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Delta Resources Announces Agreement to Buy Back up to 1% NSR at Eureka, (Delta-1) in Thunder Bay, Ontario
KINGSTON, ON / ACCESSWIRE / January 7, 2020 / Delta Resources Limited ("Delta" or the "Co...
About this update from Delta Resources Limited
[{"type":"text","content":"Delta Resources Announces Agreement to Buy Back up to 1% NSR at Eureka, (Delta-1) in Thunder Bay, OntarioKINGSTON, ON / ACCESSWIRE / January 7, 2020 / Delta Resources Limited (\"Delta\" or the \"Company\") (TSXV:DLTA) is pleased to announce that it has signed an agreement with the Ontario Exploration Corporation (the \"OEC\") to buy back a Net Smelter Return (\"NSR\") of up to 1% on its Delta-1 property in the Thunder Bay District, Ontario. The Delta-1 Property includes the recently drilled Eureka Gold prospect.Under the terms of the agreement, Delta now has the exclusive right to purchase 50% of the OEC NSR at Delta-1 by paying the OEC the sum of $50,000 payable as follows:Payment of $15,000 before December 31st, 2019 (already paid)Payment of $35,000 before May 31st, 2021.Once Delta exercises its right to buyback the first 50% of the OEC NSR, Delta shall have the right to purchase the second 50% tranche at anytime by paying the OEC an additional $50,000. Following the purchase of the second 50% tranche, Delta will have purchased the entire NSR Royalty currently owned by the OEC on the Eureka Property.The OEC currently owns between 0.5% and 1.0% NSR royalty on certain claims of the Delta-1 property. More specifically, the OEC owns a 1.0% NSR on the claims covering the Eureka Gold prospect, Matawin and Kaspar gold occurrences and a 0.5% NSR on the claims surrounding the Kaspar occurrence.\"This was a very important part of the puzzle for Delta as we continue to invest in exploration at Delta-1\" says André Tessier, President and CEO of Delta. \"Delta would like to take the opportunity to thank the Ontario Prospector's Association and the Ontario Exploration Corporation for facilitating this transaction\".About Delta Resources LimitedDelta Resources Limited is a Canadian mineral exploration company focused on growing shareholder value through the acquisition of high-potential gold and base-metal projects in Canada, exploring these projects with state-of-the-art methods, and potentially developing these projects into mines.Delta owns a 100% interest in the Bellechasse-Timmins gold deposit in southeastern Quebec, Canada which contains a 43-101 gold resource of 171,000 ounces at an average grade of 1.83 g/t gold in the indicated category and an additional 95,000 ounces at an average grade of 1.36 g/t gold in the inferred categor...