June 2, 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 bought back 50% of a Net Smelter Return (“NSR”) royalty held by the Ontario Exploration Corporation (“OEC”), on its Delta-1 Property, by making a cash payment of $35,000. By doing so, Delta has also secured the exclusive right to buy back, at anytime, the remaining 50% NSR royalty held by the OEC, for the additional sum of $50,000. Should Delta elect to purchase the second 50% tranche, it will have purchased the entire royalty currently held by the OEC. The NRS royalty amounts to 0.5% to 1.0% on key claims of its Delta-1 Property, which include the Eureka Gold prospect.
The transaction was carried-out under the terms of an agreement announced December 27, 2019, between Delta and the Ontario Exploration Corporation (“OEC”).
When Delta acquired the Eureka Gold Prospect (Now the Delta-1 property), the OEC owned between 0.5% and 1.0% NSR royalty on certain claims of the Delta-1 property. More specifically, the OEC owned a 1.0% NSR on the claims covering the Eureka Gold prospect, Matawin and Kaspar gold occurrences and a 0.5% NSR on the claims surrounding the Kaspar occurrence.
“With Delta’s recent exploration success at the Delta-1 property it was very important for us to minimize the potential royalties payable down the road” 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”.
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.