- Critical Resources (CRR) completes the due diligence and records no fatal flaws at its Mavis Lake lithium project in Ontario, Canada
- The forthcoming metallurgical test will look for battery grade lithium carbonate with a purity of 99.5 per cent
- The company says Tesla’s recent announcement about a new battery manufacturing plant in Ontario demonstrates the region’s value to the industry
- CRR will wait for results from the completed and upcoming tests and plans on commencing diamond drilling soon thereafter
- Critical Resources trades up 2.04 per cent and is. selling at 5 cents apiece
Critical Resources (CRR) has completed the due diligence and recorded no fatal flaws at its Mavis Lake lithium project in Ontario, Canada.
The company conducted airborne magnetics, radiometric and very low frequency electromagnetic testing earlier this week.
The forthcoming metallurgical test will look for battery grade lithium carbonate with a purity of 99.5 per cent.
In its statement, the company said Tesla’s recent announcement about a new battery manufacturing plant in Ontario demonstrates the region’s value to the industry.
The project is located 19 kilometres east of Dryden in Ontario and therefore has close access to the Trans-Canadian Highway and railway systems.
The final approval from the Canadian Investment Review Branch is still pending.
Critical Resources’ CEO Alex Biggs said the results from the due diligence is a big step forward for the company.
“We are awaiting final approval from the IRB which is required to allow us to finalise the transaction with the vendors. We are excited to get on the ground in Canada and start our exploration works and begin discovering what Mavis Lake has to offer,” he said.
The company will wait for results from the completed and upcoming tests and plans on commencing diamond drilling soon thereafter.
Critical Resources traded up 2.04 per cent and were sold at 5 cents apiece at 12.27 pm AEDT.