Post by
howestreetbull on May 12, 2023 9:21am
Stockwatch Gold Summary for May 11, 2023
Stockwatch Gold Summary for May 11, 2023 2023-05-11 18:53 ET - Market Summary by Stockwatch Business Reporter Andre Tessier's Delta Resources Ltd. ( DLTA ) closed unchanged at 47.5 cents on 1.12 million shares on word it has drilled a hole with two narrow bonanza-grade intervals at its Delta-1 project, just west of Thunder Bay in Northwestern Ontario. A one-metre hit yielded 1,636 grams of gold per tonne -- yes, that is a comma, not a dot -- about five metres above a second one-metre zone that assayed 697 grams per tonne -- both hits coming from what appears to be the Beta zone. The three other holes also produced gold, but with pedestrian grades: The best of the also-rans was a 54-metre stretch that averaged 0.8 gram of gold per tonne, also from the Beta zone. A third hole did yield a 17.5-metre interval in the Gamma zone that contained 2.06 grams per tonne, which was part of a 153.50-metre stretch that assayed 0.44 gram per tonne. Mr. Tessier, president and CEO, applauded the bonanza grades from Delta-1 as "very impressive," but he deemed it more important that his drillers are doing large, 100-metre stepouts and are still consistently hitting strong alteration with higher-grade gold segments hosted within a broader zone of low-to-moderate-grade gold. (Yes, he is not only a geologist, but an engineer to boot.) The presence of alteration and broad zones, he cheers, "speaks to the strength of the mineralizing system and the upside potential," as the drilling progresses eastward into the larger "Deep Blue" target area. "This deposit is certainly full of pleasant surprises," Mr. Tessier concludes, adding that he and his crew "still have a lot of work ahead of us to better understand this deposit." Investors were more understanding earlier this year when Delta first began rolling out assays. The initial hits included a 10-metre stretch averaging 6.49 grams of gold per tonne and a 26.2-metre zone with 4.23 grams per tonne, encounters that got the company's stock marching northward from the 10-cent level.