DELTA ANNOUNCES OPTION AGREEMENT TO ACQUIRE THE DOLLIER PROPERTY FROM CARTIER RESOURCES TO ADD TO ITS VMS PROPERTY PACKAGE IN CHIBOUGAMAU, QUEBEC

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.