Toronto, Ontario--(Newsfile Corp. - May 24, 2024) - Golden Share Resources Corporation (TSXV: GSH) ("Golden Share" or the "Company") is pleased to announce that it has entered into an option agreement with Delta Resources Limited (TSXV: DLTA) (OTCBB: DTARF) (FSE: 6G01) ("Delta"), in which the Company has granted an option to Delta to earn a 100% interest in the Band-Ore property (the "Property" or "Band-Ore"). The Property is located west of Thunder Bay, Ontario and hosts two historic high-grade gold resources (the resources of which are not considered National Instrument 43-101 compliant, nor is the Company treating them as such).
Table 1: Band-Ore Historic Mineral Resources
| Tonnes | Average Grade | Ounces | |
| Band-Ore Main Zone | 706,000 | 6.86 g/t | 155,728 |
| Band-Ore Zone No. 4 | 616,000 | 4.84 g/t | 95,668 |
The 10 km long property covers approximately 2,115 hectares and comprises 16 patented mining claims, one mining claim lease, and 109 staked mining claims in Hagey and Conacher Townships of Ontario, on strike with the Delta-1 gold mineralization. Both the Main Zone and the No. 4 Zone are open at depth and along strike.
Wes Roberts, CEO of Golden Share, commented, "We are very pleased to have Andre Tessier, an experienced exploration specialist, and the geological team at Delta take charge of the Band-Ore exploration program. In addition, we welcome Delta's efforts to consolidate the Shebandowan greenstone belt and obvious synergies it will generate for our collective stakeholders."
Agreement Details: In order to acquire a 100% interest in the Property, the Company is required to make aggregate cash and security payments to Golden Share in the amount of $2,000,000 as below:
| On signing: | $100,000 in cash |
| Anniversary 1: | $150,000 in cash and $100,000 in Delta shares |
| Anniversary 2: | $150,000 in cash and $100,000 in Delta shares |
| Anniversary 3: | $200,000 in cash and $100,000 in Delta shares |
| Anniversary 4: | $300,000 in cash and $200,000 in Delta shares |
| Anniversary 5: | $400,000 in cash and $200,000 in Delta shares |
| *All share prices are based on 20 day VWAP. | |
Golden Share will retain a 2% Net Smelter Return Royalty ("NSR"). Delta will have the option to buyback a 1.0% NSR at anytime for $3M and will have a right of first refusal on the second 1.0% NSR.
If Delta defines a NI-43-101 mineral resource on the property after earn-in, Golden Share will be entitled to a bonus of $500,000 for an estimate of 500,000 gold ounces contained up to 1,000,000 ounces and a bonus of $1,000,000 for an estimate of greater than 1,000,000 contained gold ounces. There are no work commitments on the property.
The agreement is subject to regulatory approval.
Qualified Persons
The technical content disclosed in this press release was reviewed and approved by Wes Roberts, P. Eng., a Qualified Person as defined under NI 43-101.
About Golden Share
Golden Share Resources Corporation is a mineral exploration company focusing on the province of Ontario, Canada, a mineral rich and politically stable jurisdiction.
WARNING: Certain statements in this press release may be forward-looking, including those with respect to the timing and content of up-coming work programs, geological interpretations, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks, uncertainties and assumptions. Actual results may differ materially from those currently anticipated in such statements. The Company relies upon litigation protection for forward-looking statements. The reader is warned against undue reliance on these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please visit www.goldenshare.ca or contact:
Golden Share Resources Corporation
Wes Roberts, P.Eng. CEO
E-mail: info@goldenshare.ca
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/210364
SOURCE: Golden Share Resources Corporation
