Business
Delta Further Expands Land Position at the Delta-1 Property in Thunder Bay, Ontario, and Grants Stock Options
Kingston, Ontario--(Newsfile Corp. - February 16, 2023) - Delta Resources Limited ( TSXV : D...
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 Grants Stock OptionsKingston, Ontario--(Newsfile Corp. - February 16, 2023) - Delta Resources Limited (TSXV: DLTA) (OTC Pink: DTARF) (FSE: 6G01) (\"Delta\" or \"The Company\") is pleased announce that it continues to further expand its land position at the Delta-1 property in Thunder Bay, Ontario. Following the previous acquisitions announced on September 7, 2022, October 31, 2022 and December 13, 2022, Delta has acquired the exclusive rights to buy the surface and mining rights to an additional property adjacent to its Delta-1 property package. The 47-hectare property is contiguous with the Delta-1 property and located immediately west of the Eureka Gold Zone. Delta has now secured a land position on strike with the Eureka gold deposit for a strike length exceeding 4.5 kilometres. Delta has 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 ten (10). Delta has made a one-time cash payment of $60,000 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.Delta now controls an area of 58.8 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 kilometre strike extent of the Shebandowan Structural Zone which also hosts the 4.17 million-ounce Moss Lake gold deposit which is approximately 50 km to the west.Delta Issues Stock Options:Delta also announces the grant of 2,825,000 stock options to management, the board of directors and consultants. The options are exercisable at $0.10 for 5 years from the date of the grant and vest immediately. About Delta Resources LimitedDelta Resources Limited is a Canadian mineral exploration company focused on growing shareholder value through th...