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    • Delta Resources to acquire Canadian mining claims from Metals Creek
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    Delta Resources to acquire Canadian mining claims from Metals Creek

    Pabio Posted on

    Metals Creek will retain a 1% net smelter royalty (NSR) on the claims. Credit: Sunshine Seeds/Shutterstock.

    Delta Resources has agreed to acquire full ownership of 11 claims striking the Eureka gold deposit in Canada from Metals Creek Resources (MEK).

    Additionally, Delta has the option to hold all of eight Gold Cache (GC) claims by taking over an underlying agreement between MEK and GC.

    This acquisition is expected to expand Delta’s Delta-1 property by approximately 233 ha, with the claims located in Horne Township and Dawson Road Lots.

    Located west of the Eureka gold deposit in the Eastern Shebandowan Greenstone Belt, these claims host a number of gold showings.

    Under the terms of the agreement, Delta will compensate MEK with $55,000 (C$76,509) and issue 1,250,000 common shares of Delta under the approval of the Toronto Stock Exchange (TSX).

    These shares will be acquired in tranches of 312,500 every four months after their issue. Additionally, MEK will issue 425,000 of its own shares to Gold Cache and Delta will make two payments of $20,000 to Gold Cache on March 14, 2025 and March 14, 2026, respectively.

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    Metals Creek President and CEO Alexander (Sandy) Stares said: “Entering this agreement with Delta allows Metals Creek to focus on our flagship Ogden Gold project (50/50 joint venture with Newmont) and on our Tillex copper project, where we have completed drilling with great success. success and (are) awaiting additional results.

    “Additionally, Metals Creek and its shareholders will remain exposed to Delta’s success with stock ownership and to the NSR on these claims. We believe Delta is best positioned with its extensive land package to advance this exciting part of the Shabandowan greenstone belt and we are very pleased to be a shareholder in Delta going forward.

    Metals Creek will maintain a 1% NSR on the claims. Delta retains the option to repurchase half of this NSR at any time for $500,000 and will have a right of first refusal on the remaining 50% NSR, up to a maximum of $500,000.

    The completion of this acquisition is subject to regulatory approval.

    The President and CEO of Delta Resources, André Tessier, declared: “Having already made a significant discovery at the Eureka Gold deposit, which remains open laterally and at depth, the Delta technical team is also keen to expand the mineralized envelope of Eureka that it now sets its limits. the objective is to increase the potential of several gold deposits within this imposing land mass.

    “It should also be noted that Delta has no work commitments on the entire property, allowing the team to focus where the data indicates areas with the best potential. A potential that we are only just beginning to discover.


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