Delta Accelerates Option Agreement to Acquire 100% Interest in the Delta-1 Project in Thunder Bay, Ontario
Kingston, April 18, 2023 - Delta Resources Ltd. (TSXV: DLTA) (OTC Pink: DTARF) (FSE: 6GO1) ("Delta" or "the Company") is pleased to announce that it has accelerated the completion of an Option Agreement dated October 02, 2019 to acquire a 100% undivided interest in the Delta-1 Gold property located 50 km west of Thunder-Bay, Ontario.
Delta paid $150,000 to the optionors, therefore accelerating the completion of the acquisition in the 245 claims that were subject to an Option Agreement dated October 02, 2019. The claims are subject to a 1.75% Net Smelter Return Royalty to the Optionor. Delta has the right to buy back 0.75% of the Royalty for the sum of $500,000 until October 02, 2026. Thereafter, Delta will have the right to purchase the remaining 1% Royalty for $4,000,000 at any time.
Delta-1 Project Update
At the end of March 2023, Delta completed 13 drill holes for a total of 3,506 metres at the Delta-1 project. The drilling tested a 600 metres extension of the gold zone towards the east, extending the total strike length of the mineralized zone to 1.5 kilometres. Assays are pending from seven (7) of these drill holes and results should be available within a few weeks. Delta is currently planning an additional 5000 metre drill campaign and expects to announce a resumption of drilling shortly.
The Delta-1 project is located in the Shebandowan Greenstone Belt and covers a 17 km strike extent of the Shebandowan Structural Zone.
Mines and Money Mining Conference - London, UK
Delta is pleased to announce that Andre Tessier, President and CEO, and Frank Candido, Chairman, will be participating at Mines and Money London Connect Conference. Please meet us on April 25 and 26, 2023 for Europe's premier mining investment event. The event is being held at County Hall in London, UK.
About Delta Resources Limited
Delta Resources Ltd. is a Canadian mineral exploration 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 kilometres 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 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 kilometres in the prolific Chibougamau District of Quebec. The property holds excellent 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 Ltd..
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:
Frank Candido, Chairman, VP Corporate Communications
Tel : 514-969-5530
fcandido@deltaresources.ca
or
Andre Tessier, CEO and President
Tel: 613-328-1581
atessier@deltaresources.ca
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 be identified by the use of forward-looking terminology 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 uncertain and involves risks, assumptions and uncertainties 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-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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/162819