Delta Lithium (ASX:DLI) has agreed to acquire tenements subject to its joint venture with Reach Resources (ASX:RR1) for $800,000.
The company will pay $400,000 cash and $400,000 in shares at the 30-day volume-weighted average price to acquire the 170km² tenement package in Western Australia’s Gascoyne region.
This acquisition includes the Morrissey Hill project, comprising the Talisker and Fireball prospects; and the Camel Hill project, consisting of the Aberlour, Cirka, and Tomahawk prospects.
“Buying out this joint venture brings Delta to full ownership over this important tenement package […] [providing] Delta with flexibility in terms of the timing and type of exploration we will conduct,” Managing Director James Croser says.
The tenements contain extensive lithium-prospective host stratigraphy with identified lithium, gold, fluorite, and tungsten anomalies.
Prospects for lithium-caesium-tantalum pegmatite mineralisation remain strong, with Leake Spring metamorphic packages situated within the favourable zone adjacent to Thirty-Three Suite granites.
The acquisition terminates the earn-in and joint venture agreement announced in March 2024, with the transfer of the tenements remaining subject to ministerial consent.
Gold discovery at Mason’s
Final assay results from Delta’s regional drilling program at Yinnetharra returned a gold occurrence of 2m at 5.69 grams per tonne gold from 96m at the Mason’s prospect.
Individual metre samples from the 4m composite returned 10.85g/t gold from 96m to 97m and 0.53g/t gold from 97m to 98m.
“The gold anomaly at Mason’s will require further follow-up work to properly examine its potential,” Croser says.
Delta holds JORC-compliant resources totalling 36.5Mt at 1.0% lithium oxide across its Mt Ida and Yinnetharra projects.
The Yinnetharra project contains 21.9Mt at 1.0% lithium oxide and 75ppm tantalum oxide, with an additional 17.5Mt at 136ppm tantalum oxide.
The company appointed Olaf Frederickson as geology manager, replacing Shane Murray, who resigned after five years.
With 30 years in mineral sands, iron ore, lithium, and gold, Frederickson specialises in resource estimation and exploration.
Delta Lithium ended the quarter with $52.2 million in cash and ASX‑listed investments valued at $115 million, based on 15 June 2026 closing prices.
Write to JC Villarba at Mining.com.au
Images: Delta Lithium
