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November 09, 2022
Critical Resources Limited (ASX:CRR) (“Critical Resources” or “the Company”) is pleased to advise another significant intercept of spodumene-bearing pegmatite from the Company’s 100% owned Mavis Lake Lithium Project. The latest intercept will be included in the Maiden Mineral Resource Estimate, which is due for release in Q1 2023.
Highlights
- 31.75m of well mineralised spodumene-bearing pegmatite intersected in Drill Hole MF22-163
- The intercept extends the known mineralised zone and will contribute to the resource modelling work currently underway with SGS Canada
- SGS have concluded their site visit to perform customary due diligence checks and data correlation in support of JORC Code (2012) compliant resource modelling
- Over 16,500 drill meters completed in 2022, with drilling ongoing
- Assays from 42 drill holes, with confirmed spodumene mineralization are pending
- Maiden Mineral Resource Estimate on track for Q1 2023
Full details of the intercept confirmed by visual assessment, as well as data on other completed drill holes, can be seen in Appendix 1. Core from drill hole MF22-163 can be seen in figure 11.
Critical Resources’ Managing Director Mr Alex Cheeseman said:
“The latest excellent intercept at Mavis Lake combined with the exceptional results we have released to the market over the last few months strengthen our already firm belief that we will be delivering a Maiden JORC Resource in the new year.
The Lithium Sector in Canada is starting to gain momentum and we are perfectly positioned to advance Mavis Lake and be part of a North American lithium industry that is demanding unprecedented growth over the rest of this decade.
With over 40 drill hole assays pending and drilling ongoing we will continue to update the market as information comes to hand.”
Visual Estimates and Pending Assay Results
A total of 42 drill holes within the Main Zone at Mavis Lake are currently pending assay results. The visual assessment confirming spodumene mineralisation can be seen in Appendix 1.
Mineral Resource Estimate Site Visit
Over the period 7-8 November, independent Resource Modelling consultants SGS Canada completed their necessary site visit to Mavis Lake where they reviewed core storage, core and drill logs, inspected the drillers as they were drilling hole MF22-163 and performed customary checks and data correlation in support of the mineral resource estimation process currently underway.
Future Works
The Company is preparing to conduct a move from the Main Zone to test a number of spodumene bearing pegmatite outcrops before the heavy winter sets in. These targets have never been drill tested. Successful drilling and development of these adjacent pegmatite systems will further add to the Maiden JORC resource being developed at Mavis Lake.
Click here for the full ASX Release
This article includes content from Critical Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
CRR:AU
27 August
Pilbara Minerals Boosts Annual Production Despite Challenging Lithium Market
Pilbara Minerals (ASX:PLS,OTC Pink:PILBF) has released results for its 2025 fiscal year.
For the lithium producer, the highlight was its record spodumene concentrate production, which it said reflects its “strong operational performance.” Its output reached 754,600 tonnes for the period, up 4 percent.
Pilbara attributes the production increase to its P680 and P1000 expansion projects.
“With the P680 and P1000 expansions now complete, and our ore sorting technology fully integrated, we’ve established a leading processing platform,” commented Managing Director and CEO Dale Henderson.
Sales saw a 7 percent uptick year-on-year to come in at 760,100 tonnes.
Profit-wise, Pilbara's annual revenue was AU$769 million, falling almost 39 percent short of last year’s AU$1.25 billion. Underlying EBITDA also saw a significant decrease, down 83 percent at AU$97 million.
After tax, Pilbara’s underlying net loss totalled AU$88 million.
“Despite the softer pricing environment, our balance sheet remains robust,” noted Henderson, adding that the lithium market's long-term fundamentals "remain intact," with potential tightness ahead.
“While market volatility may persist in the near term, our confidence is anchored in what we control — disciplined execution, operational excellence and strategic agility,” he added, key points he also discussed in his presentation at Fastmarkets' Lithium Supply & Battery Raw Materials event, held this past June in Las Vegas.
Pilbara ended the fiscal year with approximately AU$1 billion in cash and AU$1.6 billion in total liquidity.
Several transactions by the company have made headlines over the past year, including its AU$560 million acquisition of Latin Resources, which was approved in January. Through the deal, Pilbara added Latin Resources' Salinas lithium project to its portfolio; the asset is in Minas Gerais' Bananal Valley area, 10 kilometres outside the town of Salinas.
Salinas has been renamed Colina, and an updated resource estimate was released on August 25.
