Delta Lithium (ASX:DLI) has delivered an 82% upgrade to the gold resource at its Mt Ida Project in Western Australia, with a scoping-level assessment also due for release in the coming months.
In October 2023, Mt Ida’s resource measured 3.1 million tonnes @ 4.1 grams per tonne (g/t) gold for a total of 412,000 contained ounces.
The new indicated and inferred resource, however, measures 6.6 million tonnes at 3.5g/t gold for 752,000 ounces.
Delta, which has a market capitalisation of $164 million, also increased the overall resource estimate for the Baldock deposit by 82%, from 370,000 ounces to 674,000 ounces of gold.
The new overall resource also includes a maiden estimate for the Golden Vale prospect, which measures 27,000 ounces of gold at a grade of 1.7g/t.
Snowden Optiro was engaged to conduct the resource update at Mt Ida, using results from 431 drillholes — totalling 51,604m — completed by Delta in 2023, as well as 199 historical drillholes completed at Golden Vale.
Managing Director James Croser says: “This is a wonderful result for Delta shareholders, reaffirming our long-held belief that the gold system at Mt Ida has significant scale and upside.”
“The Baldock is fast becoming one of very few, large, high-grade undeveloped gold deposits in Western Australia in excess of 500,000 ounces.”
The company adds there is “significant” potential for further resource growth at Mt Ida, with additional drilling already underway.
A reverse circulation drill rig now on site at Mt Ida to test lithium and gold targets. Drilling will include holes to test down-dip and plunge extensions to multiple lodes uncovered in the current gold resource at Baldock.
Further holes are planned at Kestrel and Golden Vale, along with regional follow-up on assays.
In conjunction with site activities, a scoping-level assessment of the gold resource is underway to define the scale of potential future gold mining options at Mt Ida, and is expected to be released in the coming months.
Write to Aaliyah Rogan at Mining.com.au
Images: Delta Lithium
