19 additional claims on strike with the Eureka Gold Deposit
Delta's combined land package in the Eastern Shebandowan Greenstone Belt now covers 30,833 hectares or over 308 square kilometres
No work commitments on the newly acquired claims as well as the combined entirety of the Delta land package
Kingston, Ontario--(Newsfile Corp. - October 29, 2024) - Delta Resources Limited (TSXV: DLTA)(OTC Pink: DTARF) (FSE: 6G01) ("Delta" or "The Company") is pleased announce that it has acquired a 100% interest in the eleven (11) claims from Metals Creek Resources Corp ("MEK") (TSXV: MEK) and the right to earn a 100% interest in an additional eight (8) claims held by Gold Cache Inc. ("GC") by assuming an underlying agreement between MEK and GC.
The combined claims cover approximate 233 hectares and are all contiguous with the newly expanded Delta-1 Property (see map below). The claims are located in Horne and Dawson Road Lots Township.
The claims located west of the Eureka Gold Deposit host a number of gold occurrences including the Echo Zone (1.04 g/t Au over 18.7m surface channel sample and 0.45 g/t Au over 21 m in drill hole), the Gold Cache Main Zone (29.4 g/t Au over 0.6m surface channel sample) and other surface grab samples ranging from 4.16 g/t Au to 50.1 g/t Au.
Figure 1: Map of the eastern portion of the Delta-1 Expanded Property, showing the location of the newly acquired claims.
André Tessier, President and CEO of Delta Resources states "Delta deployed an aggressive strategy over the past year to control the eastern Shebandowan Greenstone Belt. With each addition to its property package, Delta is getting closer to its goal of controlling this highly prospective gold endowed belt where we believe that multiple gold deposits are yet to be uncovered. Having already made a significant discovery at the Eureka Gold deposit which remains open on strike and to depth, the Delta technical team is as keen on expanding the mineralized envelope at Eureka while it now sets its sights on furthering the potential of multiple gold deposits within this commanding land package. It's also noteworthy that Delta has no work commitments on the complete property package, allowing the team to focus where the data is pointing to areas of best potential. A potential that we're just starting to uncover."
Alexander (Sandy) Stares, President and CEO of Metals Creek states "Making this deal with Delta allows Metals Creek to focus on our flagship Ogden Gold Project (50/50 JV with Newmont) and our Tillex Copper Project, where we have completed drilling with great success and awaiting additional results. In addition, Metals Creek and its shareholders will remain exposed to Delta's success with the share holding and the NSR on these claims. We believe that Delta is best positioned with their commanding land package to advance this exciting portion of the Shabandowan greenstone belt and we are very pleased to be a shareholder of Delta into the future."
Under the terms of the agreement, Delta will pay $55,000 and issue 1,250,000 common shares of Delta upon TSX approval of the agreement. The shares issued will be shares will vest at a rate of 312,500 every 4 months after issuance.
Delta will also have to pay $40,000 to GC in two equal instalments on March 14, 2025 and March 14, 2026.
MEK will retain a 1% Net Smelter Return Royalty ("NSR") on the claims. Delta will have the option to buyback a 50% of that NSR at anytime for $500,000 and will have a right of first refusal on the second 50% NSR, to a maximum of $500,000. The claims are all subject to a 2% NSR related to underlying agreements and Delta will have the right to purchase 1% at anytime for $1M.
There are no work commitments on the properties. The agreement is subject to regulatory approval.
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.
