Delta Resources Acquires Additional Claims in Thunder Bay, Ontario and Contiguous to the Delta-1 Property

Rhea-AI Summary

Delta Resources Limited has announced the acquisition of a 100% interest in eight claims in Thunder Bay, Ontario, contiguous to the Delta-1 property. The transaction involves a one-time payment of $6,000 and the issuance of 200,000 common shares to the vendor, who retains a 1.5% net smelter return royalty. Delta is awaiting assay results from its April 2021 drill campaign and has plans for further exploration activities in late summer and fall 2021. The company is fully funded for exploration activities in 2021 and expects $1 million in payments from the sale of another project.

Positive

• Acquisition enhances Delta's property portfolio, expanding potential for gold exploration.
• Fully funded exploration plans for 2021, enabling further drilling and mapping.
• Anticipated revenue of $1 million from the sale of the Bellechasse-Timmins gold project.

Negative

• None.

KINGSTON, ON / ACCESSWIRE / July 13, 2021 / Delta Resources Limited ("Delta" or "the Company") (TSX-V:DLTA) (OTC PINK:DTARF) (FRANKFURT:6G01) is pleased to announce the acquisition of a 100% interest in eight (8) claims (30 Units) in Blackewell, Laurie, Dawson Road Lots and Goldie Townships in Thunder Bay, Ontario and contiguous to the Delta-1 property.

The Parties have agreed that Delta make a one-time $6,000 payment and the issue 200,000 common shares of Delta to the Vendor for a 100% interest in the claims free and clear of encumbrances. The Vendor retains a 1.5% net smelter return ("NSR") royalty on the Property. Delta retains the right to buy back 0.5% of the NSR at any time for $400,000 and retains a Right of First Refusal on the remaining 1% NSR royalty.

There is a 4 month hold as prescribed by the TSX Venture Exchange on the shares issued in consideration of the claims. No commissions were paid in connection to this transaction.

Delta-1 Gold project in Thunder Bay, Ontario:

• Delta is awaiting assay results from its April 2021 drill campaign which consisted of eight drill holes for a total of 1,376 metres. All samples were shipped to the geochemical lab at the end of May and results are anticipated no later than mid-July.
• An exploration program consisting of mechanical trenching, detailed geological mapping and sampling is planned in late-August and September.
• Additional drilling is planned for the fall and winter (2021-22).

Qualified Person

Andre Tessier, P.Eng and P.Geo. and President of Delta Resources Limited is a Qualified Person as defined by NI-43-101 and is responsible for the technical information presented in this press 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, 45 km² located 50km west of Thunder Bay, Ontario where an extremely high gold-in-till anomaly and kilometre-scale gold-bearing alteration halo point to a never-tested regional structure.
• DELTA-2 GOLD and DELTA-2 VMS, 170 km² in the prolific Chibougamau District of Quebec, with a potential for hydrothermal-gold and gold-rich VMS deposits.

Delta has 36M shares outstanding has a fully funded exploration for 2021 and in addition, expects to receive $1 M in scaled payments, starting August 1st, 2021, through the sale of its Bellechasse-Timmins gold project in Southeastern Quebec.

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, 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. Forward looking information includes, but is not limited to, statements regarding: the samples may be proximal to a rich bedrock source for the gold; the possibility of the same source for gold mineralization; and the initiation of a property-scale till survey in September. 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.

SOURCE: Delta Resources Limited

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FAQ

What is Delta Resources Limited's recent acquisition?

Delta Resources Limited acquired a 100% interest in eight claims in Thunder Bay, Ontario, for a $6,000 payment and 200,000 common shares.

What are the key financial details of the acquisition by Delta Resources?

The acquisition involves a one-time payment of $6,000 and the issuance of 200,000 shares, with the vendor retaining a 1.5% net smelter return royalty.

What is planned for the Delta-1 Gold project after the recent acquisition?

Delta plans additional exploration activities, including drilling and sampling, starting in late summer to early fall 2021.

How is Delta Resources Limited's financial situation following the acquisition?

Delta is fully funded for exploration in 2021 and expects to receive $1 million from the sale of its Bellechasse-Timmins project.

What is the significance of the acquisition for Delta Resources Limited?

The acquisition expands Delta's exploration potential, strategically positioning them for future growth in the gold sector.