Business
Delta Doubles Its Land Position at the Delta-1 Property in Thunder Bay, Ontario
Kingston, Ontario--(Newsfile Corp. - July 13, 2023) - Delta Resources Limited  ( TSXV : ...
About this update from Delta Resources Limited
[{"type":"text","content":"Delta Doubles Its Land Position at the Delta-1 Property in Thunder Bay, OntarioKingston, Ontario--(Newsfile Corp. - July 13, 2023) - Delta Resources Limited (TSXV: DLTA) (OTC Pink: DTARF) (FSE: 6G01) (\"Delta\" or \"The Company\") is pleased to announce that it continues to further expand the Delta-1 property in Thunder Bay, Ontario 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 we...