Kingston, Ontario--(Newsfile Corp. - October 16, 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 Orebot property further expanding its land position at the Delta-1 property in Thunder Bay, Ontario.
The Orebot property consists of 39 claim units covering 743 hectares, in two blocks that are contiguous with the newly expanded Delta-1 property. The eastern block of the newly acquired property extends the coverage of the Shebandowan Structural Zone for nearly four (4) kilometres of strike to the east and brings the eastern boundary of the Delta-1 Expansion property to within three (3) kilometres of the Tower Gold Zone. The south block of the property covers a polymetallic occurrence where historical grab samples returned 2.1% nickel and 1.2% copper, and Inco Gold reported grab samples of 116 g/t Au and 175 g/t Au in 1988 (Ontario Ministry of Mines, Mineral Deposit Inventory MDI000000001398).
The claims are contiguous with the Delta-1 property (see map below).
Figure 1: Map showing the Delta-1 Expanded Property and the location of Orebot Claims.
"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 on compiling all available historical work, permitting of the new properties and defining new high-priority gold targets for further testing later in 2024. We are anxious to reveal the true potential of this newly acquired ground with a systematic, belt-scale approach in the eastern Shebandowan Greenstone Belt." said André Tessier, President and CEO.
Delta has reached an agreement with the Vendors whereby Delta will pay $35,000 and issue 500,000 common 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 $1M 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 six (6) months hold by the Vendors.
The agreement is subject to regulatory approval.
Delta Engages Red Cloud Financial Services
Delta is also pleased to announce that it has entered into a promotional services agreement (the "Agreement") with Red Cloud Financial Services Inc. ("RCFS") pursuant to which, among other things, RSFC has agreed to provide certain promotional services to the Company in accordance with Policy 3.4 of the TSX Venture Exchange (the "Exchange").
RCFS' engagement is for an initial term of 6 months (the "Initial Term"). The Agreement shall be renewable on a month-to-month basis following the Initial Term (each a "Renewal Term") unless the Company or RCFS provides written notice of termination to the other of them at least 30 days prior to the end of the Initial Term or a Renewal Term, as applicable. For the Initial Term the Company shall pay RCFS $60,000 for the 6-month term.
Qualified Person
Daniel Boudreau, P.Geo. and Manager of Exploration at Delta Resources Limited, is a Qualified Person 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 2.5 km, from surface to a vertical depth of 300 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, President and CEO 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. 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.
