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Delta Accelerates the Acquisition of the Horne and Laurie Properties with a New Agreement at the Delta-1 Property in Thunder Bay, Ontario
Eliminating Future Cash Payments and Work Commitments Kingston, Ontario--(Newsfile Corp. - Augus...
About this update from Delta Resources Limited
[{"type":"text","content":"Delta Accelerates the Acquisition of the Horne and Laurie Properties with a New Agreement at the Delta-1 Property in Thunder Bay, OntarioEliminating Future Cash Payments and Work CommitmentsKingston, Ontario--(Newsfile Corp. - August 26, 2024) - Delta Resources Limited (TSXV: DLTA) (OTC Pink: DTARF) (FSE: 6GO1) (\"Delta\" or \"The Company\") is pleased announce that it reached an agreement with the original vendors of the Horne and Laurie properties at the Delta-1 property in Thunder Bay, Ontario. The new agreement will eliminate the future cash payments of $350,000 and work commitments of $1,000,000 over the next three years.On May 1, 2024, Delta announced an agreement with Sky Gold Corp. whereby Delta was assuming the Horne and Laurie Properties' agreement with the original Vendors of the properties (https://www.deltaresources.ca/news/delta-expands-its-land-position-at-the-delta-1-property-in-thunder-bay-ontario/). Under this new agreement dated August 22, 2024, Delta will acquire a 100% interest in both Horne and Laurie properties by issuing a total of 2,000,000 shares (25% of the shares will vest every 4 months from the date of issuance) and issue 1,500,000 warrants of Delta, at a price of $0.12, for a period of 24 months.The vendors will retain Net Smelter Return Royalty (\"NSR\") on the properties. This NSR Royalty will be covered under the same agreement as the NSR Royalty on the original Delta-1 property option dated October 02, 2019 whereby the Vendors retain a 1.75% NSR Royalty on all three (3) properties. Delta will have a right to buyback a 0.75% interest until October 2nd, 2026 for $500,000 and the remaining 1.00% interest thereafter for the sum of $4,000,000. Delta also retains a right of first refusal on any offer to buy any NSR interest by a third party after October 2nd, 2026.Under the Sky Gold and Delta agreement, dated April 30, 2024, Sky also retains a 1% NSR royalty with Delta having the option to buyback a 0.5% NSR at anytime for $1M and having a right of first refusal on the second 0.5% NSR. Together, the properties consist of 113 claim units covering approximately 24 square kilometres. The claims are contiguous with the original Delta-1 property (see map figure 1). The agreement is subject to regulatory approval.\"This is another strategic acquisition for Delta. The property package assembled in the Sheba...