- Critical Resources (CRR) hits multiple spodumene-bearing pegmatites near the surface at its Mavis Lake lithium project in Canada
- The intercepts, from drilling at the Main and South Zone, align with pegmatite projections and modelling completed as part of the Mavis Lake mineral resource estimate (MRE) process
- The maiden MRE for the project is due in the coming weeks but is unlikely to include today’s results — instead, they will form part of any future resource upgrade
- CRR MD Alex Cheeseman says the confirmation of near-surface intercepts is “very pleasing” and has boosted the company’s confidence in the project
- CRR shares are up 5.26 per cent and trading at 4 cents at 10:08 am AEST
Critical Resources (CRR) has hit multiple spodumene-bearing pegmatites near the surface at its Mavis Lake lithium project in Canada.
According to the company, the intercepts, from infill and extensional drilling at the Main and South Zone, align with pegmatite projections and modelling completed as part of the Mavis Lake mineral resource estimate (MRE) process, which is nearing completion.
Standout intercepts included 10.65 metres of spodumene mineralisation from three metres downhole and 11.3 metres of spodumene mineralisation from 13.3 metres downhole.
Critical Resources Managing Director Alex Cheeseman said the confirmation of near-surface intercepts was “very pleasing” and boosted the company’s confidence in the project.
“Confirmation of near-surface intercepts is very pleasing for several reasons; firstly, near-surface mineralisation supports the mining component of our ongoing studies into development pathways for Mavis Lake,” Mr Cheeseman said.
“Secondly, the intercepts reinforce and validate modelling work completed as part of the MRE process.”
The Mavis Lake MRE is due for release in the coming weeks. However, due to timing, the current drilling results will not be included in the maiden MRE but will form part of any potential future resource upgrades.
Critical Resources is awaiting assays from samples collected from over 38 individual drill holes and is also continuing multiple studies and other key tasks to support the progression of the Mavis Lake lithium project.
CRR shares were up 5.26 per cent and trading at 4 cents at 10:08 am AEST.