Critical Resources (ASX:CRR) reports assay results from the current diamond drilling campaign at its 100% owned Mavis Lake Lithium Project in Ontario, Canada continues to present intercepts of ‘extremely high-grade’ lithium oxide.
The company reports that past few rounds of assay results it has released have been some of the highest grades announced by an ASX-listed lithium company so far this year.
Critical Resources notes the recent assay results illustrate the continuity of ‘high-grade’ mineralisation within the Main Zone of Mavis Lake.
As the company pushes its drilling campaign to the west, the assay results confirm continued lithium mineralisation, ultimately extending the confirmed strike length of the main zone which has been subject to approximately 11,000m of the drilling in the current 2022 campaign.
The ‘high-grade’ lithium confirmed in the assay results correlate with visual assessments released immediately after drilling.
Assay results include:
- MF22-81 14.7m @ 1.09% Li2O from 146m, including 8m @ 1.61% Li2O from 146.9m, and 1.5m @ 3.36% Li2O from 151.5m.
- MF22-82 13.2m @ 1.3% Li2O from 163m, including 9.8m @ 1.65% Li2O from 165.63m and 1.54m @ 2.09% Li2O from 174.66m.
- MF22-83 6.7m @ 0.65% Li2O from 122.05m, including 3.9m @ 1.02% Li2O from 123.55m.
- MF22-84 5.35m @ 1.03% Li2O from 115.05m, including 1.2m @ 2.67% Li2O from 116.3m.
- MF22-85 15m @ 1.19% Li2O from 148.15m, including 9.6m @ 1.72% Li2O from 149.6m and 3.8m @ 1.91% Li2O from 149.6m.
- MF22-86 9.4m @ 1.37% Li2O from 116.7m, including 7.25m @ 1.75% Li2O from 117.7m.
Critical Resources Non-Executive Director Alex Cheeseman said following the company’s last results with another set of ‘high-grade’ assays is an excellent outcome, and further builds to its confidence in delineating a JORC compliant resource in the near future.
“We believe the last few rounds of assay results have been some of the highest grades released by an ASX listed lithium company so far in 2022”
“We believe the last few rounds of assay results have been some of the highest grades released by an ASX listed lithium company so far in 2022, this sets us up well to continue advancing the project and transition Critical Resources into a potential lithium project developer.”
Drilling continues at Mavis Lake with a total of approximately 11,676m completed out of the recently extended 15,000m drill program.
The phase 3 drilling results will be presented when the assays have been received.
Critical Resources is undergoing initial discussions with consultants to perform metallurgical test work as well as resource modelling and will advise the market of progress in due course.
Critical Resources’s aim is advancing and developing critical metals projects for a decarbonised future.
Its primary objective is the rapid development of its flagship Mavis Lake Project, located in Ontario, Canada. Mavis Lake is an ‘advanced’ exploration project with near-term development potential.
Critical also has an opportunity for further regional growth through exploration at its Graphic Lake, Plaid and Whitloon prospects, along with expanding its Canadian portfolio through potential increased land holdings, mergers and acquisitions.
Critical Resources’ other projects include the Halls Peak Project in New South Wales, a ‘high-quality’ base metals project with ‘significant’ scale potential and the Block 4 and Block 5 Copper Project, located in Oman.
Images: Critical Resources Ltd
