Delta Further Expands Its Land Position in Thunder Bay, Ontario
Newsfile Corp.
7 min read
(4) Four purchase or option agreements totaling 330 cell units covering 68 square kilometres
Kingston, Ontario--(Newsfile Corp. - May 28, 2024) - Delta Resources Limited (TSXV: DLTA)(OTC PINK: DTARF) (FSE: 6G01) ("Delta" or "The Company") is pleased announce that it has entered into four (4) four separate agreements (two purchase agreements and two option agreements) whereby Delta is acquiring the exclusive rights to earn a 100% interest in 330 claim units covering approximately 68 square kilometres, contiguous to its Delta-1 Property in Thunder Bay, Ontario see Figure 1).
Figure 1: Geological map of the Shebandowan Greenstone belt showing the position of the Delta-1 Property, the newly optioned Bandore property (in blue) and Delta's new property acquisitions/options in red.
With these new options and acquisitions, Delta now controls 220 square kilometres in the eastern portion of the Shebandowan greenstone belt.
André Tessier, President, and CEO commented: "With these acquisitions, Delta becomes the largest land-owner in the eastern portion of the belt, covering what our team deems to be the most prospective ground in the belt. Delta is assembling the building blocks to secure a dominant presence in the under-explored Shebandowan greenstone belt."
The terms of the agreements are as follows: (Agreements for Properties 3 and 4 are subject to regulatory approval.)
PROPERTY 1: Delta has entered on May 8, 2024 into a mineral claims purchase agreement whereby the Corporation acquired a 100% interest in twenty-two (22) claims, covering approximately 458 hectares contiguous to its Delta-1 property in Duckworth Township, Thunder Bay, Ontario.
Delta paid the sum of $21,150.00 for 100% interest in the property. Vendors will retain a 2% Net Smelter Return Royalty ("NSR"). Delta will have the option to buyback a 1.0% NSR at anytime for $1M and will have a right of first refusal on the second 1.0% NSR up to a maximum of $4,000,000.
PROPERTY 2: Delta has entered on May 9, 2024 into a mineral claims purchase agreement whereby the Corporation acquired a 100% interest in thirty-seven (37) claims, covering approximately 790 hectares contiguous to Property 1 (above) in Duckworth Township, Thunder Bay, Ontario.
Delta paid the sum of $31,850.00 on TSX approval for 100% interest in the property. Vendors will retain a 2% Net Smelter Return Royalty ("NSR"). Delta will have the option to buyback a 1.0% NSR at anytime for $1M and will have a right of first refusal on the second 1.0% NSR up to a maximum of $4,000,000.
PROPERTY 3: THE GOLD-CREEK PROPERTY: Delta has entered into a mineral claims purchase agreement with Portofino Resources Corp. (the "Vendors"), whereby the Corporation earns the exclusive right to acquire a 100% interest in 16 unpatented claims (214 claim units), covering approximately 4,324 hectares west of its Delta-1 property in Duckworth and Lamport Townships, Thunder Bay, Ontario. Contiguous to Property 2 above.
The terms of the agreement are as follows:
On signing: $100,000 in cash and 666,667 shares of Delta Anniversary 1: $100,000 in cash and 666,667 shares of Delta Anniversary 2: $100,000 in cash and 666,667 shares of Delta *One half of the shares issued by Delta will be locked-up for a period of 12 months after issuance.
Vendor will retain a 2% Net Smelter Return Royalty ("NSR"). Delta will have the option to buyback a 1.0% NSR at anytime for $1M and will have a right of first refusal on the second 1.0% NSR, to a maximum of $4,000,000.
Delta will assume the underlying agreements between Portofino and previous vendors on three different portions of the property, therefore retaining the right to buyback 0.75% NSR for $500,000, 0.5% NSR for $300,000 and 0.75% NSR for $200,000.
PROPERTY 4: Delta has entered into a mineral claims purchase agreement whereby the Corporation earns the right to acquire a 100% interest in 41 unpatented claims (57 claim units), covering approximately 1,224 hectares west of its Delta-1 property in Duckworth and Lamport Townships, Thunder Bay, Ontario. Contiguous to PROPERTY 3 above.
The terms of the agreement are as follows:
On signing: $12,000 in cash and 400,000 shares of Delta Anniversary 1: $18,000 in cash and 200,000 shares of Delta Anniversary 2: $24,000 in cash Anniversary 3: $30,000 in cash *One half of the shares issued by Delta will be locked-up for a period of 6 months after issuance.
Vendor will retain a 1.5% Net Smelter Return Royalty ("NSR"). Delta will have the option to buy back a 0.5% NSR at any time for $600,000 and will have a right of first refusal on the second 1.0% NSR, to a maximum of $4,000,000.
About Delta Resources Limited
Delta Resources Limited is a Canadian mineral exploration company focused on growing shareholder value through the exploration of two very high-potential gold and base-metal projects in Canada.
DELTA-1 is Delta's flagship project, where the company is building on a large gold inventory 50 kilometres west of Thunder Bay, Ontario, at surface and adjacent to the Trans-Canada highway. To date, the gold mineralization is defined over a strike length of 2.0 km, from surface to a vertical depth of 250 m. Highlights include drill intercepts such as 5.92 g/t Au over 31 m (incl. 14.8 g/t Au over 11.9 m), and 1.79 g/t Au over 128.5 m. The property covers 220 square kilometres and Delta has identified a 5 km long corridor of intense alteration and deformation at the property, on strike with the gold zone, that has yet to be thoroughly explored.
The DELTA-2 property covers 205 square kilometres in the prolific Chibougamau District of Quebec. The property holds excellent potential for gold-rich polymetallic VMS deposits as well as hydrothermal-gold deposits. Delta targets VMS deposits such as the LeMoine past producer where 0.76 Mt were mined between 1975 and 1983, grading 9.6% Zn, 4.2% Cu, 4.5 g/t Au and 84 g/t Ag.
ON BEHALF OF THE BOARD OF DELTA RESOURCES LIMITED.
We seek safe harbor. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has not approved nor disapproved of the information contained herein.
For Further Information:
Delta Resources Limited
Andre C. Tessier, CEO and President Tel: 613-328-1581 [email protected]
or
Frank Candido, Chairman Vice-President Corporate Communications Tel: 514-969-5530 [email protected]
Cautionary Note Regarding Forward Looking Information
Some statements contained in this news release are "forward looking information" within the meaning of Canadian securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases (including negative or grammatical variations) or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Investors are cautioned that forward-looking information is inherently uncertain and involves risks, assumptions and uncertainties that could cause actual facts to differ materially. There can be no assurance that future developments affecting the Company will be those anticipated by management. The forward-looking information contained in this press release constitutes management's current estimates, as of the date of this press release, with respect to the matters covered thereby. We expect that these estimates will change as new information is received. While we may elect to update these estimates at any time, we do not undertake to update any estimate at any particular time or in response to any particular event.
