May 13, 2021 / Kingston, ON / Accesswire. Delta Resources Limited (“Delta” or “the Company”) (TSX-V:DLTA) (OTCBB:DTARF) (FRANKFURT:6G01) is pleased to announce that it has optioned the Dollier Property in Chibougamau, Quebec from Cartier Resources Inc. (“Cartier”). The Dollier Property is immediately adjacent to the highly prospective VMS property package currently being explored by Delta.
Delta shall have the sole and exclusive right to earn a 100% Interest (the “Option”) by paying Cartier a non-refundable amount of $10,000 in cash (the “Cash Payment”) at signing; by completing the issuance in favour of Cartier of an aggregate of 600,000 Delta shares including 100,000 shares at signing, 100,000 shares at the one year anniversary, 200,000 shares at the two year anniversary and 200,000 shares at three year anniversary; and by incurring $1,000,000 in exploration expenditures over the four year Option period. The agreement is conditional on TSX approval.
Upon earning a 100% interest in the Dollier Property, Cartier will be granted a 2% NSR production royalty. Delta will have the exclusive right to purchase the first 1% NSR for $2,000,000 and the second 1% NSR for $15,000,000.
Delta may elect at any time, on or before the Option Deadline to terminate the Option by delivering notice in writing to that effect to Cartier.
The Dollier property consists of 40 claims covering 2,228 hectares and is contiguous to the Delta-2 VMS property in Chibougamau, Quebec. The property is host to the Delinel Gold-Pyrite VMS prospect where best results include 25.1 g/t gold over 1.0m, 13.3 g/t gold over 1.2m and 11.9 g/t gold over 1.0m (resourcecartier.com)
André Tessier, President and CEO commented as follows:“As we plan our next phase of exploration drilling to test our highly prospective VMS drill targets, it was imperative that we consolidate the property package in Chibougamau, Quebec. We look forward to beginning the drill campaign on a number of our high priority VMS targets in the coming weeks.”
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 35M shares outstanding has a fully funded exploration for 2021 and in addition, is set to receive $1 M in scaled payments, starting August 1st, 2021, through the sale of its Bellechasse-Timmins gold project in SE Quebec.
ON BEHALF OF THE BOARD OF DELTA RESOURCES LIMITED.
Andre C. Tessier
President, CEO and Director
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
Andre Tessier, CEO and President
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.