- VTEM results suggest high potential for gold rich VMS deposits
- Company Acquires More Strategic Ground at Delta-2, and
- Appoints Frank Candido as its VP Corporate Communications
KINGSTON, ON / ACCESSWIRE / February 18, 2020 / Delta Resources Limited ("Delta" or the "Company") (TSX-V:DLTA) is pleased to announce that it has completed its helicopter-borne VTEM survey over the north-east portion of the Delta-2 property in Chibougamau, Quebec, where the Company sees a high potential for gold-rich volcanogenic massive sulphide ("VMS") deposits. Approximately 17 kilometres of this horizon is covered by the Delta-2 Property.
The new VTEM survey, carried-out by Geotech Limited outlines a number of new conductors on the property with several conductors located at or near a geological contact that is known to be favourable for the occurrence of VMS deposits. Furthermore, several of these new conductors occur in the vicinity where the Delta exploration team outlined a significant area (up to 1km long by 200m in width) of garnet-chlorite alteration in the footwall of the favourable contact in the fall of 2019. This type of garnet-chlorite alteration is commonly seen in the feeder zones below many VMS deposits.
Readers are invited to visit the following link for detailed information on the survey results and interpretation: http://youtu.be/1qUJhhwF-Zc. The same video is also available in the "Investors/President's Message" section at www.deltaresources.ca
Ground Acquisition at Delta-2
Delta has acquired a total of 14 new claims contiguous to the Delta-2 property, covering approximately 880 hectares. With this additional ground, the Delta-2 property now covers an area of nearly 135 square kilometres. Eleven of the new claims were staked by Delta but 5 claims were acquired through a purchase agreement with Multi-Resources Boreal.
The terms of the agreement with Multi-Resources Boreal include a one-time payment of $5,000.00 and the issuance of 50,000 shares for a 100% interest in the claims. Delta also grants a 2% NSR to Multi-Resources Boreal with an option for Delta to buy back a 1% NSR at anytime for $1,000,000. There is a four month hold on the newly issued shares and the agreement is subject to TSX approval.
Corporate News
Delta is pleased to announce the appointment of Frank Candido as its Vice-President of Corporate Communications in addition to his position as Chairman of the Board at Delta Resources.
Mr. Candido has over 20 years of Capital Markets experience. Since 2006, Mr. Candido has been working as an independent contractor and consulting publicly listed companies in areas such as mining/exploration, pharmaceuticals and technology. Mr. Candido has an extensive network across Canada, the United States and Europe.
"We are very pleased that Frank has agreed to play this important role within the Company. Mr. Candido's deep understanding of our investor base and corporate direction makes him the perfect quarterback for this important role as we build shareholder value" states Andre C. Tessier, President and CEO at Delta Resources Limited.
Michel Chapdelaine, P.Geo. and Vice-President of Exploration at 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.
In October 2019, Delta announced the acquisition of the Eureka Gold Discovery in the Thunder Bay area and the Delta-2 Property which hosts the R-14 Gold Prospect in the Chibougamau Mining District of Quebec.
Delta also 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 BEHALF OF THE BOARD OF DELTA RESOURCES LIMITED.
Andre C. Tessier
President, CEO and Director
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
[email protected]
or
Andre Tessier, CEO and President
Tel: 613-328-1581
[email protected]
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