Complementary High Grade Gold at Mt Ida
Perth, Sep 4, 2023 AEST (ABN Newswire) - Delta Lithium Limited (
ASX:DLI) is pleased to announce an update for activities at its 100% owned Mt Ida Lithium Project in the Goldfields region of Western Australia.
Highlights:
- The Mt Ida Lithium Project in the Goldfields region of Western Australia remains on track for approval to mine later this year.
- The company is pleased to report very strong recent gold results from new drilling immediately adjacent to the Company's proposed lithium operation.
- New drilling results include:
o 1.1m @ 302 g/t Au from 82.9m in IDRD146
o 9m @ 26.48 g/t Au from 84m in SSRD044
o 5.7m @ 35.7 g/t Au from 191.4m in IDRD066
o 1.3m @ 55 g/t Au & 0.75% Cu from 362m in IDRD162
o 2.7m @ 21.3 g/t Au & 1.9% Cu from 355.5m in IDRD033
o 7m @ 7.4 g/t Au from 162m in IDRD085
o 1.5m @ 35 g/t Au & 0.6% Cu from 224.4m in IDRD112
- The location of the drilling intercepts and modelled gold lodes near surface appear suitable for mining separately to the lithium pegmatites within the mining footprint defined for the proposed lithium mining operation.
- Gold drill results at depth also suggest further potential to exploit additional gold lodes over the life of the lithium project.
- A gold resource update is being prepared in conjunction with a lithium resource update due in the September Quarter.
- Grade control drilling in support of the proposed mining operations is ongoing.
Gold only as well as gold-copper bearing lodes have been identified occurring in proximity to known lithium bearing pegmatites at the Mt Ida Project. Gold and copper assay results have been received from drill holes that were drilled to test lithium mineralisation. While lithium remains the central focus for the Mt Ida development, the Company considers the high grade nature of the gold discovery as a significant and value adding opportunity. The gold ores do not contaminate the lithium mineralisation and offer potential for an entirely complementary source of revenue.
Commenting on the results Executive Chairman, David Flanagan said;
"The team has not just discovered high grade oxide gold lodes adjacent to Sister Sam, they have also confirmed a large number of depth extensions to known gold lodes, mined over the last 80 years and the grades and widths look pretty substantial.
These outstanding gold intercepts at the 86 lode are high impact. We have 4 existing gold processing plants within 150 kilometres and one within 12 kilometres. With a granted mining licence and a pending approval to mine we think we have a very good opportunity to convert this to value for shareholders.
We are actively drilling out the gold resource for inclusion in the starter pit for the Mt Ida Lithium project. To be clear, we remain focussed on becoming a Lithium producer. The mining of shallow gold ores would reduce the strip ratio for access to the main lithium resource and provide significant credits towards the capital cost of the early development works"
Prior to the discovery of Lithium at the Mt Ida Project, gold was exploited on the property by various companies on and off since the turn of the 20th Century, cumulating in a total production of >300,000 oz at a grade of >16 g/t Au. In recent months the Company has undertaken a comprehensive drilling program targeting lithium at the Mt Ida Project. During the course of this lithium drilling, numerous gold lodes have been intercepted and assayed for gold and copper.
Near surface gold results offer complimentary cashflow opportunity to Delta's Lithium strategy Further investigations will primarily consider gold mineralisation immediately adjacent to lithium resources that could potentially contribute to early cashflow opportunities at the project. Work to compile a gold specific mineral resource estimate has begun.
The Baldock 086 lode is a near surface, gold lode that is immediately adjacent to the upper Sister Sam Lithium resource. The gold lode is flat dipping with very low copper and hosts recorded mineralisation from 14m to a depth of 130m over a strike of 350m.
Gold-copper results from the Mt Ida Project
The gold and copper mineralisation intercepted in multiple lodes to date is high grade, well defined and laterally extensive, paving the way for a significant resource base that could complement both the mining and processing methods anticipated for the lithium project.
Gold mineralisation is hosted in shear-zones associated with quartz veins and sulphides. Some gold lodes have significant amounts of copper with them. There is a strong spatial association between gold lodes and the lithium bearing pegmatites.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/X29495TI
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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