Critical Resources (ASX:CRR) hop to first Mavis Lake milestone
Critical Resources have made great time on the first crucial stage of its Mavis Lake JORC resource, bringing in a 8.0 Mt at 1.07 % lithium oxide estimate on its rapidly advancing project in Canada’s Ontario province.
The initial resource covers just two per cent of the project area and is yet to include last month’s drilling, earmarked for inclusion in a future resource upgrade.
Critical Resources Managing Director Alex Cheeseman said it was something for the whole organisation to be proud of, to have brought in a lithium resource less than a year after firing up the drill.
“To have defined and declared a maiden Mineral Resource Estimate in such a short time is testament to the diligence and focus of our team and the high quality nature of the project,” Mr Cheeseman said.
“Critical Resources is now just one of two ASX-listed companies with a JORC Code 2012 compliant Mineral Resource in Ontario putting us in an enviable position as we begin to engage with potential strategic and off-take partners, whilst continuing to advance the project.”
“A key message for investors is that this Resource is just the beginning of the Mavis Lake story, the deposit itself remains open both along strike and down-dip, with significant potential to add
further tonnes to the MRE with continued drilling.”
Mr Cheeseman added that with sampling grades as high as 6.78 and 4.58 per cent lithium oxide, its additional prospects at Gullwing and Tot Lakes offered outstanding potential for new discoveries to add to an already impressive resource, one he expects to continue to grow as the company moves on the development pathways of Mavis Lake in the years to come.
As the Canadian ice thaws, Spring exploration is planned for the additional prospects just north of the Mavis Lake Main Zone where drilling continues, and multiple mapped spodumene-bearing outcrops lying across the project have yet to be drill tested.
CRITICAL FPO [CRR]