Delta Amends Band - ORE GOLD Property Option with Golden Share IN Thunder BAY, Ontario
DELTA AMENDS BAND - ORE GOLD PROPERTY OPTION WITH GOLDEN SHARE IN
THUNDER BAY, ONTARIO
July 04 , 202 4 / Kingston, Ontario / Newsfile Corp . Delta Resources Limited (“Delta” or “The
Company”) ( TSX - V : DLTA ) ( OTCBB :DTARF ) ( Frankfurt : 6G01 ) announce s that , at the request of the
TSX Venture Exchange regulators, it has amended the option agreement announced on May 23, 2024
with Golden Share Resources Corporation (“ Golden Share ”) . The objective of the amendment is to fix
the absolute maximum number of shares that could possibly be issued by Delta to Golden Share by
fixing the minimum price per share that Delta would issue as part of the agreement. The minimum price
of the Delta s hares was therefore fixed at $0.075 for a maximum possible issuance of 9,333,333 shares
that could be issued to Golden Share.
On May 23, 2024, Delta announced that it was acquiring the exclusive rights to earn a 100% interest in
the Band - Ore property (the “ Property ”). The Band - O re p roperty is located approximately two (2)
kilometres west of the Delta - 1 p roperty which in turn lies 50 kilometres west of Thunder Bay, Ontario .
The Property hosts two historic high - grade gold resources that are not considered National Instrument
43 - 101 compliant 1 .
TABLE 1: Band - Ore Historical Resources
Ounces
Band-Ore Main Zone¹ 155,728
Band-Ore Zone No. 4¹ 95,668
Tonnes Average Grade
706,000 6.86 g/t
616,000 4.84 g/t
Figure 1: Geological map of the Shebandowan greenstone belt showing the location of the Band - Ore option
relative to the Delta - 1 p roperty.
The 10 k ilometre long property covers approximately 2,115 hectares and comprises 16 patented mining
claims, one mining claim lease , and 109 staked mining claims in Hagey and Conacher Townships of
Ontario , on strike with the Delta - 1 gold mineralization (see Figure 1) . Both the Main Zone and the No. 4
Zone are open at depth and along strike .
The terms of the original agreement are as follows:
On signing: $100,000 in cash
Anniversary 1: $150,000 in cash and $100,000 in Delta shares
Anniversary 2: $150,000 in cash and $100,000 in Delta shares
Anniversary 3: $200,000 in cash and $100,000 in Delta shares
Anniversary 4: $300,000 in cash and $200,000 in Delta shares
Anniversary 5: $400,000 in cash and $200,000 in Delta shares
*All share prices are based on 20 day VWAP and as a function of the amendment announced herein, the minimum price of
the shares to be issued by Delta is fixed at $0.075.
Golden Share will retain a 2% Net Smelter Return Royalty (“NSR”). Delta will have the option to buyback
a 1.0% NSR at anytime for $3M and will have a right of first refusal on the second 1.0% NSR.
If Delta defines a NI - 43 - 101 resource on the P roperty after earn - in, Golden Share will be entitled to a
bonus of $500,000 for an estimate of 500,000 gold ounces up to 1,000,000 ounces and a bonus of
$1,000,000 for an estimate of greater tha n 1,000,000 gold ounces. There are no work commitments on
the property .
With this option, Delta now controls an area of 220 square - kilometres in the central - north portion of the
Shebandowan Greenstone Belt , which includes the gold - endowed, crustal - scale Shebandowan
structural zone that hosts Delta’s Eureka Gold Zone .
“Delta is building a commanding land position in the Eastern portion of the Shebandowan Greentone
Belt. We are very excited about putting all these pieces together in a highly prospective and under
explored area where we believe that the potential for mult iple deposits exists. We look forward to
updating our shareholders and stakeholders with our plans to advance this growing land package” stated
Andre Tessier, President and CEO of Delta Resources Limited.
The agreement is subject to regulatory approval.
Qualified Person
Andre Tessier, P. Eng and P.Geo, and President and CEO of Delta Resources Limited, acted as the
Qualified Person for this press release and has reviewed its content.
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 1 52 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 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.
Note 1: The Band - Ore mineral resource estimates are considered to be ‘historical’ in nature and are not compliant
with National Instrument 43 - 101. Neither Golden Share nor Delta have done sufficient work to classify the historical
estimates as current mine ral resources or mineral reserves in accordance with NI 43 - 101, however the data is
relevant as it is indicative of potential mineralization on the Property. The Band - Ore Main Zone historical resource
comes from the Report on Shebandowan Property Conacher Township Thunder Bay Mining Division Ontario for
Band - Ore Resources Ltd., effective date February 15, 2006 with lead author David Gunning, which references the
following reports: Report on Property of Band - Ore Gold Mines Ltd., Thunder Bay, Ontario, with le ad author J.S.
Crosscombe, Mining Engineer, effective date May 15, 1947. The Band - Ore No. 4 Zone historical resource comes
from 1982 Diamond Drilling Report and Pre - Evaluation Study on the Band - Ore Option Conacher Township Ontario
for Mattagami Lake Explor ation Ltd. with lead author Karl J. Huska, December 1982 .
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
F rank Candido, Chairman
Vice - President Corporate Communications
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 - lo oking 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 i s 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.