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Critical Resources Limited (ASX:CRR) (“Critical Resources” or the “Company”) is pleased to advise that it has received assay results from its 12th drill hole at its 100% owned Gibsons prospect. Diamond drill hole CRR21DD_14 (“Hole 14”) has intersected zinc, lead, copper, and silver bearing zones of sulphide mineralisation within a previously untested, north-eastern area at Gibsons. The mineralisation seen in this area continues to expand the potential of the Halls Peak system.
Highlights
Hole 14
- 26.7m @ 3.43% Zn, 1.93% Pb, 10.79g/t Ag, from 75.3-102m downhole
- Including 7.2m @ 9.02% Zn, 5.25% Pb, 23.56g/t Ag, from 75.3 – 82.5m downhole
- 5.5m @ 6.74% Zn, 6.06% Pb, 135.78/t Ag from 141.4-146.9m downhole
- Including 2.33m @ 9.22% Zn, 9.86% Pb, 168.56/t Ag from 141.4 – 143.73m downhole
- 2.95m @ 15.28% Zn, 9.22% Pb, 2.01% Cu, 300.91g/t Ag, from 172.86-175.81m downhole
- Including 1.22m @ 25.40% Zn, 15.50% Pb, 3.46% Cu, 394.00g/t Ag, from 173.84 – 175.06m downhole
- 4m @ 3.14% Zn, 2.00% Pb, 610.50/t Ag, 2.36g/t Au from 261.5-265.5m downhole
- Highly anomalous gold from 248-267.5m downhole including a significant gold grade of 4.42g/t Au over 2m from 261.50-263.50m downhole
- Hole 14 represents a previously undrilled area, north-east of all drilling to date
- Strong mineralisation at depth continues to expand the potential of the Halls Peak System
- Cores from completed holes 15, 16 and 17 are currently being assayed at the ALS laboratory in Brisbane with results expected progressively
Gibsons’ Mineralisation Extended
The Company is pleased to receive assays from Hole 14 at its 100% owned Halls Peak project in New South Wales. Unlike previous drilling, Hole 14 was drilled in a northerly direction, uncovering further mineralisation that has delivered significant results. This northern area is currently being drilled to further extend and understand the potential of this new area. The scale potential of the Halls Peak system continues to be uncovered, with results providing strong support for the expanded drill campaign.
Critical Resources Managing Director Alex Biggs said:
“Hole 14 represents the detection of a new area of mineralisation that has not previously been explored at our Gibsons prospect. We are consistently finding these new areas of mineralisation at depth and along strike that further adds to the potential scale of the Halls Peak system. The highly successful drill program at Gibsons, combined with previous exploration and geophysical survey work warrants the expansion of our current 5,000m drilling program. We are excited to soon commence drilling at our Sunnyside prospect that was home to old time small-scale, high-grade mine workings. The Sunnyside prospect is 1.5km north-west of Gibsons. This will further add to the scale potential of Halls Peak system as a whole”.
Summary of Key Polymetallic Intersections
Hole 14
- 26.7m @ 3.43% Zn, 1.93% Pb, 0.13% Cu, 10.79g/t Ag, 0.03g/t Au, from 75.3-102m downhole
- Including 7.2m @ 9.02% Zn, 5.25% Pb, 0.26% Cu, 23.56g/t Ag, 0.06g/t Au from 75.3 – 82.5m downhole
- 5.5m @ 6.74% Zn, 6.06% Pb, 0.17% Cu, 135.78/t Ag, 0.10g/t Au from 141.4-146.9m downhole
- Including 2.33m @ 9.22% Zn, 9.86% Pb, 0.25% Cu, 168.56/t Ag, 0.06g/t Au from 141.4 – 143.73m downhole
- 2.95m @ 15.28% Zn, 9.22% Pb, 2.01% Cu, 300.91g/t Ag, 0.58g/t Au from 172.86-175.81m downhole
- Including 1.22m @ 25.40% Zn, 15.50% Pb, 3.46% Cu, 394.00g/t Ag, 0.44g/t Au from 173.84 – 175.06m downhole
- 4m @ 3.14% Zn, 2.00% Pb, 0.16% Cu, 610.50/t Ag, 2.36g/t Au from 261.5-265.5m downhole
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Critical Resources
Overview
Critical Resources (ASX:CRR) is an Australia-based critical minerals company, focused on unlocking value from high-quality assets to meet the growing and unprecedented global demand for clean energy solutions. As an explorer and developer of critical minerals projects, the company is entrenched in the global movement of electrification and a decarbonised future.
As the world’s transition to net-zero emissions gathers pace, Critical Resources’ Mavis Lake Lithium Project in Canada is being developed in lockstep with North America’s rapidly expanding electric vehicle market and broader green economy ambitions.
More than 300 million electric vehicles (EVs) are predicted to be on the road by 2040 and the global green technology/sustainability market is expected to reach US$74.64 billion by 2030, growing at a CAGR of almost 22 per cent in the decade to 2030.
Critical Resources is focused on the commercial development of quality assets in top tier mining jurisdictions, aimed at delivering shareholder value by providing the essential minerals for the world’s fundamental shift towards a clean energy future. The immediate priority is exploration and development of the company’s lithium hard-rock holdings in Canada, specifically the highly prospective Mavis Lake Lithium Project in Ontario.
As the company transitions from lithium explorer to lithium project developer, a dual development strategy is being adopted. The Company will continue its resource growth and expanding on the maiden Mineral Resource Estimate via continued drilling in 2023 and 2024. In parallel, the Company is accelerating its technical and environmental studies that will underpin the pathway to production.
The company’s approach in Canada has been to target ground with the potential for high-grade lithium mineralisation and in close proximity to:
- Established transport and energy
infrastructure and workforce required for future construction, mining and
production phases; and
- Potential end-use partners such as emerging battery manufacturers based in Canada and the United States.
An experienced management team leads Critical Resources, equipped with the corporate, technical and commercial expertise and vision to unlock value and fully realise the potential of priority assets, for the long-term benefit of shareholders.
Company Highlights
- Critical Resources is an exploration and development company, focused on lithium and critical minerals, with primary assets in Ontario Canada.
- The company has a suite of lithium projects in Ontario, Canada, with access to an experienced local workforce and essential transport and energy infrastructure and direct access to the growing North American electric vehicle industry.
- The Company’s key focus is advancing its Flagship Mavis Lake Lithium Project.
- The Company completed a strategic acquisition of the Gullwing-Tot Lakes property from Power Metals (TSXV:PWM) in December 2022, significantly expanding the exploration area and growth potential of Mavis Lake (Mavis Lake and Gullwing/Tot claims for one single contiguous project area).
- Following the completion of a highly successful 19,500-meter drilling program in 2022, a further 20,000-meter drill campaign commenced in 2023 to define further mineralization ahead of the release of Mavis Lake’s maiden mineral resource estimate
- Technical scoping/feasibility studies commenced late last year, mapping the pathway for development, construction and into production
- A highly capable, proven and motivated management team with diverse experience in natural resources, technical project delivery, and commercial and corporate finance.
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