Critical Resources (ASX:CRR) expands high-grade lithium at Mavis Lake
October 31, 2022Critical Resources Limited (ASX:CRR) diamond drilling has further unpacked a gift that keeps on giving with high-grade lithium mineralisation continuing along a 750-metre strike at its 100% owned Mavis Lake Lithium Project in Ontario, Canada.
Assays from drill holes MF22-95 and MF22-96 confirmed respective results of 9.65m @ 1.15% Li2O from 131.6m including 7.2m @ 1.5% Li2O from 132.95m and 14.75m @ 0.87% Li2O from 152.25, including 7.9m @ 1.49% Li2O from 155.25m including 1m @ 3.57% from 161.3m.
The results add further gravitas to confirmed lithium mineralisation over a 750m strike length, with an approximate 50m drill hole spacing within the Main Zone.
The Company said its structured and deliberate approach to drill planning and execution will underpin the maiden Mineral Resource Estimate (MRE) work, which is underway and expected to be released in Q1 2023.
“Importantly our most recent results have confirmed continued high-grade lithium mineralisation within the Main Zone, along a large 750-metre strike length,” Managing Director Alex Cheeseman said.
“Beyond the Main Zone, Mavis Lake consists of additional drill ready targets centered on mapped spodumene-bearing pegmatites, outcropping at surface.
“Multiple drill targets are planned and under permitting, the Company is only in the early stages of testing the true potential of Mavis Lake.
“As the downstream industry continues to announce further multi-billion dollar investments into electrification of the automotive industry, and legislated change as highlighted by the European Union’s latest decision to effectively ban the sale of internal combustion engines from 2035, the industry is set for significant long-term growth and we believe Mavis Lake puts us in an outstanding postion to capitalize on this growth”.
Price Action
The Company’s ASX-listed shares have risen 1.52% to 5.9c in early morning trade.
About Critical Resources
Critical Resources is advancing and developing critical metals projects for a decarbonised future.
The Company’s primary objective is the rapid development of its flagship Mavis Lake Lithium Project, located in Ontario, Canada. Mavis Lake is an advanced exploration project with near-term development potential. Critical has an exciting opportunity for further regional growth by exploring its Graphic Lake, Plaid and Whiteloon prospects and expanding its Canadian portfolio through potentially increased land holdings and mergers and acquisitions. The Company’s other projects include the Halls Peak Project in NSW, Australia, a high-quality base metals project with significant scale potential and the Block 4 and Block five copper projects in Oman.
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