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Toronto, Ontario – January 29, 2026 – Delta Resources Limited (TSXV: DLTA) (OTC Pink: DTARF) (FSE: 6GO1) (“Delta” or the “Company”) is pleased to announce that it has entered into an agreement with Troilus Mining Corp. (TSX: TLG) (“Troilus“), pursuant to which Troilus may acquire a 100% undivided interest in Delta’s Delta-2 mineral claims (the “Option“), located approximately 35 kilometres southeast of Chibougamau, Québec (the “Option Agreement“). Closing is subject to applicable regulatory approvals (the “Transaction“).
The Delta-2 property comprises 405 mineral claims covering approximately 21,783 hectares (217.83 square kilometres) (the “Delta-2 Claims“) in a well-established mining district that hosts several significant gold and base-metal deposits.
Frank Candido, Chairman of Delta, commented:
“This agreement represents a strong outcome for Delta shareholders. The Delta-2 property is a large, highly prospective land package in a proven mining district, and this transaction allows us to realize near and medium-term value while retaining meaningful long-term upside through a royalty interest. Troilus has demonstrated technical strength and regional expertise in the Chibougamau area, and we believe they are well positioned to advance the Delta-2 Claims in a disciplined and responsible manner.”
Ron Kopas, Chief Executive Officer (Interim) of Delta, commented:
“The transaction achieves an objective we set ourselves last August and provides Delta with non-dilutive cash and share consideration, strengthening the Company’s financial position and allowing management to focus its exploration and development efforts on the highly prospective Delta-1 Gold Property in the Thunder Bay district of Ontario where Delta has already made a significant gold discovery at Eureka, with increasingly prospective resources at a property scale.
I am particularly enthused as this will underpin the business for the next three years, beginning with an initial C$2.5 million in 2026. Owing to Delta’s low corporate overhead, combined with expected government credits, this provides meaningful, non-dilutive investment capital to advance Delta-1.”
Key Terms of the Option Agreement
Under the terms of the Option Agreement, Troilus may earn a 100% undivided interest in the Delta-2 Claims by making aggregate payments of $8.25 million to Delta over an option period ending on December 15, 2028 (the “Option Period“). Payments may be made in a combination of cash and common shares of Troilus, at the discretion of Troilus, subject to applicable stock exchange approvals.
Key payment milestones include:
If the Option is exercised, Delta will retain a 1.0% net smelter return (“NSR“) royalty on the Delta-2 Claims, 50% of which can be re-purchased for CAD$500,000.
Troilus will act as operator of the project during the Option Period, funding all required exploration activities and claim maintenance expenditures, while Delta will retain ownership of the Delta-2 Claims unless and until the Option is fully exercised, at Troilus’ discretion.
Detailed Payment Schedule
| Amount (C$) | Form of Payment | |
| Within 2 Business Days of Effective Date | $500,000 | Cash only |
| Within 2 Business Days of Effective Date On or before June 1, 2026 | $500,000 $750,000 | Cash and/or Shares Cash and/or Shares |
| On or before December 15, 2026 | $750,000 | Cash and/or Shares |
| On or before June 1, 2027 | $750,000 | Cash and/or Shares |
| On or before December 15, 2027 | $1,000,000 | Cash and/or Shares |
| On or before June 1, 2028 | $2,000,000 | Cash and/or Shares |
| On or before December 15, 2028 | $2,000,000 | Cash and/or Shares |
| Total | $8,250,000 |
Strategic Rationale
The Option Agreement provides Delta with significant non-dilutive upside through staged payments and retained royalty exposure, while allowing a well-capitalized and technically experienced operator to advance exploration on the Delta-2 Project.
About the Delta-2 Project
The Delta-2 Project is located in Québec’s prolific Abitibi Greenstone Belt, an established mining jurisdiction with excellent infrastructure, skilled labour availability, and strong community and government support for responsible mineral development.
Qualified Person
Daniel Boudreau, P.Geo., Manager of Exploration at Delta Resources Limited, is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical information contained in this press release.
About Delta Resources Limited
Delta Resources Limited is a Canadian mineral exploration and project development company focused on its Delta-1 project in Ontario, where it has discovered a large, near-surface gold deposit located 50 kilometres west of Thunder Bay, directly adjacent to the Trans-Canada Highway. The Eureka Gold Deposit extends 2.5 km in strike length, from surface to over 300 metres in depth. Highlights include drill intercepts such as 5.92 g/t Au over 31 metres (including 14.8 g/t Au over 11.9 metres), and 1.79 g/t Au over 128.5 metres. Mineralization has been observed up to 600 metres vertical depth and remains open in all directions. The property covers 297 square kilometres containing multiple corridors of intense alteration and deformation on strike with, and to the south of, the Eureka Gold Zone, many of which remain under-explored.
Shabaqua Target
Delta’s initial phase of drilling at the Shabaqua Target demonstrates the potential for higher-grade gold mineralization beyond the currently defined Eureka footprint. Multiple higher-grade intervals were intersected in sulphide-rich chert and iron formation, including 4.25 g/t Au over 11.8 m in hole D1-25-150, 2.40 g/t Au over 4.30 m in D1-25-144 and 1.37 g/t Au over 10.50 m in D1-25-134. In addition, very broad intervals of low-grade, Eureka-style mineralization remain present in the sedimentary rocks, including hole D1-25-148, which returned 0.16 g/t Au over 132 metres.
Wedge Target
The Wedge Target lies about 4 km west of the Eureka Gold Deposit and 2 km west of the Shabaqua Target. Two holes located approximately 450 metres apart were completed at Wedge during the latest drill program. Assay results are expected to be released shortly, following final review and confirmation of QA/QC compliance.
We seek safe harbor. Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has not approved nor disapproved the information contained herein.
For Further Information:
Frank Candido, Chairman
Tel: 514-969-5530
fcandido@deltaresources.ca
Ron Kopas, CEO (Interim)
rkopas@deltaresources.ca
Cautionary Note Regarding Forward-Looking Information
Some statements contained in this news release are “forward-looking information” within the meaning of Canadian securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases (including negative or grammatical variations) or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof. Investors are cautioned that forward-looking information is inherently uncertain and involves risks, assumptions and uncertainties that could cause actual facts to differ materially. There can be no assurance that future developments affecting the Company will be those anticipated by management. The forward-looking information contained in this press release constitutes management’s current estimates, as of the date of this press release, with respect to the matters covered thereby. We expect that these estimates will change as new information is received. While we may elect to update these estimates at any time, we do not undertake to update any estimate at any particular time or in response to any event.
Source: Delta Resource Ltd.
