Lithium exploration and project development company Critical Resources Limited ASX:CRR (“Critical Resources” or “the Company”) is pleased to report on its activities for the quarter ended 30 June 2023 (“the Quarter”). The focus for the quarter remained on the advancement of the Company’s flagship asset, the Mavis Lake Lithium Project.
Highlights
- Maiden JORC Code 2012 compliant Mineral Resource Estimate (MRE) defined for the Mavis Lake Lithium Project – 8.0Mt at 1.07% Li2O
- Significant new spodumene intercepts, adding tonnage for a future Mineral Resource upgrade
- Commencement of spring exploration program across the 8km pegmatite trend encompassing the Gullwing and Tot prospects
- Exceptional results from metallurgical test work – up to 87% Lithium recovery from heavy liquid separation and flotation, producing a high-grade, low impurity concentrate
- Agreement in Principle signed and ceremony held with Wabigoon Lake Ojibway Nation in support of continued project progression
- Appointment of lithium industry expert, Mr Anthony Tse as strategic advisor to the board.
- $10.2M capital raise (completed subsequent to the Quarter end) allows for continued focus on resource growth and project development, with on-going drilling focused on delivery of a future Mineral Resource upgrade
Operational Activities
Mavis Lake Lithium Project (100%) – Ontario, Canada
The Company continued to progress activities associated with the development of Mavis Lake, achieving significant milestones during the Quarter. These included announcement of a maiden JORC Code 2012 compliant Inferred Mineral Resource Estimate (MRE) for Mavis Lake – an essential step in Critical Resources’ transition from explorer to project developer. Other highlights included the release of exceptional assay results from drilling, release of metallurgical test results, commencement of exploration at the nearby Gullwing and Tot prospects and announcement of a key community partnership with Wabigoon Lake Ojibway Nation (“WLON”).
Maiden Mineral Resource Estimate1. In May, the Company delivered its maiden JORC Code 2012 compliant Inferred Mineral Resource Estimate (MRE) for Mavis Lake. Based on drilling completed up to the end of March 2023, and only covering approximately 2% of the project area.
The 8.0Mt grading 1.07% Li2O MRE is the culmination of an intense 11-month exploration campaign. The achievement sees Critical Resources become one of only two ASX-listed companies with a JORC Code 2012 compliant Lithium Mineral Resource in Ontario, Canada. The defined resource, sets the Company apart and underpins efforts to transition from explorer to project developer.
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