Delta Further Expands Land Position at the DELTA-1 Property IN Thunder BAY, Ontario, and Grants Stock Options
DELTA FURTHER EXPANDS LAND POSITION AT THE DELTA-1 PROPERTY IN
THUNDER BAY, ONTARIO, and GRANTS STOCK OPTIONS
Thursday, February 16, 2023 / Kingston, Ontario / New sfile Corp . Delta Resources Limited
(“Delta” or “The Company”) ( TSX-V: DLTA ) (OTCBB:DTARF ) ( Frankfurt: 6G01 ) is pleased
announce that it continues to further expand its land position at the Delta-1 property in Thunder
Bay, Ontario.
Following the previous acquisitions announced on September 7, 2022 , October 31 , 2022 and
December 13, 2022 Delta has acquired the exclusive rights to buy the surface and mining rights
to an additional property adjacent to its Delta-1 pr operty package. The 47-hectare property is
contiguous with the Delta-1 property and located imme diately west of the Eureka Gold Zone.
Delta has now secured a land position on strike with t he Eureka gold deposit for a strike length
exceeding 4.5 kilometres.
Delta has entered into a five-year lease agreement with the surface and mining rights landowners.
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 min ing 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 $60,000 to the landowners to cover the five-year lease. There are no work
commitments nor were any shares of the Company issued. Should Delta elect to purchase the
property during the five-year period, the landowners will retain a 2% NSR royalty of which Delta
can elect to buy back 1% at anytime for the sum of $1,000,000.
Delta now controls an area of 58.8 square-kilometres straddling the Shebandowan Structural
Zone in the Shebandowan Greenstone Belt.
The Delta-1 property is located in the Shebandowan Greenstone Belt and covers a 17 kilometre
strike extent of the Shebandowan Structural Zone which also hosts the 4.17 million-ounce Moss
Lake gold deposit which is approximately 50 km to the west.
Delta Issues Stock Options:
Delta also announces the grant of 2,825,000 stock options to management, the board of directors
and consultants. The options are exercisable at $0.10 for 5 years from the date of the grant and
vest immediately.
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 58.8 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 kilo metres in the prolific
Chibougamau District of Quebec. The property holds ex cellent 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 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", "occur" or "be achieved" or the negative connotation thereof. Investors are cautioned
that forward-looking information is inherently unce rtain and involves risks, assumptions and uncertain ties that could cause
actual facts to differ materially. There can be no assurance that future developments affecting the Co mpany 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.