Critical Resources (ASX:CRR) has uncovered multiple near-surface spodumene-bearing pegmatite intercepts ahead of a scheduled maiden JORC 2012 Mineral Resource Estimate (MRE) at its wholly owned Mavis Lake Lithium Project in Ontario, Canada.
The company continues drilling at Mavis Lake. It is unlikely these latest intercepts will be included in the maiden MRE due to its imminent release. They will be considered in a
future resource upgrade, the timing of which is yet to be determined.
Critical Resources is awaiting assays from samples collected from over 38 individual drillholes and continues with multiple studies and other key tasks to support progression of the Mavis Lake Lithium Project.
The latest results, generated from ongoing targeted infill and extension drilling at both the central Main and South zones at Mavis Lake, indicate that the near-surface intercepts will correlate well with mine pit development works currently being completed in support of the project’s Scoping Study.
Key intercepts include hole MF23-197 with 10.65m of spodumene mineralisation from 3m downhole; hole MF23-199 with 11.3m of spodumene mineralisation from 13.3m downhole; and hole SZ23-027 with 10.6m of spodumene mineralisation from 33.5m downhole.
With AC drilling still ongoing, outstanding assays are yet to be received from samples collected from over 38 individual drillholes.
Speaking on the results, Critical Resources Managing Director, Alex Cheeseman says: “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.
Secondly the intercepts reinforce and validate modelling work completed as part of the MRE process. This further boosts our confidence with the MRE work completed over the last few months.
“The release of the MRE is now imminent. This will be an important milestone for the team and our shareholders…”
The release of the MRE is now imminent. This will be an important milestone for the team and our shareholders – the culmination of 15 months’ hard work since we acquired the project. We look forward to announcing the results and continuing to push ahead with Mavis Lake.”
Critical Resources is an ASX-listed company focused on developing critical metals projects for a decarbonised future. The company currently has a portfolio of lithium and base metal projects situated in prospective jurisdictions within Canada, Australia, and Oman focused on lithium and base metals.
The Mavis Lake Lithium Project is situated about 19km east-northeast of the township of Dryden in north-western Ontario, which provides a support base for the exploration and development of the project, making for a low-cost operation. The project comprises immediate road accessibility to the Trans-Canada Highway 17, as well as the Canadian nation rail line.
Other projects included in the company’s portfolio include the Halls Peak Base Metals Project in New South Wales, Australia and the Sohar Copper Project in Oman.
Images: Critical Resources Ltd
