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Delta Resources to Acquire R-14 Gold Prospect Chibougamau Mining District in Quebec

Mining News - Published on Tue, 22 Oct 2019

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Delta Resources Limited announced the signing of an exclusive agreement to acquire a 100% interest in the R-14 Gold Property in the Chibougamau Mining District of Quebec. The property covers nearly 126 square kilometres and is located 40 kilometres south-east of the city of Chibougamau, Quebec and accessed via paved Highway 167. The Delta-2 Property is host to several gold occurrences, the most important of which is the R-14 Gold Prospect where mechanical trenching has exposed a gold-bearing dike swarm within a discordant alteration halo 3 kilometres long and 1 kilometre wide. At R-14, exceptional gold values of up to 142.29 g/t Au over core length of 2.44 metres have been intersected in the early 1980's by Corner Bay Exploration (Brunelle, 1983 quoted by Faure, 2012). The property was later worked by D'Arianne Resources Inc. who also reported significant results in channel and drill samples.

The Delta exploration team has carried-out due diligence work at the property and has refined a new geological interpretation of the area which opens great exploration potential. Exploration targets at Delta-2: Magmatic-hydrothermal gold deposits associated with long-lived, syn-plutonic structures and gold-rich VMS deposits associated to a favourable stratigraphic contact occurring at the property over a strike length of over 15 kilometres.

The Delta-2 Property is located at the NE end of the Abitibi Volcanic Belt, just south of the Chibougamau and east of the Chapais mining camps which account respectively for historic production of historic 47.5Mt at 1.72% Cu, 2.30 g/t Au and 24.2Mt at 2.24% Cu, 1.13 g/t Au.

The transaction is subject to regulatory approval.

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Posted By : Rabi Wangkhem on Tue, 22 Oct 2019
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