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Lithium exploration and project development company Critical Resources Limited ASX:CRR (“Critical Resources” or “the Company”) is pleased to report exceptional new thick, high-grade results from ongoing following drilling around the recent breakthrough drill-hole MF23-207, with assays continuing to validate and expand the recently discovered “Swell Zone” at the Mavis Lake Lithium Project in Ontario, Canada.
Highlights
- Exceptional new results from drilling following up the recently reported results from drill-hole MF23-207 (74.4m @ 1.18% Li2O including 32.95m @ 1.81% Li2O).
- Drill holes testing the Swell Zone both East and West of MF23-207 have continued to intersect large, high-grade intervals of mineralisation, providing a greater level of confidence that the thick, high-grade mineralisation extends over a 200m strike.
- Assays confirm:
- Drill-hole MF23-213 with 50.2m @ 1.28% Li2O from 203.6m down-hole, including multiple meter-wide segments of extremely high-grade spodumene mineralisation, from 2.11% Li2O to 4.18% Li2O.
- Drill-hole MF23-214 with 65.45m @ 0.84% Li2O from 186.25m down-hole, including 55m @ 0.95% Li2O from 194m down-hole, including 25.85m @ 1.30% Li2O from 214m down-hole.
- Permit approval for further drill pads to continue testing the Swell Zone are expected imminently, allowing follow-up drilling to commence in the coming weeks.
- All drilling results are rapidly adding tonnage to the existing Resource, putting the Company on track for a major Resource upgrade in H1 2024.
Critical Resources Managing Director, Alex Cheeseman said:
“These outstanding results in terms of both thickness and grade provide further evidence that the Mavis Lake Swell Zone is a game-changing discovery for the Company.
“Continued wide, high-grade results make it clear that Mavis Lake is a project with significant potential. Its location, within 10km of the City of Dryden, immediate access to world-class infrastructure and the surrounding automotive industries in Southern Ontario and Michigan State, make this a project of strategic importance.”
Exploration Overview
Drilling has been designed to continue to test the Swell Zone both east and west of Drill Hole MF23- 207, within the limits of current approved drill pads. Assay results have confirmed that the Swell Zone has a current strike of 200m, showing consistency of mineralisation thickness (from 50m to 74m) and also consistency of grade (from 0.84% Li2O to 1.28% Li2O), including localised peaks of extremely high grade up to 4.18% Li2O.
Current drilling forms part of the 2023 resource extension drilling program, seeking to establish Mavis Lake as the largest single-site, JORC Code 2012 Compliant Lithium Resource in Ontario.
Full exploration results are provided in Appendix 1.
Demonstrating Consistency in the Swell Zone
The outstanding high-grade assays and broad zones of mineralisation in MF23-213 and MF23-214 extend the Swell Zone laterally while continuing to solidify the significance of the Swell Zone. Figure 1 shows the Plan view of the key intercepts in the Swell Zone, with Figures 2 and 3, a long section and cross section respectively, showing Swell consistency. Significant assay data can be seen in Table 1.
Figure 1 – Plan view of Swell Zone Result with Figures 2 and 3 cross-section reference
MF23-213 intersected the Swell Zone approximately 115m west from MF23-207’s 74.4m @ 1.18% Li2O pegmatite intercept. Drill hole MF23-213 provides a high level of confidence in the continuity of the large widths and high grades intersected so far in the Swell Zone while also delineating the trend and geometry of this important new structure towards the West, as shown in figure 2. The Swell Zone trend has a shallow plunge of approximately 10 degrees, trending at 280Az.
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CRR:AU
Red Mountain Lithium Discovery Bolstered with More Outstanding Thick Intersections
Key Highlights
- Multiple lithium intersections reported in assay results for the next four holes, RMRC004-007, with intersections up to +80m thickness, including:
- RMRC004: 83.8m @ 1,230ppm Li from 16.8m.
- RMRC005: 80.8m @ 1,270ppm Li from 56.4m
- RMRC006: 62.5m @ 1,070ppm Li from 6.1m and 70.1m @ 1,090ppm Li from 89.9m
- RMRC007: 74.7m @ 1,160ppm Li from 18.3m
- Intersections sit mid-project within 4.6km of strike length drilled to date at Red Mountain.
- Assay results for the remaining four drill holes expected in late July.
Assay results from the second batch of samples include the following drill intersections:
- RMRC004 : 13.7m @ 1,070ppm Li / 0.57% Lithium Carbonate Equivalent1 (LCE) from surface
- 83.8m @ 1,230ppm Li / 0.65% LCE from 16.8m
- RMRC005 : 26.0m @ 656ppm Li / 0.35% LCE from 3.0m
- 80.8m @ 1,270ppm Li / 0.68% LCE from 56.4m to End of Hole
- RMRC006 : 62.5m @ 1,070ppm Li / 0.57% LCE from 6.1m
- 15.3m @ 896ppm Li / 0.48% LCE from 71.6m 70.1m @ 1,090ppm Li / 0.58% LCE from 89.9m
- RMRC007 : 74.7m @ 1,160ppm Li / 0.61% LCE from 18.3m
- 25.9m @ 1,580ppm Li / 0.84% LCE from 115.8m
This second batch of assays, from drill holes located centrally within the group drilled so far (Figure 1), demonstrate thicker intersections than those previously announced, with all four holes intersecting +70m zones grading over 1,000ppm lithium. These outstanding results indicate the scale and grade potential at Red Mountain, as it continues to emerge as a project of significance in North America. Assays for the final four holes from the campaign are expected to be received later this month, which, along with other results, will allow the Company to determine the next steps at this highly prospective Project.
