Delta Announces Strategic Investment by Troilus Gold Corporation and First Closing of Private Placement
Delta Announces Strategic Investment by Troilus Gold Corporation and
First Closing of Private Placement
Thursday, December 15, 2022 / Kingston, Ontario / New sfile Corp . Delta Resources Limited
(“Delta” or “The Company”) ( TSX-V: DLTA ) (OTCBB:DTARF ) ( Frankfurt: 6G01 ) is pleased
to announce a first closing of a non brokered private placement for aggregate gross proceeds of
$945,700.
Delta issued 1,612,143 Quebec Flow-Through Units at $0.14 and 2,307,694 National (Ontario)
Flow-Through Units at $0.13. Each unit includes one half of a common share purchase warrant
whereby each full warrant is exercisable over a period of 24 months at $0.25.
Delta also issued an additional 3,000,000 Charity Flow -Trough Units to Troilus Gold Corp. at
$0.14. Each unit includes one National (Ontario) Flow-Through common share and one half of a
common share purchase warrant whereby each full warran t is exercisable over a period of 24
months at $0.25 for aggregate gross proceeds of $420,000.
Justin Reid, CEO of Troilus Gold Corp. commented, “Over the last year, the Delta team has
demonstrated tremendous exploration success marked by the definition of a 1km mineral
corridor with recent drill intercepts as high as 5.9 g/t Au over 31 metres at its Thunder Bay
property. Troilus is pleased to become a shareholder of Delta, and we look forward to
monitoring their ongoing work programs and seeing the value opportunity in our
investment.“
“The investment by Troilus is a very positive development for Delta and its investors. Delta
is pleased with the confidence demonstrated by Troilus in the rapidly developing Delta-1
Gold property in Thunder Bay, Ontario. We are anxiou s to receive the outstanding assay
results from our last drill campaign at Delta-1 and look forward to resuming our drilling at
both Delta-1 and Delta-2 property in Chibougamau, Qu ebec ,” said Andre C. Tessier,
President and CEO of Delta Resources Limited.
The net proceeds of the financing will predominately be used for drilling at the Delta-1 Gold
property in Thunder Bay, Ontario where Delta interse cted 5.92 g/t gold over 31.0 metres and
included 14.80 g/t Au over 11.9 metres and 72.95 g/t Au over 2.2 metres on October 19, 2022.
The net proceeds of the financing will also be used forexploration and drilling at the Delta-2 VMS
property in Chibougamau, Quebec .
In connection with this tranche of the private placement, the Company has paid cash commissions
in the aggregate amount of $31,360. As additional con sideration, the Company also issued an
aggregate of 235,538 non-transferable compensation warrants (the “Compensation Warrants ”)
exercisable to acquire one common share of the Company at an exercise price of $0.25 at any
time in whole or in part for a period of 24 months following the closing of the offering.
On December 6 , 2022 Delta Resources Limited announced a non-brokered private placement
financing to raise up to CAD $2,500,000 from eligible participants through the combined sale of
Common Share Units, National Flow Through Units and Quebec Flow Through Units. Each
Common Share Unit will consist of one common share at $0.10 and one common share purchase
warrant exercisable for up to 24 months from closing at $0.18. Each National Flow Through Unit
will consist of one common share at $0.13 and one half of a common share purchase warrant for
up to 24 months from closing at $0.25. Each Quebec F low Through Unit will consist of one
common share at $0.14 and one half of a common share purchase warrant exercisable for up to
24 months from closing at $0.25. Each Flow Through Share relating to this financing consistis of
one common share of the Company that qualifies as a fl ow-through share as defined in section
66(15) of the Income Tax Act (Canada). Shares issued will be subject to a four mon th plus one
day hold period.
About Delta Resources Limited
Delta Resources Limited is a Canadian mineral explora tion company focused on growing
shareholder value through the exploration of two very high-potential gold and base-metal projects
in Canada.
DELTA-1 covers 58.3 square kilometres located 50 kilo metres west of Thunder Bay,
Ontario where a gold mineralized zone 950 metres long was outlined through drilling in a
multi-kilometre-scale intense alteration halo. Best grades to date include a drill intercept
of 14.8 g/t Au over 11.9 metres, within a broader in terval of 5.92 g/t Au over 31m. The
zone is open in all directions.
DELTA-2 VMS and DELTA-2 GOLD covers 194 square kilom etres in the prolific
Chibougamau District of Quebec. The property holds exce llent potential for gold-rich
polymetallic VMS deposits as well as hydrothermal-gold deposits. Delta targets VMS
deposits such as the LeMoine past producer where 0.76Mt 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
Andre Tessier
President and CEO
www.deltaresources.ca
We seek safe harbor. Neither TSX Venture Exchange n or its Regulation Services Provider (as that term i s
defined in the policies of the TSX Venture Exchange ) accepts responsibility for the adequacy or accura cy of
this release. The TSX Venture Exchange has not appr oved 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
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 inform ation can be identified by the use of forward-looki ng terminology such
as "plans", "expects", "is expected", "budget", "sc heduled", "estimates", "forecasts", "intends", "anticipates", "believes" or
variations of such words and phrases (including neg ative 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-looki ng information is inherently uncertain and involves risks, assumptions
and uncertainties that could cause actual facts to differ materially. There can be no assurance that f uture 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 r esponse to any
particular event.