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Kingston, Ontario--(Newsfile Corp. - August 28, 2023) - Delta Resources Limited (TSXV: DLTA) ("Delta" or the "Company") is pleased to announce that it has paid $50,000 to the Ontario Exploration Corporation (the "OEC") to buy back the remaining 50% of a 1% Net Smelter Return ("NSR") Royalty on its Delta-1 property in Thunder Bay, Ontario.
On January 7, 2020, Delta announced that it had signed an agreement to purchase 50% of the OECs NSR at Delta-1 by paying the sum of $50,000. The agreement also allowed for Delta to purchase the second 50% tranche at anytime by paying the OEC an additional $50,000. Following the purchase of the second 50% tranche, Delta has now purchased the entire NSR Royalty currently owned by the OEC on the Delta-1 Property.
"We are extremely pleased to have concluded this transaction. Completing this transaction at this time should go a long way in building shareholder value in our opinion," says André Tessier, President and CEO of Delta. "Delta would like to take the opportunity to thank the Ontario Prospector's Association and the Ontario Exploration Corporation for facilitating this transaction."
Delta Resources Chosen for the Discovery of the Year
Delta Resources was awarded the 2022 Bernie Schnieders Discovery of the Year Award from the Northwestern Ontario Prospectors Association for its Delta-1 gold project, 50 kilometres west of Thunder Bay, in the Shebandowan area.
A link to the announcement in the Northern Ontario Business publication is included below.
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 covers approximately 107 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 LIMITED.
Andre C. TessierPresident, CEO and Directorwww.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:
Contact Delta Resources Limited
Frank Candido, ChairmanTel: 514-969-5530[email protected]orAndre Tessier, President and CEOTel: 613-328-1581[email protected]
Cautionary Note Regarding Forward-Looking InformationSome 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/178662
