Delta Doubles Its Land Position at the DELTA-1 Property IN Thunder BAY, Ontario.
DELTA DOUBLES ITS LAND POSITION AT THE DELTA-1 PROPERTY IN THUNDER
BAY, ONTARIO.
July 13, 2023 / Kingston, Ontario / Newsfile Corp . Delta Resources Limited (“Delta” or “The
Company”) ( TSX-V: DLTA ) (OTCBB:DTARF ) ( Frankfurt: 6G01 ) is pleased to announce that it
continues to further expand the Delta-1 property in Thunder Bay, Ontario by doubling its land
position.
Following the previously announced acquisitions on September 7, 2022 , October 31, 2022,
December 13, 2022, February 16, 2023 , and May 4, 2023 , Delta has now acquired the exclusive
rights to an additional four (4) mineral exploration properties covering a total of approximately
4,716 hectares contiguous to its Delta-1 property package. Accordingly, Delta has now secured
a land position on strike with the Eureka gold deposit for a strike length exceeding 4.5 kilometres.
The first exploration property consists of patented gr ound including both surface and mining
rights, covering approximately 59 hectares, located con tiguous to the Delta-1 property and on
strike to Eureka. During its due diligence, Delta g rab samples returned up to 10.0 grams per
tonne of gold (“g/t Au”). Delta has entered into a five-year lease agreement with the surface and
mining rights landowner. During the five-year lease period, Delta will have the exclusive right to
explore the property and to purchase a 100% interest in both the surface and mining rights to the
property. Should Delta elect to purchase the property, it will pay market value times ten (10).
Delta has made a one-time cash payment of $90,000 to the landowners to cover the five-year
lease. Should Delta elect to purchase the property duri ng the five-year lease period, the
landowners will retain a 2% net smelter returns (“NS R”) royalty of which Delta can elect to buy
back 1% at any time for the sum of $1,000,000 and the remaining 1% for $4,000,000 . There are
no work commitments nor were any shares of the Company issued.
The second exploration property includes 23 claims and covers approximately 2,348.5 hectares,
located immediately south of Delta-1. Delta acquired a 100% interest by making a one-time cash
payment of $50,000 and the vendor retains a 2% NSR with a 0.5% buyback for $1,000,000 and
an additional 0.5% buyback for $1,000,000, and the remaining 1% for $4,000,000. There are no
work commitments nor were any shares of the Company issued.
The third exploration property includes 97 claims an d covers 2,056.4 hectares located south of
Delta-1. Delta has paid $50,000 on signing with an additional $50,000 to be paid upon the 1 st , 2 nd
3rd and 4 th Anniversary for a total of $250,000. The vendor retains a 2% NSR of which Delta can
elect to buy back 1% at any time for $1,000,000 and the remaining 1% for $4,000,000. There are
no work commitments nor were any shares of the Company issued.
The fourth exploration property consists of 12 claims covering approximately 252 hectares
contiguous and south of the Delta-1 Property. The Corporation acquired a 100% interest in the
property by making a one-time $45,000 cash payment on signing. The vendors retain a 2.0%
NSR royalty of which Delta can elect to buy back 1.0% at any time for $1,000,000 and retain a
first right of refusal on the remaining NSR (up to $4 ,000,000). There are no work commitments
nor were any shares of the Company issued.
Delta now controls an area of approximately 107 square kilometres straddling the Shebandowan
Structural Zone in the Shebandowan Greenstone Belt (see figure 1).
The Delta-1 property is located in the Shebandowan Gr eenstone Belt and now covers an
approximate 20 kilometre strike extent of the Shebandowan Structural Zone which also hosts the
6 million-ounce Moss Lake gold deposit which is approximately 50 km to the west.
Figure 1: Delta land position at Delta-1, including the new properties acquired and announced herein.
About Delta Resources Limited
Delta Resources Limited is a Canadian mineral explorat ion company focused on growing
shareholder value through the exploration of two ve ry high-potential gold and base-metal
projects in Canada.
DELTA-1 covers approximately 107 square kilometres lo cated 50 kilometres west of
Thunder Bay, Ontario where a gold mineralized zone 950 metres long was outlined
through drilling in a multi-kilometre-scale intense al teration halo. Best grades to date
include a drill intercept of 14.8 g/t Au over 11.9 metres, within a broader interval of 5.92
g/t Au over 31 m. The zone is open in all directions.
DELTA-2 VMS and DELTA-2 GOLD covers 194 square kilo metres 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 0.76 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.
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
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 b e identified by the use of forward-looking terminol ogy 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”, “occu r” or “be achieved” or the negative connotation the reof. Forward-looking
information and statements in this news release include, but are not limited to, information or statem ents with respect to: the
repurchase of NSR royalties relating to the explora tion properties, the results of exploration on the properties, and the ability
and timing of Delta to purchase the exploration pro perty subject to a lease. Investors are cautioned t hat forward-looking
information is inherently uncertain and involves ri sks, assumptions and uncertainties that could cause actual facts to differ
materially, including but not limited to: risks rel ated to operations; risks related to current global financial conditions; actual
results of current exploration activities; environmental risks; future prices of gold; possible variations in grade or recovery rates;
and accidents, labor disputes and other risks of the mining. 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 time or in response to any event.
Technical Information
The technical contents of this news release have been reviewed and approved by Andre C. Tessier, a Qualified Person pursuant
to National Instrument 43-101 - Standards of Disclo sure for Mineral Projects. Mr. Tessier is the CEO a nd President of the
Company.