Delta Resources Acquires 21 Claims at the Heart of the Delta-2 Property in Chibougamau, Quebec

Rhea-AI Summary

Delta Resources Limited (DTARF) acquires 100% interest in 21 claims covering 1,170 hectares in Quebec. The acquisition involves a payment of $5,000 and the issuance of 350,000 shares of the Corporation. Vendors retain a 2% NSR royalty on the claims, with Delta having the right to buy back 1% NSR for $1,000,000. The transaction is subject to TSX approval.

Kingston, Ontario--(Newsfile Corp. - January 19, 2024) - Delta Resources Limited (TSXV: DLTA) (OTC Pink: DTARF) (FSE: 6GO1) ("Delta" or "the Company") is pleased to announce that it has acquired a 100% interest in twenty-one (21) claims covering 1,170 hectares at the heart of the Delta-2 property, located 35 kilometres southeast of the Town of Chibougamau, Quebec.

To acquire a 100% interest in the claims, Delta will pay the vendors the sum of $5,000 and will issue 350,000 shares of the Corporation. The vendors will retain a 2% Net Smelter Return ("NSR") royalty on the claims. Delta retains the right to buy back a 1% NSR from the vendors for the sum of $1,000,000 and retains a right of first refusal on the remaining 1% NSR. The transaction is subject to TSX approval.

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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 gold ounces 50 kilometres west of Thunder Bay, Ontario, at surface and adjacent to the Trans-Canada highway. To date, the gold mineralization is defined over 1.8 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 107 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 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 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

Andre 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/194881

FAQ

What did Delta Resources Limited acquire?

Delta Resources Limited acquired a 100% interest in twenty-one (21) claims covering 1,170 hectares at the heart of the Delta-2 property in Quebec.

What is the ticker symbol for Delta Resources Limited?

The ticker symbol for Delta Resources Limited is DTARF.

What payment was involved in the acquisition?

Delta Resources Limited will pay the vendors the sum of $5,000 and will issue 350,000 shares of the Corporation for the acquisition.

What royalty do the vendors retain?

The vendors retain a 2% Net Smelter Return (NSR) royalty on the claims.

What is the right of first refusal retained by Delta?

Delta retains a right of first refusal on the remaining 1% NSR.