Kingston, Ontario–(Newsfile Corp. – February 20, 2024) – Delta Resources Limited (TSXV: DLTA) (OTC Pink: DTARF) (FSE: 6GO1) (“Delta” or “the Company”) is pleased to announce the results from its fall 2023 drilling program at the Delta-2 VMS Property, located 35 kilometres southeast of Chibougamau, Quebec.
In late 2023, Delta completed seventeen (17) drill holes for a total of 3,752 metres. The exploration program was fully funded through Quebec-Flow-Through funds raised in late-2022. The drilling program was designed to test a number of helicopter-borne VTEM anomalies located on the Dollier-Cartier Option (May 13, 2021 News Release) which is contiguous to the Delta-2 property (figure 1). The objective of the program was to search for a Lemoine-Type VMS deposit, located eight (8) kilometres to the north of the drill program (Lemoine Past Producer 0.76 MT @ 4.2% Cu, 9.6% Zn, 4.5 g/t Au).
A massive to semi-massive sulphide horizon was intersected in drill holes D2V-23-96 and D2V-23-105, over a strike length of 100 metres. The horizon strikes NE, dips steeply towards the SE and is located approximately 600 metres SE of the Guillaume-Cartier Gold-VMS prospect (see figure 1). The horizon is open to the SW and at depth and for approximately 400 metres to the NE.
Figure 1: Geological map of the Dollier-Cartier Option showing the location of Delta’s 2023 drill holes and its new zinc occurrence.
Delta remains focused on its Delta-1 Gold project in Thunder Bay, Ontario, however, the results at the Delta-2 VMS project in Chibougamau, Quebec are very promising. This is a new discovery that certainly deserves further exploration. Grades, mineralogy and widths in VMS deposits are well known to change very quickly down-dip or along strike, so this could be the proverbial ‘tail of the tiger’. Delta staff will evaluate this new occurrence and determine an appropriate course of action,” stated André Tessier, President and CEO of Delta Resources.
Mineralization in drill holes D2V-23-96 and D2V-23-105 consists of pyrite, pyrrhotite, sphalerite and trace chalcopyrite. Host rocks are mafic volcanics, altered to chlorite-sericite. Every other drill hole of the program intersected sulphide mineralization of dominantly pyrite and pyrrhotite with trace of sphalerite and chalcopyrite. All drill results are shown in Table 1 below.
At the Delta-1 Project, Thunder Bay, Ontario
As announced on January 16, 2024, Delta is currently in the midst of a 5,000-metre drill program at its Delta-1 project. The program is progressing well and drill assays are pending.
Analytical Protocol and QA/QC
Chemical analyses reported in this press release were performed at ALS Chemex Laboratories in Val d’Or, Quebec. The gold assays were carried-out by atomic absorption method while other elements were assayed by four-acid ICP-AES method. Sampling and analytical procedures are subject to a comprehensive Quality Assurance and Quality Control program that includes duplicate samples, blanks and analytical standards.
Core logging and sampling was completed by Delta personnel and Laurentia Exploration Geologists. NQ-size drill core was sawed in half lengthwise and half of the core was sampled and sealed in clean plastic bags before being shipped for assay. The remaining half of the core was replaced in core boxes and is stored at Delta’s core storage facilities in Chibougamau, Quebec. Standards and blanks are inserted in the sequence of samples on site as quality assurance and quality control in addition to the regular insertion of blank, duplicate, and standard samples accredited by ALS Chemex Laboratories during the analytical process.
About the Dollier-Cartier Option:
Delta is currently in the 3rd year of the Dollier-Cartier Option Agreement, signed on May 12, 2021 with Cartier Resources Inc (“Cartier”). Delta still has to issue 200,000 shares to Cartier and prove exploration expenditures of $1,000,000 over the four (4) years of the agreement. Upon earning a 100% interest in the Dollier Property, Cartier will be granted a 2% NSR production royalty. Delta will have the exclusive right to purchase the first 1% NSR for $2,000,000 and the second 1% NSR for $15,000,000.
Property Acquisition at Delta-2:
The TSX has approved the acquisition by Delta of twenty-one (21) claims located at the heart of the Delta-2 property as announced January 19, 2024. Under the terms of the agreement, Delta acquires a 100% interest in the claims by paying the vendors the sum of $5,000 and issuing 350,000 shares of the Corporation at a deemed price of $0.105. The vendors retain a 2% Net Smelter Return (“NSR”) royalty on the claims. Delta retains the right to buy back a 1% NSR from the vendors for the sum of $1,000,000 and retains a right of first refusal on the remaining 1% NSR.
Issuance of Options
On February 6, Delta issued 200,000 stock options at an exercise price of $0.105 to members of its exploration team. The options vest immediately and are valid for a period of five (5) years.
Qualified Person
Mr. Daniel Boudreau P.Geo. and Manager of Exploration for Delta Resources Limited is a Qualified Person as defined by NI-43-101 and is responsible for the technical information presented in this press release. Mr. Boudreau has reviewed the technical information described herein.
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 is Delta’s flagship project, where the company is building gold ounces 50 kilometres west of Thunder Bay, Ontario, at surface and adjacent to the Trans-Canada highway. To date, the gold mineralization is defined over 1.8 km from surface to a vertical depth of 250 m. Highlights include drill intercepts such as 5.92 g/t Au over 31 m (incl. 14.8 g/t Au over 11.9 m), and 1.79 g/t Au over 128.5 m. The property covers 107 square kilometres and Delta has identified a 5 km long corridor of intense alteration and deformation at the property, on strike with the gold zone, that has yet to be thoroughly explored.
The DELTA-2 property covers 194 square kilometres in the prolific Chibougamau District of Quebec. The property holds excellent potential for gold-rich polymetallic VMS deposits as well as hydrothermal-gold deposits. Delta targets VMS deposits such as the LeMoine past producer where 0.76 Mt were mined between 1975 and 1983, grading 9.6% Zn, 4.2% Cu, 4.5 g/t Au and 84 g/t Ag.
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
Andre Tessier, CEO and President
Tel: 613-328-1581
atessier@deltaresources.ca
or
Frank Candido, Chairman,
Tel : 514-969-5530
fcandido@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. 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.