Delta Resources Sells the Bellechasse-Timmins Property for $1.7M to Yorkton Ventures.
Delta Resources Sells the Bellechasse-Timmins Property for $1.7M to Yorkton Ventures.
July 7, 2020 / Kingston, ON / Accesswire . Delta Resources Limited (“Delta”) (DLTA:TSX-V) is pleased to
announce that it has signed an agreement with Yorkt on Ventures Inc. (“Yorkton”) to sell its 100% inter est in the
Bellechasse-Timmins property (the “Property”) in southeastern Quebec for $1,700,000.
To acquire a 100% interest in the Property, Yorkton will:
Make a $100,000 cash payment within 10 days of sig ning of a definitive agreement,
Make a $250,000 cash payment within 90 days after receiving Exchange Approval,
Make a $350,000 cash payment within 200 days after receiving Exchange Approval,
Make a $450,000 cash payment no later than June 1, 2021; and
Make a $550,000 cash payment no later than Septemb er 1 st , 2021.
Yorkton will also commit to paying Delta a 1% Net Smelter Return (NSR) royalty on any and all commercial
production derived from the Bellechasse-Timmins property. Yorkton may re-purchase 0.5% of the NSR for
$1 Million at any time.
A 6% finder’s fee will be payable by Delta to an ar m’s length third party once the total amount of $1, 700,000 has
been paid by Yorkton.
“We are very pleased to have concluded this sale with Yorkton Ventures. Delta is thrilled to be passing the torch
to Yorkton and we are confident that they can advan ce this project to the next level. We are also plea sed to be
adding funds to our treasury on a non-dilutive basi s in order to advance our exploration efforts at D elta-1 in
Thunder Bay, Ontario and Delta-2 in Chibougamau, Quebec .” commented Andre Tessier, President and CEO of
Delta.
The agreement is subject to regulatory approval.
About Delta Resources Limited
Delta Resources Limited is a Canadian mineral explo ration company focused on growing shareholder value
through the acquisition of high-potential gold and base-metal projects in Canada, exploring these proj ects with
state-of-the-art methods, and potentially developing these projects into mines.
On October 3 rd , 2019, Delta announced the acquisition of the Eureka Gold Discovery in the Thunder Bay area and
on October 16 th , 2019, the acquisition of the Delta-2 Property whi ch hosts the R-14 Gold Prospect in the
Chibougamau Mining District of Quebec.
Delta also owns a 100% interest in the Bellechasse-Timmins gold deposit in southeastern Quebec, Canada which
contains a 43-101 gold resource of 171,000 ounces 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 inferred category (SGS Canada Inc.,
Bellechasse-Timmins Property Resource Estimate, Southeastern Quebec, August 1, 2012).
The Company’s focus is currently to continue buildi ng a strong portfolio of mineral exploration proper ties with a
high potential for economic discoveries in Canada.
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:
Delta Resources Limited
Frank Candido, Director, VP Corporate Communications
Tel : 514-969-5530
or
Andre Tessier, CEO and President
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
of the debt settlements. Generally, forward-looking information can be identified by the use of forwar d-looking terminology such as "plans",
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"will be taken", "occur" or "be achieved" or the ne gative connotation thereof. Investors are cautioned that forward-looking information is
inherently uncertain and involves risks, assumption s and uncertainties that could cause actual facts t o 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, except as required by law.