Delta Accelerates the Acquisition of the Horne and Laurie Properties with a New Agreement at the DELTA-1 Property IN Thunder BAY, Ontario
DELTA ACCELERATES THE ACQUISITION OF THE HORNE AND LAURIE
PROPERTIES WITH A NEW AGREEMENT AT THE DELTA-1 PROPERTY IN
THUNDER BAY, ONTARIO
• ELIMINATING FUTURE CASH PAYMENTS AND WORK COMMITMENTS
August 26, 2024 / Kingston, Ontario / Newsfile Corp. Delta Resources Limited (“Delta” or “The
Company”) (TSX-V: DLTA) (OTCBB:DTARF) (Frankfurt: 6G01) is pleased announce that it
reached an agreement with the original vendors of the Horne and Laurie properties at the Delta-
1 property in Thunder Bay, Ontario. The new agreement will eliminate the future cash payments
of $350,000 and work commitments of $1,000,000 over the next three years.
On May 1, 2024, Delta announced an agreement with Sky Gold Corp. whereby Delta was
assuming the Horne and Laurie Properties’ agreement with the original Vendors of the properties
(https://www.deltaresources.ca/news/delta-expands-its-land-position-at-the-delta-1-property-in-
thunder-bay-ontario/).
Under this new agreement dated August 22, 2024, Delta will acquire a 100% interest in both
Horne and Laurie properties by issuing a total of 2,000,000 shares (25% of the shares will vest
every 4 months from the date of issuance) and issue 1,500,000 warrants of Delta, at a price of
$0.12, for a period of 24 months.
The vendors will retain Net Smelter Return Royalty (“NSR”) on the properties. This NSR Royalty
will be covered under the same agreement as the NSR Royalty on the original Delta -1 property
option dated October 02, 2019 whereby the Vendors retain a 1.75% NSR Royalty on all three (3)
properties. Delta will have a right to buyback a 0.75% interest until October 2nd, 2026 for $500,000
and the remaining 1.00% interest thereafter for the sum of $4,000,000. Delta also retains a right
of first refusal on any offer to buy any NSR interest by a third party after October 2nd, 2026.
Under the Sky Gold and Delta agreement, dated April 30, 2024, Sky also retains a 1% NSR royalty
with Delta having the option to buyback a 0.5% NSR at anytime for $1M and having a right of first
refusal on the second 0.5% NSR.
Together, the properties consist of 113 claim units covering approximately 24 square kilometres.
The claims are contiguous with the original Delta-1 property (see map figure 1).
The agreement is subject to regulatory approval.
“This is another strategic acquisition for Delta. The property package assembled in the Shebandowan
Belt covers over 306 square kilometres of very prospective ground in the belt. With this agreement,
none of the properties require any work commitments and minimal cash and share payments in the
future. This provides Delta with enormous flexibility about where to spend its exploration dollars. Delta
will therefore continue to grow the gold inventory at Eureka while exploring this expansive land
package.” said André Tessier, President and CEO.
Figure 1: Map showing the location of the Horne and Laurie properties relative to the Delta-1/Eureka
Property and Delta’s complete property package in the Shebandowan belt .
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 L eMoine 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.
Bandore Main Zone
Bandore Zone 4
Laurie Property
N
Outline of the Complete
Delta Property Boundaries
Horne Property
Delta-1/Eureka Property
DELTA-1 EUREKA
GOLD DEPOSIT
Shebandowan Inco Mine: (1972-98)
9.29MT @ 1.75% Ni, 0.88% Cu, 1.83 g/t PGE
0 4 62 108
kilometres
SCALE
Delta-1 Original
Delta-1 Horne
Delta-1 Laurie
PROPERTIES
ON BEHALF OF THE BOARD OF DELTA RESOURCES LIMITED.
Andre Tessier
President and CEO
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
Andre C. Tessier, CEO and President
Tel: 613-328-1581
or
Frank Candido, Chairman
Tel: 514-969-5530
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.