Chris Ellison-chaired Delta Lithium has provided updates on its Yinnetharra and Mt Ida lithium projects, located in the Gascoyne and Goldfields regions.
Chris Ellison-chaired Delta Lithium has provided updates on its Yinnetharra and Mt Ida lithium projects, located in the Gascoyne and Goldfields regions.
The market update comes after Delta managing director James Croser told attendees at the RIU Explorers conference in Fremantle on Wednesday that the company's two biggest shareholders - Mineral Resources and Hancock Prospecting - held each other accountable in the boardroom.
“Having four significant shareholders at the top of the register; they do tend to keep each other in check,” Mr Croser told the room.
“There is some very nice friendly tension in the boardroom.”
Mineral Resources owns a 23.8 per cent stake in Delta. Mr Ellison, who is managing director of Mineral Resources, joined the Delta board last year and subsequently became the company's chair.
Gina Rinehart-backed Hancock owns 10.7 per cent of the lithium aspirant, which added to its stake during its $70 million capital raise last year, with proceeds going toward development funding of both projects.
Delta said ongoing drilling at Yinnetharra had consistently identified continuous, thick lithium mineralisation from surface at its Malinda target, while at Mt Ida, consistent lithium grades and high-grade gold assays were also detected.
"The team at Yinnetharra has four rigs in at Malinda, and is diligently and systematically mapping and doing soils across the wide expanse of our project tenure including early reconnaissance at Lyons River," Mr Croser told the market.
"All this to build up multiple additional firm targets along and adjacent to our forty kilometres plus strike of target lithology. Heritage surveys to commence next week at our Jamesons prospect will enable us to mobilise a drill to that very prospective target in short order.
"And at Mt Ida, pleasing results with consistent Lithium grades and widths in resource definition drilling. And everyone loves high-grade gold assays."
Delta last traded at 26.5 cents per share, down 4 per cent, as of 12.28pm AWST.
