Lithium is a tricky resource to find in economic quantities....

Lithium is a tricky resource to find in economic quantities. That is partly why there are only 14 JORC resources in Australia and Delta has one of them and is on their way to having a 2nd and increasing the country count from 14. Explorers will have drilled various tenements along strike and nearby to all the existing JORC resources but collectively haven't yet managed to define more JORC resources.

Yesterday continued to be a bad day for nearology. ZEU's Mortimer Hills came up with nothing from phase 1. While this was near surface (typically to 50m) drilling, they intersected thin to typical width pegmatites that were dusters. Lots more targets, but initial drilling didn't work.

Over in the Finniss area of NT, nearology also had a bad day. CHR put out a good looking title but when you looked further, they came up with dusters on two of their main prospects Megabucks and Old Bucks. There were some mineralised intercepts at Enterprise but they were either thin or fairly deep. An intercept of 16m @ 0.65% from 185m was pitched as a 1.91% in the announcement title, but it was only 1m and if you take away this 1m intercept the residual grade for the other 15m was 0.57%. If a 0.5% cut-off was applied it could have been a sub-5m intercept at depth. Nothing economic yet. Like ZEU they have other prospects.

What does this mean for Delta?

• It reconfirms that Delta is sitting on good ground because they are drilling into multiple mineralised pegmatites.
• It reconfirms (if even necessary) that dusters are just part of the exploration game. Delta has had, and will continue to have a significant number of duster holes - its just part of the lithium exploration game.
• It reconfirms what Delta is hittiing is special because large mineralised pegmatites are not common
• It may have less shareholders selling their successful Delta shareholding to chase the next nearology play (but this will still happen)