The share of Delta Resources Ltd. (TSXV: DLTA) (OTCBB: GOLHF) (FRANKFURT: 6G01) is up 400% today, after releasing promising news several times this month. The relatively new Canadian mineral exploration company focuses on exploring the Delta 1 (Eureka) and Delta 2 projects in and around the high-potential Thunder Bay region of Ontario and a large mining camp called Chibougamau in Quebec. In the short term, there seem to be more projects in other areas that leave very inventive for new discoveries.
A strong identity, promising results and a lot of potential
The year 2020 is a strong year for the gold trade and companies such as Delta Resources are benefiting from this. With approximately 29 million shares outstanding and a limited overhang of warrants, a good discovery can lead to strong growth in both the share and its business potential. The young but recognized company reinforces this by showing it highly protects its tight stock structure and will implement strong operational strategies.
In December, this was confirmed by several announcements that will keep shareholders more than warm during the winter season. Delta is drilling VMS targets at the Chibougamau mining camp, Quebec. The first phase of drilling in the Delta 2 project has almost been completed with 15 drillholes (totaling 2,288 meters). The results of the drilling are expected in 2021, as soon as the second phase on the Delta-2 site starts.
The figures of the drillholes in the southern part of the Delta 2 project:
1956-2007: 1.173 million ounces of gold at 8.26g / t Au, 607,000 ounces of silver at 5g / t Ag and 28.7 million pounds of copper at 0.25% Cu
The Delta 1 property speak for themselves
The results of a geological map, sampling and prospecting program at the Delta 1 property have now been published. All the geological evidence gathered from the Eureka Gold event in Delta-1 points to the north structures of the 2019 drilling program as the possible source of the anomalous soil and soil samples that Delta collected so far.
The results and purpose of the program are explicitly explained here.
A property-scale till survey was conducted during September and October of 2020. A total of 134 till samples were collected and sent to the IOS Geoscience Laboratory in Chicoutimi, Quebec for the counting and characterization of gold grains. The results of this survey are expected before the turn of the year to determine the drilling targets for the upcoming campaign in 2021.
An essential permit is in hand to start 2021 strong
Last week, Delta Resources announced that it has received the necessary encroachment permit for the Trans Canada Gold target on the Delta-1 Property. This permit allows the company to drill up to 14 drillholes totaling 4,200 meters at any time between the beginning of January till 18 November 2021.
More key figures about the Delta-1 building that was acquired in October 2019 are listed here.
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