ASX-listed Delta Lithium has secured lithium, caesium and tantalum (LCT) mineral rights from Dalaroo Metals over its 100%-owned Lyons River project in Gascoyne, Western Australia (WA).
As per the agreement, Delta will pay A$500,000 ($330,804) and issue shares worth a total of A$500,000 to Dalaroo upon completion.
It also agreed to spend a minimum of A$280,000 annually on exploration for three years.
The Lyons River Project tenements cover around 838km².
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These tenements have mapped pegmatite swarms and soil anomalies of up to 334ppm of Li2O.
Lyons River is located close to Delta’s Yinnetharra project and is due to be explored by an expanded team from Yinnetharra camp.
The company plans to begin work immediately on the project, which will include data compilation, target generation, followed by on-ground mapping and sampling work to define drill targets.
After securing the Lyons River mineral rights, Delta’s footprint in the Gascoyne lithium province has now increased to 1,356km².
Delta Lithium managing director James Croser said: “This large package of LCT rights boosts our Gascoyne footprint by 161%, giving us a great stronghold in this emerging lithium province. 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 greenfield exploration on this newly acquired ground.”
The Lyons River project is located around 1,100km from Perth, in WA’s Proterozoic Mutherbukin Zone in Gascoyne Province.
Drills at the project have outlined lead-zinc-copper mineralisation with up to 2.3% lead (Pb), 0.3% zinc (Zn), 0.9% copper (Cu) and four grams per tonne of silver (Ag).
Last month, Delta received approval for development of its Mt Ida lithium project in WA’s Department of Mines, Industry, Regulation and Safety.
The approval is considered to be an important part of its strategy for the first phase of Mt Ida mine development.