KINGSTON, ON / ACCESSWIRE / July 13, 2021 / Delta Resources Limited ("Delta" or "the Company") (TSX-V:DLTA) (OTC PINK:DTARF) (FRANKFURT:6G01) is pleased to announce the acquisition of a 100% interest in eight (8) claims (30 Units) in Blackewell, Laurie, Dawson Road Lots and Goldie Townships in Thunder Bay, Ontario and contiguous to the Delta-1 property.
The Parties have agreed that Delta make a one-time $6,000 payment and the issue 200,000 common shares of Delta to the Vendor for a 100% interest in the claims free and clear of encumbrances. The Vendor retains a 1.5% net smelter return ("NSR") royalty on the Property. Delta retains the right to buy back 0.5% of the NSR at any time for $400,000 and retains a Right of First Refusal on the remaining 1% NSR royalty.
There is a 4 month hold as prescribed by the TSX Venture Exchange on the shares issued in consideration of the claims. No commissions were paid in connection to this transaction.
Delta-1 Gold project in Thunder Bay, Ontario:
- Delta is awaiting assay results from its April 2021 drill campaign which consisted of eight drill holes for a total of 1,376 metres. All samples were shipped to the geochemical lab at the end of May and results are anticipated no later than mid-July.
- An exploration program consisting of mechanical trenching, detailed geological mapping and sampling is planned in late-August and September.
- Additional drilling is planned for the fall and winter (2021-22).
Qualified Person
Andre Tessier, P.Eng and P.Geo. and President of Delta Resources Limited is a Qualified Person as defined by NI-43-101 and is responsible for 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, 45 km2 located 50km west of Thunder Bay, Ontario where an extremely high gold-in-till anomaly and kilometre-scale gold-bearing alteration halo point to a never-tested regional structure.
- DELTA-2 GOLD and DELTA-2 VMS, 170 km2 in the prolific Chibougamau District of Quebec, with a potential for hydrothermal-gold and gold-rich VMS deposits.
Delta has 36M shares outstanding has a fully funded exploration for 2021 and in addition, expects to receive $1 M in scaled payments, starting August 1st, 2021, through the sale of its Bellechasse-Timmins gold project in Southeastern Quebec.
ON BEHALF OF THE BOARD OF DELTA RESOURCES LIMITED.
Andre C. Tessier
President, CEO and Director
www.deltaresources.ca
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
Frank Candido, Chairman, VP Corporate Communications
Tel : 514-969-5530
[email protected]
or
Andre Tessier, CEO and President
Tel: 613-328-1581
[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. Forward looking information includes, but is not limited to, statements regarding: the samples may be proximal to a rich bedrock source for the gold; the possibility of the same source for gold mineralization; and the initiation of a property-scale till survey in September. 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.
SOURCE: Delta Resources Limited