Join our daily newsletter At The Bell to receive exclusive market insights
- Critical Resources (CRR) stakes 700 hectares of additional claims around its Graphic Lake Project in Ontario, Canada
- This new land increases the company’s land holding along the strike potential of a pegmatite field at the project
- Earlier this year, Critical agreed to purchase the project, located about 180 kilometres from the company’s Mavis Lake lithium project
- However, the purchase and the claims are subject to approval from the Canadian Investment Review Board
- Critical Resources sharea are down 4.17 per cent this afternoon and trading at 12 cents each
Critical Resources (CRR) has staked 700 hectares of additional claims around its Graphic Lake Project in Ontario, Canada.
This new land increases the company’s landholding along the strike potential of a pegmatite field at Graphic Lake.
Earlier this year, Critical agreed to purchase the project, located about 180 kilometres from the company’s Mavis Lake lithium project.
However, the purchase and the claims are subject to approval from the Canadian Investment Review Board.
“The approval of these claims further strengthens the company’s landholding in Canada,” Managing Director Alex Biggs said.
“Claims have been chosen strategically to follow the northeast to southwest trend potential of the pegmatite field which will increase the opportunity to define drill targets across the Graphic Lake project.
“We are excited to further offer our shareholders quality opportunities in the lithium sector in Ontario and will update the market on further progress in due course.”
A work program is underway at the project to identify priority drill targets.
The company is currently awaiting assay results for 13 samples taken from Graphic Lake.
The Graphic Lake project lies 55 kilometres southeast of Kenora, Ontario. The region is an emerging lithium province home to multiple projects, according to Critical.
On the ASX this afternoon, Critical is down 4.17 per cent and trading at 12 cents per share at 12:27 pm AEDT.
