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Critical Resources (ASX:CRR) expands Canadian lithium portfolio

ASX News, Mining
ASX:CRR      MCAP $21.33M
18 January 2022 12:59 (AEST)

Source: Critical Resources

Critical Resources (CRR) has acquired the Graphic Lake lithium project in Ontario, Canada.

The Graphic Lake lithium project is considered to be prospective for lithium and rare earth elements and has shown early signs of a potential lithium-caesium-tantalum (LCT) pegmatite system.

It’s also located roughly 180 kilometres from Critical’s newly acquired Mavis Lake lithium project.

While the acquisition of Graphic Lake remains subject to approval from the Canadian Investment Review Board, it will strengthen Critical’s lithium portfolio in Canada which currently comprises Mavis Lake.

Managing Director Alex Biggs said Graphic Lake represents an early-stage exploration opportunity that is “synergistic” with the Mavis Lake project.

“An early-stage project such as Graphic Lake allows us to add significant value from the ground floor, in a commodity that we anticipate will be in high demand for the foreseeable future,” he said.

“The company is committed to making quality acquisitions and expanding its access to lithium raw materials to provide the company’s shareholders with exposure across a range of battery and critical minerals.”

Under the transaction terms, Critical Resources will pay $80,000 in cash which includes a $10,000 option fee. It will also issue $120,000 worth of shares.

Once acquired, the company plans to conduct exploration work to better understand the project and deliver a JORC-compliant resource.

Company shares were up 12.6 per cent to trade at 10.3 cents at 12:54 pm AEDT.

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