Delta Expands Its Land Position at the Delta-1 Property in Thunder Bay, Ontario

Rhea-AI Summary

Delta Resources has expanded its land position at the Delta-1 property in Thunder Bay, Ontario by acquiring the exclusive rights to the Laurie and Horne properties. The company now controls 113 claim units covering approximately 24 square kilometers. Delta has reached an agreement with Sky Gold Corp to acquire a 100% interest in both properties, issuing shares and making payments. This expansion solidifies Delta's presence in the Shebandowan Greenstone Belt.

Positive

• Delta Resources has successfully expanded its land position at the Delta-1 property in Thunder Bay, Ontario, acquiring the exclusive rights to the Laurie and Horne properties.

• The company now controls 113 claim units covering approximately 24 square kilometers, enhancing its exploration potential in the region.

• The agreement with Sky Gold Corp to acquire a 100% interest in both properties strengthens Delta's foothold in the Shebandowan Greenstone Belt, a gold-endowed area.

Negative

• The agreement with Sky Gold Corp includes payments totaling $350,000 over a three-year period, which might impact the company's short-term cash flow.

• Delta will also incur $1 million in exploration expenditures over the same period, potentially increasing its operational expenses.

• The agreement is subject to regulatory approval, which could introduce delays or additional requirements before the transaction is finalized.

• OPTIONS 113 CLAIMS COVERING 24 SQUARE KILOMETRES

Kingston, Ontario--(Newsfile Corp. - May 1, 2024) - Delta Resources Limited (TSXV: DLTA) (OTC Pink: DTARF) (FSE: 6GO1) ("Delta" or "The Company") is pleased announce that it continues to further expand its land position at the Delta-1 property in Thunder Bay, Ontario.

Delta has acquired the exclusive rights to acquire a 100% interest in the Laurie and Horne properties, adding to its Delta-1 property package. Together, the properties consist of 113 claim units covering approximately 24 square kilometres. The claims are contiguous with the Delta-1 property (see map below).

Figure 1: Map showing the location of the Sky Option relative to the Delta-1 Property.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8482/207503_figure1.jpg

Delta has reached an agreement with Sky Gold Corp ("Sky") whereby, Delta will assume agreements with a previous vendor to acquire a 100% interest in both properties. Upon signing of the agreement, Delta will issue 1,400,000 shares of the Company to Sky and pay the sum of $75,000. Sky will retain a 1% Net Smelter Return Royalty ("NSR"). Delta will have the option to buyback a 0.5% NSR at anytime for $1M and will have a right of first refusal on the second 0.5% NSR. 1,000,000 common shares are subject to a one-year transfer restriction and 400,000 shares are subject to a four month and one day hold period from the date of issuance in accordance with applicable Canadian securities laws.

Delta will also pay the original vendor the sum of $350,000 over a three (3) year period ($50,000, $100,000 and $200,000 respectively in years 1, 2 and 3) and incur a total of $1M in exploration expenditures over the same period. The terms are divided equally between both Laurie and Horne properties.

The agreement is subject to regulatory approval.

Delta now controls an area of 131 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 19 kilometre strike extent of the Shebandowan Structural Zone, a gold-endowed, crustal-scale structure that hosts Delta's Eureka Gold Zone.

Qualified Persons

Andre C. Tessier, P.Eng, P.Geo. and CEO of Delta Resources Limited, is the Qualified Persons as defined by NI-43-101 and is responsible for the technical data in this release.

About Delta Resources Limited

Delta Resources Limited 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 is Delta's flagship project, where the Company is building on a large gold inventory 50 kilometres west of Thunder Bay, Ontario, at surface and adjacent to the Trans-Canada highway. To date, the gold mineralization is defined over a strike length of 2.0 km, from surface to a vertical depth of 250 m. Highlights include drill intercepts such as 5.92 g/t Au over 31 m (incl. 14.8 g/t Au over 11.9 m), and 1.79 g/t Au over 128.5 m. The property covers 131 square kilometres and Delta has identified a 5 km long corridor of intense alteration and deformation at the property, on strike with the gold zone, that has yet to be thoroughly explored.

The DELTA-2 property covers 205 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 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
atessier@deltaresources.ca

or

Frank Candido, Chairman
Tel: 514-969-5530
fcandido@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/207503

FAQ

What properties did Delta Resources acquire exclusive rights to in Thunder Bay, Ontario?

Delta acquired the Laurie and Horne properties, adding to its Delta-1 property package.

How many claim units does Delta now control after expanding its land position?

Delta now controls 113 claim units covering approximately 24 square kilometers.

What is the agreement with Sky Gold Corp regarding the acquisition of the Laurie and Horne properties?

Delta will issue 1,400,000 shares of the Company to Sky and pay $75,000, with Sky retaining a 1% NSR.

What is the total sum Delta will pay the original vendor over a three-year period for the Laurie and Horne properties?

Delta will pay $350,000 over a three-year period ($50,000, $100,000, and $200,000 respectively in years 1, 2, and 3).

Who is the Qualified Person responsible for the technical data in the release?

Andre C. Tessier, P.Eng, P.Geo. and CEO of Delta Resources is the Qualified Person as defined by NI-43-101.