Billionaire-backed Delta Lithium (ASX:DLI) has released a maiden Mineral Resource Estimate (MRE) for its Yinnetharra Lithium Project in Western Australia of 25.7 million tonnes @ 1.02% Li20.
The resource estimate comes from the Malinda prospect in the wider project area and is based on 498 drill holes completed for a cumulative 115,317m of drilling. What’s more, the resource comes just 12 months after Delta first acquired the Yinnetharra project.
Delta says while Malinda is the only prospect drilled in the area so far, it’s just ‘one of many’ prospects with confirmed lithium-caesium-tantalum (LCT) mineralisation.
Around 26% of the new Yinnetharra MRE lies in the higher-confidence ‘indicated’ category, and the update takes Delta’s total combined resources across its project portfolio to 40.4 million tonnes @ 1.1% Li2O at a 0.5% Li20 cut-off.
Delta Managing Director James Croser says the speed at which the company was able to deliver this MRE is a testament to the ‘tenacity’ of its team.
“Yinnetharra was a blank canvas 12 months ago, and our people have overcome many challenges to punctuate the end of 2023 with its release.
This MRE is the foundation from which a mining lease application, scoping studies and further growth at Yinnetharra will proceed, with real potential now to support a significant lithium mining operation of large open-pit scale. We believe that this is just the beginning for the Yinnetharra Project, with multiple mineralised LCT prospects yet to be tested over the massive project area.”
“We believe that this is just the beginning for the Yinnetharra Project, with multiple mineralised LCT prospects yet to be tested over the massive project area”
He says the team will take a short break for the holidays before kicking off its 2024 exploration work, which will begin with an enhanced January drilling program as well as heritage surveys across the company’s newly-granted Jameson Tenement.
Delta Lithium over 2023 has become a prime target for some of Australia’s biggest miners looking to snap up lithium assets around the country. Mineral Resources (ASX:MIN) and Gina Rinehart’s Hancock Prospecting together control around 22% of Delta, and each of the majors took up their full rights under a recent $70 million entitlement offer launched by the lithium hopeful in November.
Alongside Yinnetharra, Delta Lithium owns the Mt Ida Project — its flagship asset — near Menzies in Western Australia. The company’s other assets include the Earaheedy Project and a string of tenements near the old Eureka Mine, also in WA.
Write to Joshua Smith at Mining.com.au
Images: Delta Lithium