Delta Resources Recieves $200,000 Cash Payment from Yorkton Ventures

Rhea-AI Summary

Delta Resources Limited has received a fourth tranche cash payment of $200,000 from Yorkton Ventures for the sale of its Bellechasse-Timmins Gold Deposit in Quebec. The revised payment schedule includes four additional planned payments of $200,000 each due by December 1, 2021. Moreover, Yorkton will pay a 1% Net Smelter Return (NSR) royalty on any commercial production from the property, with an option to repurchase 0.5% of the NSR for $1 Million. Delta focuses on enhancing shareholder value through high-potential mineral exploration projects across Canada.

Positive

• Received $200,000 cash payment, supporting liquidity.
• Revised payment schedule ensures additional $800,000 cash flow by year-end.
• 1% NSR royalty provides potential long-term revenue stream from Bellechasse-Timmins.

Negative

• None.

MONTREAL, QC / ACCESSWIRE / August 5, 2021 / Delta Resources Limited ("Delta" or "The Company") (TSX-V:DLTA) (OTCBB:DTARF) (Frankfurt:6G01) is pleased to announce that it has received a fourth tranche cash payment of $200,000 from Yorkton Ventures (TSX/V:YVI) for the sale of its Bellechasse-Timmins Gold Deposit in southeastern Quebec, Canada.

The terms of the previously announced agreement on July 7, 2020 has been modified by both parties with respect to the balance of payment in the amount of $1,000,000.

As per a revised agreement signed on January 27, 2021, Delta had agreed to the following revised schedule of payment;

• $200,000 cash payment no later than August 1, 2021
• $200,000 cash payment no later than Septemeber 1, 2021
• $200,000 cash payment no later than October 1, 2021
• $200,000 cash payment no later than Novemebr 1, 2021
• $200,000 cash payment no later than December 1, 2021

Yorkton has also committed 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.

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.

ON BEHALF OF THE BOARD OF DELTA RESOURCES LIMITED.

Frank Candido
Chairman
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. 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 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

View source version on accesswire.com:
https://www.accesswire.com/658535/Delta-Resources-Recieves-200000-Cash-Payment-from-Yorkton-Ventures

FAQ

What is Delta Resources Limited's recent financial update?

Delta received a fourth tranche payment of $200,000 from Yorkton Ventures, with a revised payment plan ensuring an additional $800,000 by December 2021.

How will the payments from Yorkton Ventures affect Delta Resources (DTARF)?

These payments enhance liquidity for Delta Resources and contribute to overall cash flow stability.

What is the royalty structure agreed upon by Delta Resources and Yorkton Ventures?

Yorkton Ventures will pay Delta a 1% NSR royalty on any commercial production from the Bellechasse-Timmins property.

What is the significance of the Bellechasse-Timmins Gold Deposit for Delta Resources?

The Bellechasse-Timmins Gold Deposit is a key asset for Delta, contributing to potential revenue streams through both cash payments and royalties.