- Critical Resources (CRR) hits “significant” new spodumene intercepts, both near-surface and at depth, paving the way toward a resource upgrade at Mavis Lake in Canada
- Key intercepts include 10.65 metres at 1.59 per cent lithium oxide from three metres down-hole and 13.3 metres at 1.07 per cent lithium oxide from 11.3 metres down-hole
- Other hits included 6.25 metres at 1.37 per cent lithium oxide from 182.5 metres down-hole and 19.1 metres at 1.35 per cent lithium oxide from 229.6 metres down-hole
- The company eyes a clear pathway to become the largest single-site mineral resource base for lithium in Ontario
- CRR shares are up 2.63 per cent and trading at 3.9 cents at 3:34 pm AEST
Critical Resources (CRR) has struck “significant” new spodumene intercepts, both near-surface and at depth, paving the way towards a resource upgrade at its Mavis Lake lithium project in Ontario, Canada.
Key intercepts included 10.65 metres at 1.59 per cent lithium oxide from three metres down-hole and 13.3 metres at 1.07 per cent lithium oxide from 11.3 metres down-hole.
Other hits included 6.25 metres at 1.37 per cent lithium oxide from 182.5 metres down-hole and 19.1 metres at 1.35 per cent lithium oxide from 229.6 metres down-hole.
Critical Resources reported the results confirmed the presence of thick, high-grade lithium mineralisation throughout the Mavis Lake Main Zone, supporting the potential to upgrade the current inferred mineral resource of eight million tonnes at 1.07 per cent lithium oxide.
CRR Managing Director Alex Cheeseman said the results geared CRR up for its next phase of drilling at Mavis Lake.
“These assays were received after the cut-off for our maiden eight million tonne MRE delivered in May – and they clearly set the scene for the next chapter of growth at Mavis Lake,” he said.
“They include a series of thick, shallow, high-grade intercepts which both in-fill key parts of Mavis Lake Main Zone while also highlighting the exciting growth potential laterally and at depth.”
Results from the South Zone also validated Critical’s approach to continue testing adjacent areas to the Central Mavis Lake Zone, where multiple mapped spodumene-bearing outcrops are yet to be drill tested.
The company now eyes a clear pathway to delivering material resource growth at Mavis Lake, with the opportunity to build it into the largest single-site mineral resource base for lithium in Ontario.
CRR shares were up 2.63 per cent and trading at 3.9 cents at 3:34 pm AEST.