Mr. Andre Tessier reports
DELTA FURTHER EXPANDS ITS LAND POSITION IN THUNDER BAY, ONTARIO
Delta Resources Ltd. has entered into four separate agreements (two purchase agreements and two option agreements), whereby Delta is acquiring the exclusive rights to earn a 100-per-cent interest in 330 claim units covering approximately 68 square kilometres, contiguous to its Delta-1 property in Thunder Bay, Ont.
With these new options and acquisitions, Delta now controls 220 square kilometres in the eastern portion of the Shebandowan greenstone belt.
Andre 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 DeltaAnniversary 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 DeltaAnniversary 1: $18,000 in cash and 200,000 shares of DeltaAnniversary 2: $24,000 in cashAnniversary 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.
We seek Safe Harbor.
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