Critical Resources (ASX:CRR) is actively working towards a future mineral resource upgrade at its Mavis Lake Lithium Project in Ontario, Canada.
The $24.88 million market capitalisation company says its goal of defining a new resource upgrade will be fueled by fresh results from a drilling program completed during H2 2023, with 16,753m drilling from late June through to mid-November.
Final assays have now been posted, further extending the known mineralisation at Mavis Lake to a strike length of 1.1km with tight-drill spacing providing ‘high confidence’ in the continuity of mineralisation throughout the main zone.
Results demonstrate lithium oxide grades up to 1.46% Li2O.
All results are being incorporated into resource modelling work and will underpin the future mineral resource upgrade.
Critical Resources also announces results are pending from workstreams completed recently across the Northern prospects, all aimed at developing high-confidence future drill targets.
The Northern prospects provide an immediate opportunity to further expand the scale of Critical Resources’ inventory across the broader Mavis Lake Project area.
Managing Director Alex Cheeseman says: “These final assay results conclude our drilling activities from 2023 at Mavis Lake, and we are very pleased with the outcomes of that program.
We have successfully extended the known strike of the mineralisation to 1.1km, including areas of significant thickness and grade successfully in-filled the resource, adding both tonnage and confidence in the consistency of mineralisation, plus identified a new lower zone of mineralisation. All of this sets up a very well for a future resource upgrade.
The exploration team is still waiting on a series of results for the Northern prospects. Once this information is available, detailed planning will begin for our exploration programs in 2024.
We are very confident we can continue to grow the Mavis Lake resource and we look forward to taking further significant steps to advance the project in 2024.”
Critical Resources is an explorer and developer of the critical metals required for a decarbonised future, underpinned by a portfolio of lithium projects in Ontario, Canada which are ideally positioned to participate in a rapidly growing North American battery materials supply chain.
Write to Adam Drought at Mining.com.au
Images: Critical Resources
