Delta Lithium's Exploration Update: Promising Results from Yinnetharra and Mt Ida
DELTA LITHIUM LIMITED (DLI) Share Update August 2024 Thursday 1st
Delta Lithium Announces Positive Drilling Results at Yinnetharra and Mt Ida Projects
Delta Lithium Limited (ASX: DLI) has released an update on its exploration activities at the Yinnetharra Lithium Project and the Mt Ida Project in Western Australia, showcasing promising results in both lithium and gold drilling.
Instant Summary:
- Yinnetharra Lithium Project covers 1,769 km² in the Gascoyne Lithium Province.
- Maiden Resource Estimate (MRE) of 25.7Mt @ 1% Li2O at Malinda Prospect.
- Significant lithium intercepts at Malinda, including 25m @ 2.84% Li2O and 124m @ 1.1% Li2O.
- Mt Ida Project includes JORC resources for both lithium (14.6Mt @ 1.2% Li2O) and gold (6.6Mt @ 3.5g/t Au).
- Ongoing gold exploration at Mt Ida targeting high-grade resource extensions.
Yinnetharra Lithium Project
The Yinnetharra Lithium Project, located within the Gascoyne Lithium Province of Western Australia, spans a substantial 1,769 km². The project includes a Maiden Resource Estimate (MRE) of 25.7Mt @ 1% Li2O reported at the Malinda Prospect in December 2023. This MRE is situated within a 1.6km section of the 80km strike length of Delta's prospective stratigraphy at the broader Yinnetharra Lithium Project, including the Jameson Prospect.
Recent drilling at Malinda has yielded significant lithium intercepts, including 25m @ 2.84% Li2O from 148m in hole YRRD050 and 124m @ 1.1% Li2O from 11m in hole YDPT005. Additionally, assays from Jameson's current program show strong spodumene mineralization at depth, with notable results such as 10m @ 2.2% Li2O from 113m in hole JREX030A.
Mt Ida Project
The Mt Ida Project, located 240km north of Kalgoorlie in the Eastern Goldfields Province, contains JORC resources for both lithium and gold. The lithium MRE stands at 14.6Mt @ 1.2% Li2O, while the gold MRE is 6.6Mt @ 3.5g/t Au for 752,000 ounces. Recent exploration has focused on both lithium and gold, with an RC rig mobilized to commence lithium exploration and gold resource development drilling.
Gold exploration at Mt Ida targets high-grade resource extensions and regional prospects. The four-stage drilling program includes approximately 35-40,000 drill meters, with Stage 1 currently underway. This stage targets shallow resource extensions along the 3km strike of the Baldock Deposit.
Managing Director's Comments
Commenting on the results, Managing Director James Croser said, 'The Mt Ida Project was initially purchased for its gold potential, but a significant lithium discovery has since been made. While we take a more prudent approach to lithium exploration during this cycle low, we will seek to advance the gold asset at Mt Ida in parallel. This is a simple redeployment of Delta resources across our operating sites.'
At Yinnetharra, lithium metallurgy and other development and approvals work will continue at Malinda, with RC drilling ongoing in the vicinity of Malinda and regional prospects.
The positive drilling results at both Yinnetharra and Mt Ida are likely to boost Delta Lithium's stock as investors react to the high-grade lithium and gold intercepts. The continued exploration and resource development efforts demonstrate the company's potential for significant resource expansion, which could positively impact investor sentiment and market valuation.
Investor Reaction:
Analysts are likely to react positively to the high-grade lithium and gold results, noting the potential for significant resource expansion. The strategic focus on both lithium and gold provides a hedge against market volatility, which may be well-received by investors.
Conclusion:
Investors should closely monitor Delta Lithium's ongoing exploration activities and upcoming drilling results. The company's dual focus on lithium and gold provides a balanced approach to resource development, potentially offering substantial returns. Stay updated on Delta Lithium's progress and consider the long-term impacts on your investment portfolio.