Delta Lithium has signed farm-in deals with junior miners Voltaic Strategic Resources and Reach Resources over tenements near its Yinnetharra lithium project.
Delta Lithium has signed farm-in deals with junior miners Voltaic Strategic Resources and Reach Resources over tenements near its Yinnetharra lithium project.
The lithium hopeful signed two joint venture and farm-in deals to earn-in up to 80 per cent of the mineral rights across the three exploration projects surrounding its Yinnetharra asset in the Gascoyne.
The deals boost Delta’s footprint in the region by more than 30 per cent, an area which it claims has the potential to become Western Australia’s next lithium province.
Delta executed a JV and earn-in deal with Voltaic over its Ti Tree project, under which it can earn an 80 per cent interest through a $12 million earn-in over four years.
The Ti Tree project is located south of Yinnetharra, where Delta is undertaking exploration at its namesake project, including the Malinda and Jamesons prospects.
Delta also signed a joint venture and earn-in deal with Reach Resources for its Morrissey Hill and Camel Hill lithium exploration projects in the region.
Under the deal, Delta will pay $3.2 million cash, and it can earn a 51 per cent JV interest in the tenements by spending $3 million on exploration over two years.
It can up its stake to 80 per cent by spending an additional $6 million over the next two years after the first stage of the earn-in is complete. Delta could also buy out the remaining 20 per cent.
Delta managing director James Croser said the combined land package significantly boosted the potential for a long-life operation in the region.
“Delta is pleased to enter this strategic collaboration concurrently with Voltaic Strategic Resources and Reach Resources, simultaneously gaining access to the expended prospective stratigraphy in addition to our existing Yinnetharra tenure, that has already delivered an impressive maiden resource at Malinda,” he said.
“Both Voltaic and Reach shareholders are poised to directly benefit from Delta’s existing on-site presence at Yinnetharra and the expertise that out team will apply to our expanded footprint starting immediately.”
Delta’s shares were trading up 2.34 per cent to 32.7 cents per share.
