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Kingston, Ontario – October 31, 2022 – Delta Resources Limited (TSXV: DLTA) (OTC Pink: DTARF) (FSE: 6G01) (“Delta” or “the Company”) is pleased to announce that it has completed a follow-up drilling program at the Eureka Gold Deposit, 50 kilometres west of Thunder Bay, Ontario. A total of 974 additional metres were completed in two new drill holes and by extending one previous drill hole. The objective of this drill program was to follow-up on the results obtained in drill hole D1-22-18 announced on October 19, 2022 of:
More information about this past release is provided in video format at https://www.youtube.com/watch?v=89D5OXwOeSs in English and at https://www.youtube.com/watch?v=_2mnO4Roou0 in French.
During the course of this program, drill hole D1-22-18 was extended by 93 metres to fully intersect the last two assays of the drill hole, averaging 1.34 g/t Au over 2.0 metres. The two additional drill holes (D1-22-24 and D1-22-25) were aimed at testing the eastern extension of the mineralization intersected in drill hole D1-22-18 with step-outs of 50 metres and 100 metres (see attached map).
Figure 1: Plan view map showing locations of the new drill holes (D1-22-24 and D1-22-25). (Note: The geology has been projected up-dip to the surface.)
The drill core is presently at Delta’s core logging facilities in Chibougamau, Quebec for detailed description and sampling. All assays are pending.
The mineralized zone trends roughly 100° azimuth, dips 50° towards the north, and has now been intersected over a strike length of approximately 850 metres and a vertical depth exceeding 200 metres.
The gold mineralization is hosted within a sandstone, near its contact with ultramafic volcanic flows to the south. Kilometre-scale, texture destructive alteration consists of intense ankeritization, sericitization and silicification. There appears to be a spatial association between gold mineralization and amphibole-feldspar-phyric intermediate dikes that are also affected by alteration. Gold mineralization consists of a network of multiple generations of quartz-ankerite-pyrite veinlets locally with disseminated grains of visible gold.
The Delta-1 project is located in the Shebandowan Greenstone Belt and covers a 17 kilometres strike extent of the Shebandowan Structural Zone which also hosts the low-grade – high-tonnage Moss Lake gold deposit (Goldshore Resources), 50 kilometres to the west.
Delta Further Expands Land Position
Delta is also pleased to announce that it has acquired the exclusive rights to buy the surface and mining rights to a property adjacent to its Delta-1 property in Thunder Bay, Ontario. The 32-hectare property is contiguous with the Delta-1 property, immediately east of the Eureka Gold Prospect where Delta has just completed the drill program referenced previously.
Delta entered into a five-year lease agreement with the surface and mining rights landowners. During the five-year lease period, Delta will have the exclusive right to explore the property and to purchase a 100% interest in both the surface and mining rights to the property. Should Delta elect to purchase the property, it will pay market value times ten (10). Delta made a one-time cash payment of $40,000 to the landowners and will also issue 100,000 shares of the Company per year for 5 years, starting upon the signing of the Agreement.
With this agreement, Delta now controls an area of 58 square kilometres, straddling the Shebandowan Structural Zone in the Shebandowan Greenstone Belt.
Qualified Person
Daniel Boudreau, P.Geo. Manager of Exploration of Delta Resources Limited is a Qualified Person as defined by NI-43-101 was supervisor for the drilling program and has reviewed the technical information presented in this press release.
Delta Resources would like to acknowledge the financial support provided by the Ontario Government via the Ontario Junior Exploration Program (“OJEP”). Delta will be receiving up to $200,000 upon completion of its exploration program at Delta-1.
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.
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, VP Corporate Communications
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. 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.
