowan Greenstone Belt and covers a 17 km strike extent of the Shebandowan Structural Zone which also hosts the Moss Lake gold deposit*, a large tonnage-low grade deposit located 50 km WSW of the property where gold resources stand at of 40 MT at 1.1 g/t Au indicated (1.4M oz) and an additional 50 MT at 1.1 g/t Au inferred (1.7M oz). (NI-43-101 compliant ; https://www.wesdome.com/operations/moss-lake-property).
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.
*Mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization that may be hosted on the Company’s property
About Delta Resources Limited
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 and on October 16th, 2019, the acquisition of the Delta-2 Property which hosts the R-14 Gold Prospect in the Chibougamau Mining District of Quebec.
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
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 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.