TheNewswire / October 3, 2019. Delta Resources Limited. (DLTA:TSX/V) is pleased to announce the signing of an exclusive agreement to acquire a 100% interest in the new Eureka gold Discovery (“The Delta-1 Property”) in the Thunder Bay Mining District of Ontario.
The 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 Delta-1 Property is host to a new gold discovery called “EUREKA” where mechanical trenching has exposed a gold-bearing ankerite-pyrite-arsenopyrite alteration zone with a minimum strike length of 2 kilometres and with a width of up to 400 metres. This alteration zone includes two previously known gold occurrences: the Matawin (located on the property) and Bylund (400m east of the property where intercepts of 102.6 metres @ 0.32 g/t Au have been reported).
The EUREKA gold zone is located between the Bylund and Matawin occurrences and is exposed by trenching over a minimum strike length of 400m. Preliminary chip sampling at the EUREKA zone returned assays of 13.8 g/t Au over 8m, 5.5 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.
THE EUREKA ZONE AND ITS POSSIBLE STRIKE EXTENSIONS HAVE NEVER BEEN DRILLED OVER A MINIMUM STRIKE LENGTH OF 1.5 KILOMETRES.
“The entire team at Delta is ecstatic with this acquisition.” said Andre Tessier, President and CEO of Delta Resources. “The EUREKA zone and the entire DELTA-1 property have immense untapped potential for a new gold discovery of size. We are looking forward to drill-testing some targets this fall.”
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. The Moss Lake deposit is owned by Wesdome Resources (WDO:TSX) and hosts Indicated Resources of 40 million tonnes at 1.1 g/t Au (1.4M oz) and additional Inferred Resources of 50 million tonnes at 1.1 g/t Au (1.7M oz) (NI-43-101 compliant; https://www.wesdome.com/operations/moss-lake-property).
Other gold occurrences in the area, also hosted by the Shebandowan Structural Zone include the Bandore No4 and Bandore Main Zones located 5 km west of the property and the Pistol Lake Gold Zone, located 10km west of the property.
The transaction is subject to regulatory approval.
The terms of the agreement are as follows:
- The vendor holds a 1.75% NSR Royalty on the claims. Delta may buy back the first 0.75% at anytime for seven years after the effective date of the agreement for $500,000 and the remaining 1% Royalty at anytime after the first 0.75% is purchased for $4,000,000.
- Five legacy claims of the property are also subject to NSR Royalties ranging from 0.5% to 1% from an underlying agreement. Delta has the option to purchase 50% of this NSR for the sum of $50,000.
- The agreement also includes advanced royalty payments starting 7 years after the effective date of the agreement.
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.
Delta would like to extend its appreciation to the Resident Geologist Office in Thunder Bay for their input on this project.
New Web Site
Delta Resources Limited is also pleased to announce the launching of its new web site at http://www.deltaresource.ca/. Further information on the Delta-1 property can be found on the web site.
*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.
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
Andre Tessier, CEO and President
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.