Quarterly Activities Report
Perth, Jan 23, 2024 AEST (ABN Newswire) - Delta Lithium Limited (
ASX:DLI) is pleased to provide the following report on activities undertaken during the December Quarter, 2023.
December Quarter Highlights
- A maiden Mineral Resource Estimate (MRE) at the Yinnetharra Lithium Project was announced:
o combined Inferred and Indicated MRE of 25.7Mt @ 1.0% Li2O (at a 0.5% Li2O cut off),
o 26% of the MRE in higher confidence Indicated category: 6.7Mt @ 1.0% Li2O,
- This MRE has been defined from only the Malinda prospect, which is the only prospect to have been drilled to date at Yinnetharra.
- The Mt Ida Lithium Project received approval from DEMIRS for the Mining Proposal and Mine Closure Plan for Phase 1 open pit mining operations in line with prior expectations.
- Increased Mt Ida Lithium Mineral Resource Estimate (MRE) announced:
o Inferred and Indicated increased to 14.6Mt @ 1.2% Li2O,
o 136% increase in Indicated Mineral Resources to 7.8Mt @ 1.3 % Li2O,
o Increase in the contained lithium positions Delta for a potential 10 year plus mining operation.
- Additionally, a co-located gold MRE of 3.1Mt @ 4.1g/t Au for 412,000 ounces was defined, providing an opportunity for early cash flow from a potential sale or toll treatment of gold resources.
- Delta's global MRE is now 40.4Mt @ 1.1% Li2O across both projects (at a 0.5% Li2O cut off)
- A binding agreement was executed with Dalaroo Metals Ltd (ASX:DAL) to purchase the LCT (lithium, caesium and tantalum) Mineral Rights over its Lyons River Project close to the Yinnetharra Project area.
- An Accelerated Non-Renounceable Entitlement Offer was announced on 13 November 2023 and completed on 7 December 2023, providing approximately $70.2 million to fund upcoming Company activities.
- Cash balance at 31 December 2023 of $116M
Commenting on the quarter, Managing Director of Delta Lithium, Mr James Croser said:
"The final quarter of 2023 saw the achievement of multiple important milestones for the Delta team. An upgraded MRE at Mt Ida and the declaration of maiden MRE's for both Yinnetharra and gold at Mt Ida have all been delivered on schedule. I'm incredibly proud of the speed and skill demonstrated by our team to hit these targets, especially the MRE at Yinnetharra which has been achieved in just over 12 months from finalisation of the acquisition.
*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/D49L76KD
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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