Mt Ida Lithium Mineral Resource Estimate Update
Perth, Oct 3, 2023 AEST (ABN Newswire) - Delta Lithium Limited (
ASX:DLI) is pleased to announce an updated MRE for its 100% owned Mt Ida Lithium Project in the Goldfields region of Western Australia.
An independent MRE update has been prepared by Snowden Optiro for the Mt Ida Lithium Project.
Commenting on the results Managing Director, James Croser says;
'What a fantastic result for the development of our Mt Ida Lithium Project and a true credit to the teamwork and tenacity of Delta's staff over the last 12 months since our maiden Mineral Resource.
The objective of this resource update was to provide a higher level of confidence in the mineralisation at Mt Ida, particularly the "Sister Sam" and "Timoni" deposits, and thus enable confirmation of an economic lithium project. We've done just that, more than doubling the Indicated Mineral Resource and confirming continuity and grade where it matters in the potential early years of a mine, while also growing the contained lithium in the deposit by 20%.
Highlights:
- The Mt Ida Lithium Project in the Goldfields region of Western Australia remains on track for approval to commence mining operations later this year.
- Delta Lithium is pleased to report an upgraded Mineral Resource Estimate (MRE) for lithium:
o Updated combined Inferred and Indicated Mineral Resource Estimate of: 14.6Mt @ 1.2% Li2O (at a 0.55% Li2O cut off)
o 136% Increase in Indicated Mineral Resources to 7.8Mt @ 1.3% Li2O
o 15% Increase in combined Indicated and Inferred Mineral Resources from 12.7Mt to 14.6 Mt
o 21% Increase in global contained Li2O to 180,000 tonnes
o 98% Increase in global Mineral Resource Estimate for the "Sister Sam" pegmatite to 9.3Mt @ 1.3% Li2O
- The large increase in Indicated Mineral Resources positions the Company well to complete Scoping Studies and undertake detailed feasibility studies on the longer term concentrate project at Mt Ida with design and engineering works already underway
- The increase in global contained lithia positions the Company for a potential 10 year plus mining operation
- The large increase in contained metal for the "Sister Sam" pegmatite will allow the Company to consider a less capital intensive mining option than previously envisaged
- Drilling continues at Mt Ida with three RC rigs undertaking lithium and gold grade control drilling and exploration and two diamond rigs undertaking geotechnical, metallurgical and Mineral Resource infill drilling.
- A Maiden Independent Mineral Resource Estimate for gold at Mt Ida is being finalised, will be reported in the coming days and is expected to compliment the upgraded lithium "maiden resource estimate" ("MRE") and lithium strategy at Mt Ida.
The Company is now able to undertake detailed engineering and design, on a larger indicated lithium resource, and the Delta team have commenced activities to deliver this next milestone. We believe Mt Ida has great potential to support a mine life of greater than ten years and deliver great value for shareholders.'
The Mineral Resource Estimate
The updated independent Lithium Mineral Resource Estimate was prepared by Snowden Optiro on the "Sister Sam", "Timoni" and "Sparrow" pegmatites at the Company's wholly owned Mt Ida Lithium Project in the Eastern Goldfields Region of Western Australia.
Compared with the maiden "MRE" reported in October 2022 this resource update has seen modest increases in tonnes, grade and contained lithia with significant increases in higher confidence resources.
Next steps for the Mt Ida Lithium Project
Grade control drilling is underway for Mt Ida with a focus on the shallow portion of the "Sister Sam" lithium mineralisation as well as the adjacent gold mineralisation, to enable detailed open pit design that is able to feed into operational planning.
Resource drilling is underway using diamond drill rigs with the objective of converting the remaining Inferred Mineral Resources for a further lithium Mineral Resource update in December 2023.
Metallurgical drilling is ongoing with advanced DFS level metallurgical variability studies utilising more than 12 tonnes of drill-core underway.
Geotechnical work is ongoing for potential underground and open pit mining ground control and planning purposes.
Advanced mineralogical work is underway with the objective of providing geo-metallurgial parameters for resource blocks in an upcoming Lithium Mineral Resource update scheduled to be delivered in December 2023.
Re-assay of historical pulps and coarse material that produced substandard QAQC results from SGS laboratories is underway with the objective of positioning the project for potential Measured Resources in a Mineral Resource estimate update in December 2023.
A Feasibility Study is underway for the longer term lithium concentrate project, with a scoping study on the potential "direct shipping ore" ("DSO") operation due to be reported in the coming months.
Mining Projects teams are on site at Mt Ida with a camp-site rebuild and expansion underway to provide accommodation for commencement of mining operations.
A maiden gold Mineral Resource estimate is due in the coming days, with significant potential to add gold production to the early works soon to be commenced on site.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/7PQBKEP7
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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