Delta Resources Limited reports exploration and corporate developments for its gold-focused mineral properties in Canada, led by the Delta-1 Gold Project near Thunder Bay, Ontario. Recurring updates cover claim acquisitions and land-package expansion in the Shebandowan Greenstone Belt, drilling assays at the Eureka Gold Deposit, metallurgical test work, geophysical and surface exploration programs, and participation in regional mining-industry events.
Company news also includes non-dilutive exploration funding, option and royalty arrangements tied to its project portfolio, management appointments, and early warning ownership reports involving its common shares. The coverage reflects Delta's position as a junior exploration issuer focused on advancing gold targets in Ontario while managing additional mineral claims in Canada.
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Delta Resources Limited has successfully completed a non-brokered private placement, raising a total of $3,363,449.19 through the issuance of various unit types. This includes 1,986,110 Hard Cash units at $0.27 each, 1,998,389 National Flow Through units at $0.31, and 6,493,235 Quebec Flow Through units at $0.34. The proceeds will primarily fund exploration activities at its Delta-1 and Delta-2 properties, and a total of $213,016.03 has been paid in cash commissions. Insiders participated in the offering, totaling $32,650.
Delta Resources Limited has announced an increase in its non-brokered private placement financing to raise up to CAD $3,500,000. The financing will involve the sale of Hard Cash Units, National Flow Through Units, and Quebec Flow Through Units, with each type priced at $0.27, $0.31, and $0.34 respectively. The proceeds will be allocated to exploration programs for the Delta-1 Gold property in Ontario and Delta-2 properties in Quebec. The offering is subject to TSX Venture Exchange approval and applicable securities laws.
Delta Resources Limited has initiated a comprehensive drilling program at its Delta-2 VMS and Gold Property, located near Chibougamau, Quebec. The initiative targets over 75 high-priority drill targets across the 194 square-kilometre site, with plans for a total of 36 drill holes spanning 7,400m for VMS and 42 drill holes totaling 7,750m for the Gold project. Financing for this ambitious campaign was announced earlier in November 2021, signaling strong potential for gold and VMS deposits.
Delta Resources Limited provided an update on its exploration projects in Quebec and Ontario. The Delta-2 VMS project may reveal three gravity anomalies and 30 VTEM conductors, with drilling starting on November 15, 2021. The Delta-2 Gold project has discovered a new gold-bearing structure with assay results of 18.8 g/t Au and 21.1 g/t Au. The Delta-1 project has outlined a 450m-long gold zone and plans for 25 drill holes. Additionally, Delta appointed Independent Trading Group for market-making services, paying $4,000 monthly, pending approval.