Chris Ellison-chaired Delta Lithium has struck a deal to buy lithium rights in the Gascoyne, while Mineral Resources has contracted Develop Global for work in the Goldfields.
Chris Ellison-chaired Delta Lithium has struck a deal to buy lithium rights in the Gascoyne, while Mineral Resources contracts Develop Global for work in the Goldfields.
ASX-listed Delta told the market it had reached a deal to acquire the lithium, caesium and tantalum mineral rights over Dalaroo’s Lyons River asset, 220 kilometres north-east of Carnarvon.
The miner will pay $500,000 In cash and issue $500,000 worth of Delta shares to secure the lithium rights across the more than 800 square kilometre tenement package.
Delta will also spend at least $280,000 on exploration under the deal. MinRes is a major shareholder in Delta with a 19.2 per cent stake.
Subiaco-headquartered Delta said an expanded team based at its nearby Yinnetharra lithium project would immediately begin exploration work at Lyons River.
“This large package of LCT rights boost our Gascoyne footprint by 161 per cent, giving us a great stronghold in this emerging lithium province,” Delta managing director James Croser said.
“The ground is close to our Yinnetharra project, where our focus is to undertake significant resource development drilling at Malinda as we continue to build confidence in this discovery.
“We will use our existing base to concurrently explore a regional pipeline of promising prospects that could support a long-life lithium operation in the area, starting with Jamesons in 2024 and greenfields exploration on this newly acquired ground.”
Meanwhile, MinRes has extended its reach into Develop Global through awarding a $46 million underground development contract at its Mt Marion lithium mine.
It comes after MinRes increased its stake in Develop to 13.97 per cent, adding to the miner’s acquisitive shopping spree of lithium interests.
Under the 18-month contract, Develop will establish and develop an exploration decline at the Mt Marion lithium asset the Goldfields, which is a joint venture with Ganfeng Lithium Co.
Develop managing director Bill Beament said the contract was a significant vote of confidence in his underground mining team.
“Our team is eager to make a significant contribution to the Mt Marion project by applying its extensive skills and experience to the underground development,” he said.
