Delta Resources Announces Agreement to Buy Back up to 1% NSR at Eureka, (Delta-1) in Thunder Bay, Ontario
Delta Resources Announces Agreement to Buy Back up to 1% NSR at
Eureka, (Delta-1) in Thunder Bay, Ontario
January 7, 2019 / Kingston, On. / Accesswire. Delta Resources Limited (“Delta” or the “Company”)
(DLTA:TSX/V) is pleased to announce that it has signed an agree ment with the Ontario Exploration
Corporation ( the “OEC” ) to buy back a Net Smelter Return (“NSR”) of up to 1% on its Delta-1 property in
the Thunder Bay District, Ontario. The Delta-1 Property includes the recently drilled Eureka Gold prospect.
Under the terms of the agreement, Delta now has the exclusive right to purchase 50% of the OEC NSR at
Delta-1 by paying the OEC the sum of $50,000 payable as follows:
Payment of $15,000 before December 31 st, 2019 (already paid)
Payment of $35,000 before May 31 st, 2021.
Once Delta exercises its right to buyback the first 50% of the OEC NSR, Delta shall have the right to
purchase the second 50% tranche at anytime by payin g the OEC an additional $50,000. Following the
purchase of the second 50% tranche, Delta will have purchased the entire NSR Royalty currently owned
by the OEC on the Eureka Property.
The OEC currently owns between 0.5% and 1.0% NSR ro yalty on certain claims of the Delta-1 property.
More specifically, the OEC owns a 1.0% NSR on the c laims covering the Eureka Gold prospect, Matawin
and Kaspar gold occurrences and a 0.5% NSR on the claims surrounding the Kaspar occurrence.
“This was a very important part of the puzzle for D elta as we continue to invest in exploration at Del ta-1”
says André Tessier, President and CEO of Delta. “D elta would like to take the opportunity to thank th e
Ontario Prospector’s Association and the Ontario Exploration Corporation for facilitating this transaction”.
About Delta Resources Limited
Delta Resources Limited is a Canadian mineral exploration company focused on growing shareholder value
through the acquisition of high-potential gold and base-metal projects in Canada, exploring these projects
with state-of-the-art methods, and potentially developing these projects into mines.
Delta owns a 100% interest in the Bellechasse-Timmi ns gold deposit in southeastern Quebec, Canada
which contains a 43-101 gold resource of 171,000 ou nces at an average grade of 1.83 g/t gold in the
indicated category and an additional 95,000 ounces at an average grade of 1.36 g/t gold in the inferre d
category (SGS Canada Inc., Bellechasse-Timmins Prop erty Resource Estimate, Southeastern Quebec,
August 1, 2012).
The company’s focus is currently to build a strong portfolio of mineral exploration properties with a high
potential for economic discoveries in Canada while evaluating the long-term potential of its 100% owne d
Bellechasse-Timmins gold deposit in southeastern Quebec.
On October 3 rd , 2019, Delta announced the acquisition of the Eure ka Gold Discovery in the Thunder Bay
area and on October 16 th , 2019, the acquisition of the Delta-2 Property which hosts the R-14 Gold Prospect
in the Chibougamau Mining District of Quebec.
In October 2019, Delta acquired the exclusive rights to earn a 100% interest in the Eureka Gold Discovery
(Delta-1) in the Thunder Bay area of Ontario and in the R-14 (Delta-2) gold property in the Chibougama u
area of Quebec. Delta carried out a drilling program at Eureka in early November. Results from this initial
drilling are pending and expected in early January 2020.
ON BEHALF OF THE BOARD OF DELTA RESOURCES LIMITED.
Andre C. Tessier
President, CEO and Director
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:
Contact Delta Resources Limited
Frank Candido, Chairman
Tel: 514-969-5530
or
Andre Tessier, President and CEO
Tel: 613-328-1581
Cautionary Note Regarding Forward Looking Information
Some statements contained in this news release are " "forward looking information" within the meaning of Canadian
securities laws. Forward looking information include, but are not limited to, statements regarding the use of proceeds
of the non-brokered private placement and payment o f the debt settlements. Generally, forward-looking information
can be identified by the use of forward-looking ter minology such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", " anticipates", "believes" or variations of such word s and phrases
(including negative or grammatical variations) or s tatements 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 Company will
be those anticipated by management. The forward-loo king information contained in this press release co nstitutes
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.