With both the Colina and Fog's Block deposits included, the measured, indicated and inferred resource now stands at 77.7 million tonnes grading 1.24 percent lithium oxide, containing 948,900 tonnes of lithium oxide.
In June, the company also published an updated resource estimate for its flagship Pilgangoora operation. Tonnage increased by 10 percent from the previous report, while contained lithium oxide rose 23 percent.
The resource now stands at 5.7 million tonnes of lithium oxide grading 1.28 percent lithium oxide.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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Global Lithium Resources Receives Mining Lease for Manna Lithium Project
Western Australia’s Minister for Mines, Petroleum and Exploration has granted Global Lithium Resources’ (ASX:GL1) flagship project Manna lithium project mining lease M28/414.
In a Monday (August 25) release, Global Lithium said that the mining lease covers a term of 21 years pursuant to the Mining Act 1978.
“The granting of this mining lease is a transformative moment for (us) and (our) shareholders,” commented Managing Director Dr. Dianmin Chen. “This achievement, coming so soon after the successful native title mining agreement, validates our focused strategy and the diligent work of our team and partners.”
Global Lithium announced its signing of a native title agreement with the Kakarra Part B Native Title Group on August 13, underscoring its dedication to responsible mining and its commitment to ensuring and delivering benefits to the community concerning Manna.
Located in Eastern Goldfields and just 100 kilometres east of Kalgoorlie, Manna currently contains a mineral resource of 51.6 million tonnes at 1.0 percent lithium oxide.
The company said that it remains the third largest lithium resource in its region and holds potential to become a significant spodumene concentrate producer.
In its Diggers and Dealers presentation published August 1, it was specified that Manna is currently focusing on minimising production and operational costs by refining the processing flowsheet, optimizing capital expenditure through strategic design and procurement and enhancing mine design and scheduling.
Global Lithium also highlighted that it is leveraging advanced technologies and detailed process analysis.
In addition, the mining lease also “significantly de-risks” the project and assists in its steps towards a final investment decision (FID).
Following the agreement signing and the mining lease grant, the company said that it is now fully focused on finalising an optimised definitive feasibility study (DFS) for Manna.
“The DFS remains on track for the end of the 2025 calendar year … We are also pursuing discussions with potential development partners.”
Should the company follow its projected schedule and secure pending approvals, Manna is expected to be shovel-ready between 2026 to 2027.
Shares of Global Lithium went up 10 percent on the day of the mining lease announcement compared to its previous close of AU$0.20 on Friday (August 22), closing at AU$0.22 on Monday.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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Livium and Mineral Resources Form Joint Venture to Advance LieNA Technology
Livium (ASX:LIT) and Mineral Resources (ASX:MIN,OTC Pink:MALRF) said on Monday (August 11) that they have agreed to a 50/50 joint venture regarding the LieNA lithium-processing technology.
LieNA, the joint venture entity, was formerly a subsidiary of Livium, the owner of the intellectual property for the LieNA technology — an innovative process designed to recover lithium from spodumene.
The joint venture's formation comes after the completion of Stage 1A activities under a joint development deal. The companies first began working together in August 2023, and agreed to additional Stage 1A work in January.
At the time, Livium and Mineral Resources said the work would include the assessment of alternate commercialisation pathways for the technology, and the selection of the preferred lithium product for LieNA's development.
The aim of the joint venture will be to commercialise the LieNA lithium-processing technology by issuing licences to third parties, with the next step on that path being to set up a demonstration plant. However, the companies note that current lithium market dynamics "do not support the economic construction and funding of the plant."
As a result, they have extended previous deadlines for the demonstration plant.
The partners intend for the demonstration plant to be the first licencee for the LieNA technology, and Mineral Resources can elect to independently fund, develop and operate the plant.
The licence will apply to current and future Mineral Resources projects, with the company receiving a reduced royalty rate in recognition of being the first to adopt the process.
Livium CEO and Managing Director Simon Linge emphasised that although the lithium market is currently in the midst of a "cyclical downturn," fundamental drivers like electrification and decarbonisation are in place.
“With our immediate priority being to scale our recycling business, we will now take the opportunity, with MinRes, to explore options to realise short term value or alternatively preserve medium-term value from the LieNA technology," he outlined in the company's press release.
Mineral Resources was positive on LieNA's progress so far and its future impact.
"We firmly believe the technology has a role to play in the future of lithium processing and are focused on working together to convert the strong technical delivery achieved to date into commercial outcomes," the firm said.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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