Delta taps Bell Potter for gold review

Delta Lithium has brought in financial adviser Bell Potter to undertake a strategic review to assess precious metal prospects at its Mt Ida project.

In a release to market, Delta said it is seeking to determine how to best monetise the gold potential at its Baldock deposit, where it’s also targeting lithium.

The move by Delta, which is backed by billionaires Gina Rinehart and Chris Ellison's Mineral Resources, comes as gold prices have hit record highs in recent months.

“The decision is in line with Delta Lithium’s strategy to maintain a principal focus on its lithium assets at the Mt Ida lithium project and the Yinnetharra project,” Delta said.

“There is no guarantee that the strategic review will result in any specific transactional outcome.”

According to Delta, it has 752,000 ounces of gold in the ground at Mt Ida project, which it described as shovel ready with open-pit and unground mining approvals notched.  

Managing director James Croser said the review was a considered decision informed by its mineral resources and emerging potential as a gold operation.

“Our shareholders know our core focus is lithium, and we will always look at the best way to deliver value creation for our shareholders,” he told the market.

“With the body of technical work we have recently completed on the gold opportunity, including a meaningful resource upgrade, an internal scoping study, metallurgical test work, and approvals for open-pit and underground mining, it makes sense for us to consider all options for its ongoing development.”

Delta is charied by Mr Ellison. MinRes owns a 23 per cent stake. Mrs Rinehart holds a 10 per cent foothold.

The lithium, and potentially gold, aspirant's shares closed the day at 24 cents per share, up just over 2 per cent.