Critical Resources

Possible New Mineralised Zone Identified Following Multiple 30m+ Intercepts at Mavis Lake

Critical Resources Limited (ASX:CRR) (“Critical Resources” or “the Company”) is pleased to advise of multiple, thick intercepts of spodumene-bearing pegmatite from the current drill program at Mavis Lake.


Highlights

  • Drilling completed over the last two weeks has intercepted a potential new area of mineralisation staked under the Mavis Lake Main Zone
  • Multiple thick intercepts of spodumene-bearing pegmatite observed down-dip of the Main Zone.
  • A possible pegmatite stack at depth has also been identified via intercepts from multiple drill holes
  • All intercepts are to be included in the JORC 2012 Maiden Mineral Resource Estimate, which is currently being prepared
  • Significant intercepts include:
    • Drill Hole MF22-180 – over 35m of spodumene-bearing pegmatite from 197m downhole
    • Drill Hole MF22-179 – over 23m of spodumene-bearing pegmatite from 157m downhole
    • Drill Hole MF22-177 – over 30m of spodumene-bearing pegmatite from 175m downhole
  • Over 19,739 drill meters completed in 2022 with assays pending for core from 29 drill holes
The intercepts identify a potential new significant zone, stacked under the Main Zone. This stacked zone may link to previous intercepts at depth extending over a 500m strike. At the recommencement of drilling in January, efforts will be focused on continued extension of the Main Zone while testing the continuity of the potential stacked zone. A cross section highlighting the potential new zone can be seen in figure 1.

Full details and exploration results confirmed by visual assessment can be seen in Appendix 1.1

Critical Resources’ Managing Director Alex Cheeseman said:

“This is an extremely satisfying way to finish what has been a very productive year at Mavis Lake. Less than a fortnight after announcing a major extension to the Main Zone’s strike length, were pleased to announce multiple, significant intercepts with a stand out of 35 meters of spodumene-bearing pegmatite from drill hole MF22-180.

Furthermore, the potential of a new zone is incredibly exciting and as such we are planning to drill test the continuity of this stacked zone as a priority in the new year.

Given the abundance of quality drilling targets, additional tenements under acqusition and the strengthening of our financial position following the recent execution of a flow-through funding arrangement, we are in a very strong position to capitalize on our hard work in 2022 with a strong start to 2023.

We are also looking forward to testing the potential of this new system, releasing further assay results and to working on the additional tenements under acquisition, all which will be positive for the Mavis Lake project as a whole.”

Future Works

The Mavis Lake Lithium Project continues to illustrate its growing potential through both continued down dip extension and the identification of a possible stacked zone.

The stacked zone has not been tested and could be a parallel structure of the main zone, that remains open along strike and depth, as shown in figure 1.

Testing the stacked zone for continuity and extending the known main zone will be priority effort when drilling recommences in early January 2023.


This article includes content from Critical Resources, 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
The Conversation (0)
Critical Resources

Critical Resources

High-grade Lithium Portfolio, in a Tier 1 Location, Aligned with the World’s Green Energy Transition

High-grade Lithium Portfolio, in a Tier 1 Location, Aligned with the World’s Green Energy Transition Keep Reading...
A pixelated world map with a jagged red and orange wave pattern overlaying it on a blue background.

Global Scramble for Critical Minerals Fuels Diplomatic Frictions

The US is escalating its push to secure access to critical minerals through trade deals and diplomatic pressure as competition with China intensifies, but the strategy is increasingly meeting resistance from resource-rich countries seeking greater control over their reserves.The latest friction... Keep Reading...
A blue periodic table highlights Lithium with elements Hydrogen, Beryllium, Sodium, and Magnesium nearby; Text reads: Li.

Zijin to Start Congo Lithium Mine Production in June

Zijin Mining Group (HKEX:2899,SHA:601899,OTCPL:ZIJMF) plans to start production at its Manono lithium project in Congo in June, adding a major source of the battery metal as supply tightens.The Chinese miner plans to commission its Manono project in June, with output expected to reach 130,000... Keep Reading...
VAT refund of over £1 million received

VAT refund of over £1 million received

CleanTech Lithium PLC ("CleanTech Lithium" or "CleanTech" or the "Company") (AIM: CTL, Frankfurt:T2N), an exploration and development company advancing sustainable lithium projects in Chile, announces that an application for an advance recovery of VAT in Chile has been successful and... Keep Reading...
Parliamentary Ratification of Ewoyaa Mining Lease

Parliamentary Ratification of Ewoyaa Mining Lease

Parliament of Ghana issues official approval of the Mining Lease in respect of the Ewoyaa Lithium Project, representing a significant de-risking milestoneAtlantic Lithium Limited (AIM: ALL, ASX: A11, GSE: ALLGH, "Atlantic Lithium" or the "Company"), the Africa-focused lithium exploration and... Keep Reading...
Lithium salt flats with text overlay: "5 Top Australian Mining Stocks This Week."

Top 5 Australian Mining Stocks This Week: Patagonia Powers Up on Stronger Lithium Interest

Welcome to the Investing News Network's weekly round-up of the top-performing mining stocks listed on the ASX, starting with news in Australia's resource sector.This week’s list highlights companies focused on a range of commodities, with a strong presence from the oil, gas and helium sectors.... Keep Reading...
Person using tablet with financial charts and numbers on screen.

Two Dollars of Drilling for Every One Raised: The Junior Mining Structure Most Investors Miss

When investors focus on geology, they are literally and figuratively on the rocks. By solely looking at the physicality of a project, they overlook the very framework that determines how those rocks translate into value.Mining studies posit that “a lack of effective strategies to develop capital... Keep Reading...

Interactive Chart

Latest Press Releases

Related News