Monday, February 1st, 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 received a third tranche cash payment of $350,000 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. Previously, in order to acquire a 100% interest in the Bellechasse-Timmins Gold Deposit, Yorkton’s remaining cash payments to Delta were as follows;
- $450,000 cash payment no later than June 1, 2021; and
- $550,000 cash payment no later than September 1st, 2021.
As per a revised agreement signed on January 27, 2021, Delta has 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 September 1, 2021
- $200,000 cash payment no later than October 1, 2021
- $200,000 cash payment no later than November 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, 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 an additional $1M in scaled payments, from August to December 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
Andre C. Tessier, CEO and President
Frank Candido, Chairman
Tel : 514-969-5530
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.