The Delta Lithium Ltd (ASX: DLI) share price is having a strong finish to the week.
In morning trade, the ASX lithium stock is up almost 8% to 63 cents.
Why is this ASX lithium stock jumping?
Investors have been buying the lithium explorer's shares this morning after it achieved a key milestone at the Mt Ida Lithium Project in Western Australia.
According to the release, the WA Department of Mines, Industry, Regulation and Safety (DMIRS) has approved the mining proposal and mine closure plan for open pit mining operations at the Mt Ida Lithium Project.
Management highlights that this is a key milestone in the company's strategy to achieve 'shovel ready' status on phase 1 of mine development at Mt Ida and further de-risks development of the concentrate project.
In addition, the approval of open pit mining now positions the company to take advantage of the opportunity to exploit shallow gold ore that is overlying lithium ore.
Detailed technical work is now underway based on the recent lithium mineral resources estimate (MRE) update and the maiden gold MRE announced by the company.
'A compelling mining project'
The ASX lithium stock's managing director, James Croser, was pleased with the news. He said:
With all statutory approvals for commencement of mining now received, it is accurate to say that Mt Ida is indeed shovel-ready. The combined lithium and gold resources present a compelling mining project. The Company is now in an enviable position at Mt Ida to simultaneously progress studies on the lithium concentrate project; while also progressing discussion around deriving value from high-grade gold.
The Delta Lithium share price is up approximately 15% over the last 12 months following today's gain.
