Delta Resources Limited to Acquire DELTA-1 Property – Eureka Discovery IN Thunder BAY Mining District, Ontario. TSX/V:dlta
DELTA RESOURCES LIMITED TO ACQUIRE DELTA-1 PROPERTY – EUREKA
DISCOVERY IN THUNDER BAY MINING DISTRICT, ONTARIO.
TSX/V:DLTA
FRANKFURT: 6G01
OTCBB: GOLHF
(via Thenewswire.ca)
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 Pr operty”)
in the Thunder Bay Mining District of Ontario.
The property covers 48 square kilometres and is loc ated 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 in cludes two previously known gold occurrences: the M atawin
(located on the property) and Bylund (400m east of the property where intercepts of 102.6 metres @ 0.3 2 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 locate d 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 claim s. 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 subje ct 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 paym ents starting 7 years after the effective date
of the agreement.
Andre C. Tessier, P.Eng and P.Geo. President and CE O 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 e xploration 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 proj ects with state-of-the-art methods, and potentially
developing these projects into mines.
Delta owns a 100% interest in the Bellechasse-Timmi ns gold deposit in southeastern Quebec, Canada
which contains a 43-101 gold resource of 171,000 ou nces 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 inferre d
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
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 Excha nge) 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
or
Andre Tessier, CEO and President
Tel: 613-328-1581
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 th e 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 inher ently
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 contain ed in this press release constitutes management's
current estimates, as of the date of this press rel ease, 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.