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Delta Resources Sells the Bellechasse-Timmins Property for $1.7M to Yorkton Ventures.
KINGSTON, ON / ACCESSWIRE / July 7, 2020 / Delta Resources Limited ("Delta") (TSXV:DL...
About this update from Delta Resources Limited
[{"type":"text","content":"Delta Resources Sells the Bellechasse-Timmins Property for $1.7M to Yorkton Ventures.KINGSTON, ON / ACCESSWIRE / July 7, 2020 / Delta Resources Limited (\"Delta\") (TSXV:DLTA) is pleased to announce that it has signed an agreement with Yorkton Ventures Inc. (\"Yorkton\") to sell its 100% interest in the Bellechasse-Timmins property (the \"Property\") in southeastern Quebec for $1,700,000.To acquire a 100% interest in the Property, Yorkton will:Make a $100,000 cash payment within 10 days of signing of a definitive agreement,Make a $250,000 cash payment within 90 days after receiving Exchange Approval,Make a $350,000 cash payment within 200 days after receiving Exchange Approval,Make a $450,000 cash payment no later than June 1, 2021; andMake a $550,000 cash payment no later than September 1st, 2021.Yorkton will also commit to paying Delta a 1% Net Smelter Return (NSR) royalty on any and all commercial production derived from the Bellechasse-Timmins property. Yorkton may re-purchase 0.5% of the NSR for $1 Million at any time.A 6% finder's fee will be payable by Delta to an arm's length third party once the total amount of $1,700,000 has been paid by Yorkton.\"We are very pleased to have concluded this sale with Yorkton Ventures. Delta is thrilled to be passing the torch to Yorkton and we are confident that they can advance this project to the next level. We are also pleased to be adding funds to our treasury on a non-dilutive basis in order to advance our exploration efforts at Delta-1 in Thunder Bay, Ontario and Delta-2 in Chibougamau, Quebec.\" commented Andre Tessier, President and CEO of Delta.The agreement is subject to regulatory approval.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.On October 3rd, 2019, Delta announced the acquisition of the Eureka Gold Discovery in the Thunder Bay area and on October 16th, 2019, the acquisition of the Delta-2 Property which hosts the R-14 Gold Prospect in the Chibougamau Mining District of Quebec.Delta also owns a 100% interest in the Bellechasse-Timmins gold deposit in southeastern Quebec, Canada which contains a 43...