Delta Resources (TSX-V: DLTA) (OTC Pink: DTARF) is a Canadian mineral exploration company with two very high-potential gold and base-metal projects in Canada located in Ontario and Quebec respectively.
The project garnering much attention recently due to Delta’s recent high grade gold results is called DELTA-1 which is located west of Thunder Bay, Ontario, on the Shebandowan Greenstone Belt.
DELTA-2 is the company's second asset and is located in the prolific Chibougamau mining district of Quebec, in very close proximity to the second richest mine in Canadian history, the Lemoine Mine, which was in production from 1975 to 1983 with average grades of 4.2% Copper, 9.6% Zinc, and 4.5 g/t Gold.
In this article we are going to focus on the high-level regional aspects of both the DELTA-1 and DELTA-2 projects.
The primary and more advanced project for DLTA is DELTA-1 which is located on the Shebandowan Greenstone Belt approximately 50 kilometers from Thunder Bay, Ontario. The project area covers 17 kilometers of the Shebandowan Shear Zone and is in the same geological setting as the Moss Lake Gold deposit 50kms to the west owned by Goldshore Resources (TSX-V: GSHR). The Moss Lake deposit has an astounding 121.7 million tons of near surface ore grading 1.1 g/t (grams per ton) of gold with a current resource of 4.17 million ounces and growing.
The Shebandowan area has also been host to a multitude of other deposits including the Inco mine which operated from 1972 to 1998 and produced 9.29 million tons of nickel at 1.75% and the Coldstream copper mine which, from 1906 to 1967 produced 103 million pounds of copper.
The DLTA management team is of the view that outside of those past producing assets and the Moss Lake deposit currently being drilled by Goldshore Resources, the region has not been explored sufficiently for gold especially in the area of the DELTA-1 project. From 1956 to 1969 there was some limited work done on DELTA-1 property with 42 holes having been drilled exploring for copper and nickel targets but not for Gold.
When DLTA acquired the property in 2019, exploration had been essentially dormant since 2003 and no one other company other than DLTA has explored for gold since. DLTA has now drilled approximately 6,000 meters in 25 holes. Although that may not seem like a lot of drilling, the team has already had some exceptional results.
DLTA completed an eleven-hole drill campaign last year that returned some incredibly high gold grades. Results were published in October 2022 and in hole 18, which internally is known as D1-22-18, they hit 5.92 g/t gold over 31.0 meters, including 14.80 g/t Au over 11.9 meters and 72.95 g/t Au over 2.2 meters. This area has never been drill tested previously. Results are currently suggesting that as Delta moves its drill to the east, the grades are getting better. Delta is currently drilling more targets to the east of hole 18 with all assay results still pending.
In October 2022 or just a few months ago, DLTA released promising assay results from the DELTA-1 property, with intercepts of 130. g/t of gold over 1 meter, 30.66 g/t of gold also over 1 meter and 16.42 Au over 1.5 meters. CEO and President of DLTA, André Tessier was quoted “These new results are extremely exciting for Delta and represent a turning point at the DELTA-1 property. The results from drill holes 18, 24 and 25 are showing continuous high-grade gold mineralization over a strike of at least 100 metres in addition to broader gold intercepts. Delta is now drilling the projected eastern extension of this new, never drill tested, high-grade zone with an initial 3,000 metre follow-up program. With its recently signed exclusive exploration agreements, Delta now controls over four kilometres of strike length where the gold zone can be projected, leaving a huge area for expansion.”
The DLTA team was so impressed with the results of their exploration work that in September, October and December 2022 as well as in February 2023, DLTA went on a land acquisition spree to secure more real-estate to the east before and after the bonanza type grades of 14.80 g/t Au over 11.9 meters were published.
To date, DLTA has defined a broad and intense alteration halo of at least 1.2 kilometers on strike and 600 meters wide with some bonanza type grades. The current land package for the DELTA-1 project now covers an impressive 58.3 square-kilometers.
The DELTA-2 property is the company’s second project and is located approximately 25 kilometers southeast of Chibougamau and consists of nearly 240. Claims are located within the La Dauversière, Queylus, Dollier, Charron and Lemoine Townships.
The DELTA-2 project is located in the prolific Chibougamau Mining District of Québec and is in very close proximity to the high grade Volcanogenic Massive Sulphide (VMS) past-producing Lemoine Mine which operated from 1975 to 1983. The Lemoine Mine is the second richest mine in Canadian history, second only to Eskay Creek and is in the top 1% of all VMS mines worldwide. The Lemoine mine produced 757,585 tons with grades of 9.52% zinc, 4.18% copper, 4.56 g/t gold and 82.26 g/t of silver. VMS mines typically happen in clusters and Delta is convinced that there must be other Lemoine type mines within close proximity.
Also, in direct proximity to DELTA-2 is the Corner Bay Copper-Gold deposit approximately 3km to the north which host 7.2 million tons grading 3.01% copper and 0.26 grams per ton gold in the indicated and inferred categories.
Delta Resources is planning a summer 2023 exploration program at its Chibougamau property and will consist of a 3,000-meter drill program targeting new VTEM conductors which have never been drilled before and may share characteristics of VMS deposits. The new planned exploration on DELTA-2 comes from an initial discovery through grab samples which returned 4.9% Cu and 1.25% Zn and 0.2% Cu, located 615 meters south-east of the Cartier Gold occurrence.
Shares of DLTA began to pick up steam this week, rising 36% from the lows on Tuesday February 21, 2023 hitting $0.15 during trading with a big increase in volume. It looks like investors are starting to take notice of the potential DLTA offers, and as more exploration work begin is concluded in Ontario and Québec, the material events on the horizon will undoubtedly garner more attention.