Delta expands land position at Delta-1 Property in Thunder Bay
Delta has acquired the exclusive rights to acquire a 100% interest in the Laurie and Horne properties, adding to its Delta-1 property package. Together, the properties consist of 113 claim units covering approximately 24 square kilometres. The claims are contiguous with the Delta-1 property (see map below).
Figure 1: Map showing the location of the Sky Option relative to the Delta-1 Property.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8482/207503_figure1.jpg
Delta has reached an agreement with Sky Gold Corp ("Sky") whereby, Delta will assume agreements with a previous vendor to acquire a 100% interest in both properties. Upon signing of the agreement, Delta will issue 1,400,000 shares of the Company to Sky and pay the sum of $75,000. Sky will retain a 1% Net Smelter Return Royalty ("NSR"). Delta will have the option to buyback a 0.5% NSR at anytime for $1M and will have a right of first refusal on the second 0.5% NSR. 1,000,000 common shares are subject to a one-year transfer restriction and 400,000 shares are subject to a four month and one day hold period from the date of issuance in accordance with applicable Canadian securities laws.
Delta will also pay the original vendor the sum of $350,000 over a three (3) year period ($50,000, $100,000 and $200,000 respectively in years 1, 2 and 3) and incur a total of $1M in exploration expenditures over the same period. The terms are divided equally between both Laurie and Horne properties.
The agreement is subject to regulatory approval.
Delta now controls an area of 131 square-kilometres straddling the Shebandowan Structural Zone in the Shebandowan Greenstone Belt.
The Delta-1 property is located in the Shebandowan Greenstone Belt and covers a 19 kilometre strike extent of the Shebandowan Structural Zone, a gold-endowed, crustal-scale structure that hosts Delta's Eureka Gold Zone.
Qualified Persons
Andre C. Tessier, P.Eng, P.Geo. and CEO of Delta Resources Limited, is the Qualified Persons as defined by NI-43-101 and is responsible for the technical data in this release.
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 is Delta's flagship project, where the Company is building on a large gold inventory 50 kilometres west of Thunder Bay, Ontario, at surface and adjacent to the Trans-Canada highway. To date, the gold mineralization is defined over a strike length of 2.0 km, from surface to a vertical depth of 250 m. Highlights include drill intercepts such as 5.92 g/t Au over 31 m (incl. 14.8 g/t Au over 11.9 m), and 1.79 g/t Au over 128.5 m. The property covers 131 square kilometres and Delta has identified a 5 km long corridor of intense alteration and deformation at the property, on strike with the gold zone, that has yet to be thoroughly explored.
The DELTA-2 property covers 205 square kilometres in the prolific Chibougamau District of Quebec. The property holds excellent potential for gold-rich polymetallic VMS deposits as well as hydrothermal-gold deposits. Delta targets VMS deposits such as the LeMoine past producer where 0.76 Mt were mined between 1975 and 1983, grading 9.6% Zn, 4.2% Cu, 4.5 g/t Au and 84 g/t Ag.
Tags: Northern Ontario / Exploration / Gold / All Articles