Delta Resources buys back NSR royalty from the OEC at Delta-1 / Eureka in Thunder Bay, Ontario

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 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.