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Delta Further Expands Land Position at The Delta-1 Property in Thunder Bay, Ontario and Completes Acquisition of The Delta-2 Property in Chibougamau, Quebec
Kingston, Ontario--(Newsfile Corp. - December 13, 2022) - Delta Resources Limited  ( TSXV...
About this update from Delta Resources Limited
[{"type":"text","content":"Delta Further Expands Land Position at The Delta-1 Property in Thunder Bay, Ontario and Completes Acquisition of The Delta-2 Property in Chibougamau, QuebecKingston, Ontario--(Newsfile Corp. - December 13, 2022) - Delta Resources Limited (TSXV: DLTA) (OTC Pink: DTARF) (FSE: 6GO1) (\"Delta\" or \"The Company\") is pleased to announce that it has further expanded its land position at the Delta-1 property in Thunder Bay, Ontario.Following the acquisitions announced on September 7 and October 30, 2022 Delta has acquired the exclusive rights to buy the surface and mining rights to a property adjacent to its Delta-1 property in Thunder Bay, Ontario. The 67-hectare property is contiguous with the Delta-1 property, securing Delta's land position on strike with the Eureka Gold Prospect for a strike length of 4.2 kilometres. Delta entered into a five-year lease agreement with the surface and mining rights landowners. 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 10. Delta made a one-time cash payment of $45,000 to the landowners to cover the five-year lease. There are no work commitments nor were any shares of the company issued. Should Delta elect to purchase the property during the five-year period, the landowners will retain a 2% NSR royalty of which Delta can elect to buy back 1% at anytime for the sum of $1,000,000.With this agreement, Delta now controls an area of 58.3 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 17 km strike extent of the Shebandowan Structural Zone which also hosts the 4.17 million-ounce Moss Lake gold deposit, 50 km to the west.At the Delta-2 Property in Chibougamau, QuebecDelta is also please to announced that it has now fulfilled all the requirements of an agreement dated October 16, 2019, to acquire a 100% interest in the Delta-2 Property, located in the Chibougamau Mining District of Quebec. Delta has now received all the land transfer documents from the optionee and secured title over the whole property where additional drilling is planned i...