Astute Chairman, Tony Leibowitz, said:
“Our confidence in the scale and significance of this discovery continues to increase with each successful drill-hole at Red Mountain. Assays from the latest four holes have exceeded expectations and returned some very thick, high-grade intercepts which have confirmed robust lithium mineralisation in the middle of the project, between intersections from the discovery holes.
“With final assay results expected for the remaining four holes shortly, data from all holes will then be integrated into an updated geological model for Red Mountain with a view to expediting the process to achieving a maiden Mineral Resource Estimate.”
Figure 1. Drill-hole locations and intersections, and gridded soil sample geochemistry over aerial image.
About Lithium Carbonate Equivalent (LCE)
Unlike spodumene concentrate, which is a feedstock for a value-added battery product, Lithium Carbonate is a principal lithium-ion battery product, which may be used directly in battery production or converted to other battery products such as lithium hydroxide. The Benchmark Mineral Intelligence Lithium Carbonate China Index priced lithium carbonate product at US$13,710/t6 as of 12 June 2024.
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This article includes content from Astute Metals NL, 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.
Exploration Program Underway at Corvette River Lithium, Gold, Copper & Silver Project in Quebec
The Project consists of several claim areas, including Felicie on the Corvette Lithium Trend which hosts Patriot Battery Metals’ world-class Corvette Lithium Project2 and the West Eade and East Eade claims on the parallel Corvette South Trend, approximately 12 km to the south. Both trends are on the prolific Lac Guyer greenstone belt in the tier-one global mining jurisdiction of Quebec, Canada (see Figure 1).
Phase 1 of the program will investigate and prioritise zones across the extensive claims areas for further work and follow up drilling. The program will include extensive geological mapping, excavator trenching and channel sampling, for multi-element assaying, using a team of geologists, support staff, excavators and an air support team. Field logistics are supported by helicopters, including heavy lift helicopters, to move excavators, required equipment and personnel. The program is being phased, given the limited access to heavy lift helicopters during this period. The program is sequential, initially focussed in the Felicie area (see Figure 1), to be followed by the East Eade and then the West Eade claim areas.
The primary objectives of the program are to investigate identified target locations through field mapping of structures and outcrops, extensive excavator trenching and channel sampling to finalise planning positions and the priority of follow-on drill targets in the following project locations:
- Felicie Project – Field map, trench and sample structures and outcrops associated with previous rock chip sampling that included grades of up to 4.16 g/t Au, 44.1 g/t Ag and 0.23% Cu3 from a zone of 180m strike-length open in all direction.
- East Eade – Extensive investigation of an approximately 300m wide complex fold-closure, which included previous assays of up to 29.7 g/t Au and 12 g/t Au3 See photographs of East Eade below.
- West Eade – Further investigate areas around historical sample sites with assays of up to 11.45g/t Au3 and more recent rock chip sampling results including 3.37 g/t Au over 3m3.
- Lithium Targets – Follow up on Lithium bearing pegmatite targets that have been previously reported, including CR1 (mapped over 1.6 km4) at Felicie and CS15 at West Eade (see Figure 1)
Figure 1: MLS’s Corvette River Project – Felicie, East Eade & West Eade Phase 1 Field Exploration sites, includingtrenching target locations for key gold, Silver & lithium targets outlined with geology and magnetics
Metals Australia CEO Paul Ferguson commented:
“It’s pleasing to be under way with phase 1 of our field exploration program at Corvette River. The commencement of this program is a result of a lot of great work by our team and our contractor, Magnor Exploration. We have developed a detailed and prioritised exploration program targeting lithium as well as gold, silver and copper and put in place a contract to allow this important work to be completed during the summer field season, when ground truthing is possible in Quebec. Importantly the program phasing recognises the challenges associated with accessing heavy lift helicopters during the peak summer period.
We are now on the ground with a dedicated team of geologists and field staff, including excavators. The team will be able to follow up on the targets, associated structures and outcrops that have been identified from previous sampling. This will allow accurate positioning of trenching and channel sampling. The outcomes of this work will result in a well-defined and prioritised list of drill targets – which will be the subject of phase 2 of the program.
This program will follow up on the highly prospective lithium pegmatite targets as well as high-grade gold and silver target zones we have communicated previously. I look forward to communicating the results of phase 1 when they are available.
We continue to aggressively progress all our high-quality projects on their pathway through exploration and, when results warrant, into development. Four of our projects are now pending government approval for their next phase of exploration, including Lac Carheil, which also has active prefeasibility study work underway. It’s been an incredibly active period of planning, permit applications and work-program contracting. We are now seeing the field exploration stages starting to emerge – with Corvette River now fully permitted for advanced exploration target testing.
We are only able to advance this work because we have a very supportive board, a dedicated and driven team and the financial capacity to fund the programs we have planned. Currently, there is no value ascribed to our projects by the market and we have a market capitalisation well below cash backing, which is highly unusual. Given the high-quality pipeline of projects we are progressing and the opportunities they represent, I expect the balance of 2024 and beyond to represent exciting times for the Company.”
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This article includes content from Metals Australia Ltd, 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.
