Delta doubles Thunder Bay land holdings

Delta Resources Limited continues to further expand the Delta-1 property in Thunder Bay by doubling its land position.

Following the previously announced acquisitions on September 7, 2022, October 31, 2022, December 13, 2022, February 16, 2023, and May 4, 2023, Delta has now acquired the exclusive rights to an additional four (4) mineral exploration properties covering a total of approximately 4,716 hectares contiguous to its Delta-1 property package. Accordingly, Delta has now secured a land position on strike with the Eureka gold deposit for a strike length exceeding 4.5 kilometres.

The first exploration property consists of patented ground including both surface and mining rights, covering approximately 59 hectares, located contiguous to the Delta-1 property and on strike to Eureka. During its due diligence, Delta grab samples returned up to 10.0 grams per tonne of gold ("g/t Au"). Delta has entered into a five-year lease agreement with the surface and mining rights landowner. During the five-year lease period, Delta will have the exclusive right to explore the property and to purchase a 100% interest in both the surface and mining rights to the property. Should Delta elect to purchase the property, it will pay market value times ten (10). Delta has made a one-time cash payment of $90,000 to the landowners to cover the five-year lease. Should Delta elect to purchase the property during the five-year lease period, the landowners will retain a 2% net smelter returns ("NSR") royalty of which Delta can elect to buy back 1% at any time for the sum of $1,000,000 and the remaining 1% for $4,000,000. There are no work commitments nor were any shares of the Company issued. 

The second exploration property includes 23 claims and covers approximately 2,348.5 hectares, located immediately south of Delta-1. Delta acquired a 100% interest by making a one-time cash payment of $50,000 and the vendor retains a 2% NSR with a 0.5% buyback for $1,000,000 and an additional 0.5% buyback for $1,000,000, and the remaining 1% for $4,000,000. There are no work commitments nor were any shares of the Company issued.

The third exploration property includes 97 claims and covers 2,056.4 hectares located south of Delta-1. Delta has paid $50,000 on signing with an additional $50,000 to be paid upon the 1st, 2nd 3rd and 4th Anniversary for a total of $250,000. The vendor retains a 2% NSR of which Delta can elect to buy back 1% at any time for $1,000,000 and the remaining 1% for $4,000,000. There are no work commitments nor were any shares of the Company issued.

The fourth exploration property consists of 12 claims covering approximately 252 hectares contiguous and south of the Delta-1 Property. The Corporation acquired a 100% interest in the property by making a one-time $45,000 cash payment on signing. The vendors retain a 2.0% NSR royalty of which Delta can elect to buy back 1.0% at any time for $1,000,000 and retain a first right of refusal on the remaining NSR (up to $4,000,000). There are no work commitments nor were any shares of the Company issued.

Delta now controls an area of approximately 107 square kilometres straddling the Shebandowan Structural Zone in the Shebandowan Greenstone Belt (see figure 1). 

The Delta-1 property is located in the Shebandowan Greenstone Belt and now covers an approximate 20 kilometre strike extent of the Shebandowan Structural Zone which also hosts the 6 million-ounce Moss Lake gold deposit which is approximately 50 km to the west.

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