Delta acquires LCT Mineral Rights at the Lyons River Project
Perth, Dec 1, 2023 AEST (ABN Newswire) - Delta Lithium Limited (ASX:DLI) is pleased to announce that it has acquired the LCT Mineral Rights from Dalaroo Metals Ltd ("Dalaroo" or "DAL") over its Lyons River Project in WA's Gascoyne.
- Binding agreement executed with Dalaroo Metals Ltd (ASX:DAL) to purchase the LCT (lithium, caesium and tantalum) Mineral Rights over its Lyons River Project in the Gascoyne region of Western Australia
- The Lyons River Project tenements cover 838 km2 and are proximal to and have the same granite intrusives and sediment-mafic packages, that host significant Li2O mineralisation at Delta's Yinnetharra Project
- Delta's footprint in the emerging Gascoyne lithium province has increased by 161% to 1,356 km2
- The Lyons River Project tenements have mapped pegmatite swarms and lithium in soil anomalies up to 334 ppm Li2O
- Exploration activities to commence on DAL tenure alongside continued exploration at DLI's Yinnetharra Project in the first quarter of 2024
- Delta to pay DAL $500,000 in cash and issue $500,000 in Delta shares on completion and spend a minimum of $280,000 per annum on exploration over three years.
Commenting on the agreement with Dalaroo Managing Director, James Croser said:
"This large package of LCT rights boosts our Gascoyne footprint by 161%, giving us a great stronghold in this emerging lithium province. The ground is close to our Yinnetharra Project, where our focus is to undertake significant resource development drilling at Malinda as we continue to build confidence in this discovery.
We will use our existing base to concurrently explore a regional pipeline of promising prospects that could support a long-life lithium operation in the area, starting with Jamesons in 2024 and greenfields exploration on this newly acquired ground."
At Yinnetharra, Lithium bearing pegmatites are hosted within a package of interleaved sedimentary and mafic volcanic rocks adjacent to granitoids belonging to the Thirty Three Super Suite.
The Lyons River Project hosts the same geological setting as Yinnetharra, with pegmatites hosted within sedimentary-mafic packages adjacent to Thirty Three Suite granitoids. Work undertaken by Dalaroo to date indicates the pegmatites are LCT fertile with Li2O soil samples up to 334 ppm.
The Lyons River Project is close to the Yinnetharra Project and can be explored by an expanded team based out of the Yinnetharra camp. Work on the Lyons River Project will begin immediately and will consist of data compilation, target generation, followed by on-ground mapping and sampling work in order to define drill targets.
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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.