Quarterly Activities Report
Perth, Oct 31, 2023 AEST (ABN Newswire) - Delta Lithium Limited (
ASX:DLI) is pleased to provide the following report on activities undertaken during the September quarter, 2023.
September Quarter Highlights
- The Mt Ida Lithium Project in the Goldfields region of Western Australia remains on track for mining approval later this year.
- At the Yinnetharra Lithium Project the Company has defined a significant pegmatite swarm comprising of six (6) well defined mineralised pegmatites at the Malinda Prospect.
- RC and diamond drilling has identified a 'Lithium Mile', comprising of two major parallel ore zones (M1 and M36), drilled out across 1.6km in strike length and remaining open down plunge.
- Early metallurgical test results at Yinnetharra indicated high grade spodumene Li2O concentrates from surface:
o Sample 1 from the M1 pegmatite produced a 6.3% Li2O concentrate at a 77% recovery rate.
o Sample 2 from the M47 pegmatite produced a 6.4% Li2O concentrate at a 61% recovery rate.
- Drilling remains ongoing, as does hydrogeological and environmental surveys, soil sampling, rock chip sampling and mapping throughout the Yinnetharra project area.
- Subsequent to the quarter, significant increases to Mt Ida and its reserves have been announced:
o Inferred and Indicated Maiden Resource Estimate (MRE) has been upgraded from 12.7Mt to 14.6Mt @ 1.2% Li2O
o 136% increase in Indicated Mineral Resources to 7.8Mt @ 1.3 % Li2O.
o Increase in global lithia positions Delta for a potential 10 year plus mining operation.
o Maiden co-located gold MRE of 3.1Mt @ 4.1g/t Au for 412,000 ounces, providing an opportunity for early cash flow from the sale or toll treatment of the shallow gold ore.
- With current low market prices for DSO lithium products, early works capital spend has been slowed with the intent to focus on Feasibility studies for the Mt Ida lithium concentrate project.
- The Company intends to leverage project improvements from the new gold resource at Mt Ida.
Commenting on the September quarter, Managing Director of Delta Lithium, Mr James Croser said:
"The past quarter has seen a continuation of solid effort by the Delta team and rapid progress at both Mt Ida and Yinnetharra. We remain firmly committed to our exploration activities and building confidence in our resources and project development plans.
The early stage Yinnetharra metallurgical results are exciting and reflect the enormous potential of the project. The demonstration of good clean recoveries, in combination with the regional scale of the deposits indicate that the Project has a strong future. Drilling at Malinda is ongoing and a maiden lithium resource will be released in the December quarter.
We are entering an exciting period as we firm up confidence in our resources at Mt Ida, and work on refining our studies and developing our understanding the various mining scenarios available.
"With a new gold resource at Mt Ida, studies will now include the potential for early revenue from the exploitation of shallow gold ore, some of which falls within high grade pit shells.
Due to the current low market prices for DSO lithium products early works capital spend has been slowed with the intent to focus on Feasibility studies for the Mt Ida lithium concentrate project."
*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/K1099Q4F
About Delta Lithium Limited
Delta Lithium Limited (ASX:DLI) is an exploration and development company focused on bringing high-quality, lithium-bearing pegmatite deposits, located in Western Australia, into production. With a strong balance sheet and an experienced team driving the exploration and development workstreams, Delta Lithium is rapidly advancing its Mt Ida Lithium Project towards production. The Mt Ida Lithium Project holds a critical advantage over other lithium developers with existing Mining Leases and heritage agreements in place. To capitalise on the prevailing buoyant lithium market, Delta Lithium is pursuing a rapid development pathway to unlock maximum value for shareholders.
Delta Lithium also holds the highly prospective Yinnetharra Lithium Project that is already showing signs of becoming one of Australia's most exciting lithium regions. The Company is currently undergoing an extensive 400 drill hole campaign to be completed throughout 2023.
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