PURCHASE OF 443 CLAIMS COVERING 93 SQUARE KILOMETRES
Kingston, Ontario--(Newsfile Corp. - August 6, 2024) - Delta Resources Limited (TSXV: DLTA)(OTC Pink: DTARF) (FSE: 6GO1) ("Delta" or "The Company") is pleased announce that it has acquired a 100% interest in the Ternowesky property further expanding its land position at the Delta-1 property in Thunder Bay, Ontario.
The expansive property consists of 443 claim units spanning over seven (7) townships and covering over 93 square kilometres. Delta's land package now covers over 306 square-kilometres in the central portion of the Shebandowan Greenstone Belt. The property now covers a 35-kilometre strike extent of both the Shebandowan and Gold Creek deformation zones. Both structures are gold-endowed, crustal-scale structural zones at the unconformable boundary between Temiskaming-Type sedimentary rocks and volcanic rocks of the Greenwater Formation; the same geological setting as Delta's Eureka Gold Zone.
The claims are contiguous with the Delta-1 property (see map below).
Figure 1: Map showing the location of the Delta-1 and Delta-1-Ternowesky Properties.
"Delta has assembled an outstanding land package with significant potential for multiple deposits, not only for gold mineralization, but also for magmatic copper-nickel deposits such as the former producing Inco Mine. The Delta team is already working up new gold targets for further testing later in 2024. We are anxious to reveal the true potential of this newly acquired ground as Delta takes a significant controlling land position in the Eastern Shebandowan Greenstone Belt," said André Tessier, President and CEO.
Delta has reached an agreement with the Vendors whereby Delta will pay $150,000 and issue 1.1M shares of the Company upon TSX approval of the transaction. The Vendors will retain a 2% Net Smelter Return Royalty ("NSR"). Delta will have the option to buy back a 1% NSR at any time for $2M and will have a right of first refusal on the second 1% NSR to a maximum of $4M. Half of the shares issued by Delta will be subject to the regulatory hold of four (4) months while the other half are subject to a voluntary hold of twelve (12) months hold by the Vendors.
The agreement is subject to regulatory approval.
Qualified Person
Daniel Boudreau, P.Geo. and Manager of Exploration at Delta Resources Limited, is a Qualified Persons as defined by NI-43-101 and has reviewed the technical information presented in this press release.
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 306 square kilometres where Delta has identified multiple corridors of intense alteration and deformation, on strike with, and to the south of the Eureka gold zone and 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.
