Delta Lithium (ASX:DLI) said assay results received from stage two drilling at its Mt. Ida gold and lithium project in Western Australia intercepted mineralization beyond the current mineral resource estimate, according to a Friday Australian bourse filing.
The company concluded a strategic review of the project, which found that the most value-accretive development pathway is to continue progressing the project.
It is currently conducting a four-stage resource extension drill program with one reverse circulation rig and one diamond drill rig operating at the project. The drilling has resulted in intercepts of 3 meters at 18.2 grams per tonne (g/t) grade of gold from a depth of 283 meters, as well as 6 meters at 13.4 g/t grade of gold from 91 meters.
It is also conducting feasibility work for a standalone processing plant, among other activities.
The firm's shares rose almost 3% in recent trading on Friday.
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