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Delta Significantly Expands Its Land Position at the Delta-1 Property in Thunder Bay, Ontario
PURCHASE OF 443 CLAIMS COVERING 93 SQUARE KILOMETRES Kingston, Ontario--(Newsfile Corp. - August...
About this update from Delta Resources Limited
[{"type":"text","content":"Delta Significantly Expands Its Land Position at the Delta-1 Property in Thunder Bay, OntarioPURCHASE OF 443 CLAIMS COVERING 93 SQUARE KILOMETRESKingston, Ontario--(Newsfile Corp. - August 6, 2024) - Delta Resources Limited (TSXV: DLTA) (OTC Pink: DTARF) (FSE: 6GO1) (\"Delta\" or \"The Company\") is pleased announce that it has acquired a 100% interest in the Ternowesky property further expanding its land position at the Delta-1 property in Thunder Bay, Ontario. The expansive property consists of 443 claim units spanning over seven (7) townships and covering over 93 square kilometres. Delta's land package now covers over 306 square-kilometres in the central portion of the Shebandowan Greenstone Belt. The property now covers a 35-kilometre strike extent of both the Shebandowan and Gold Creek deformation zones. Both structures are gold-endowed, crustal-scale structural zones at the unconformable boundary between Temiskaming-Type sedimentary rocks and volcanic rocks of the Greenwater Formation; the same geological setting as Delta's Eureka Gold Zone.The claims are contiguous with the Delta-1 property (see map below). Figure 1: Map showing the location of the Delta-1 and Delta-1-Ternowesky Properties.To view an enhanced version of Figure 1, please visit:https://images.newsfilecorp.com/files/8482/218970_fbc55538d44af8df_001full.jpg\"Delta has assembled an outstanding land package with significant potential for multiple deposits, not only for gold mineralization, but also for magmatic copper-nickel deposits such as the former producing Inco Mine. The Delta team is already working up new gold targets for further testing later in 2024. We are anxious to reveal the true potential of this newly acquired ground as Delta takes a significant controlling land position in the Eastern Shebandowan Greenstone Belt,\" said André Tessier, President and CEO. Delta has reached an agreement with the Vendors whereby Delta will pay $150,000 and issue 1.1M shares of the Company upon TSX approval of the transaction. The Vendors will retain a 2% Net Smelter Return Royalty (\"NSR\"). Delta will have the option to buy back a 1% NSR at any time for $2M and will have a right of first refusal on the second 1% NSR to a maximum of $4M. Half of the shares issued by Delta will be subject to the regulatory hold of four (4) months while the other half are s...