Delta Lithium Limited (ASX:DLI) Announces Mt Ida Exploration Update
Resource and Drilling Highlights
Delta Lithium Limited’s 100% owned Mt Ida Gold Project boasts a Mineral Resource Estimate (MRE) of 6.6 million tonnes at 3.5 g/t gold, totaling 752,000 ounces. The project includes the high-grade Baldock deposit, which has 4.8 million tonnes at 4.4 g/t gold for 674,000 ounces. Mining approvals are confirmed, and a four-stage drilling program is in progress with two rigs currently operating.
Recent drilling results have indicated substantial resource growth potential, with highlights including intercepts of 3 metres at 18.2 g/t Au, 6 metres at 13.4 g/t Au, and varying grades from several other drill holes. Initial results from the Bombay prospect’s maiden drill program have also returned 14 metres at 1.3 g/t Au.
Future Development Plans
The ongoing drill program is set to validate an updated gold MRE and support a forthcoming feasibility study. Delta Lithium aims to further explore the resource’s growth and complete additional metallurgical and geotechnical studies.
Managing Director James Croser remarked, “Mt Ida continues to deliver excellent gold results and good likelihood of an expanded gold resource… The gold market is maintaining very positive momentum, and all of our options remain open.”
Strategic Review Outcomes
Delta has conducted a strategic review of the Mt Ida project, confirming that the optimal path is to continue its advancement toward standalone scale. The Mt Ida gold assets have been consolidated into a subsidiary, facilitating streamlined operations.
The company intends to execute current drilling stages and plans an upcoming MRE update, alongside submission of works approvals for further development.
The Mt Ida Gold Project is located in Western Australia, with significant resources in both gold and lithium, further enhancing Delta Lithium’s position in the mining sector.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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