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Lithium project developer, Critical Resources Limited (ASX:CRR) (“Critical Resources” or “the Company”) is pleased to report on its activities for the quarter ended 31 March 2023 (“the Quarter”). The focus for the Quarter remained on the advancement of the Company’s flagship asset, the Mavis Lake Lithium Project.
Highlights
- Commencement of a 20,000 meter drill campaign at Mavis Lake, immediately reinforcing the successful 2022 drill program. The campaign was designed to test known outcroppings of lithium-bearing pegmatite across the project, whilst also seeking to extend the known mineralisation of the Mavis Lake Main Zone.
- Drilling from early January to the end of March, identified multiple thick, high-grade intercepts which were announced throughout the Quarter.
- A new high grade mineralized zone discovered south of Mavis Lake Main Zone (“South Zone”).
- Consistent assay results, with sections of very high grade mineralisation received, up to 3.34% Li2O.
- First concentrate produced from Mavis Lake metallurgical test work program with full test work outcomes released subsequent to the quarter end.
- Work continued on the Maiden Mineral Resource Estimate for Mavis Lake, the Company will release the resource estimate in the coming weeks, as soon as it is finalised.
Operational Activities
Mavis Lake Lithium Project (100%) – Ontario, Canada
Overview. The Company continued to coordinate tasks associated with the development of Mavis Lake. Quarterly highlights included further positive drill results which extended the known mineralisation area of the Main Zone, identification of a new zone of mineralisation, production of first concentrate from metallurgical test work, continued resource modelling and continuing to examine potential value creation pathways for the project.
Exploration. During the Quarter, Critical Resources completed 10,406 drilling meters of diamond core drilling at Mavis Lake. A drill hole summary for drilling completed during the Quarter can be seen in Table 1, completed drill collars and future exploration target areas can be seen in figure 1.
Figure 1 – Mavis Lake exploration overview
Assay results released during the Quarter included results from drilling completed in both late 2022 and the current Quarter. Standout results1 include:
- Drill hole MF23-190 with 14.7m @ 1.17% Li2O from 216.9m downhole (including 8.7m @1.87% Li2O) from 221.7m downhole.
- Drill hole MF22-178 with 17.8m @1.41% Li2O from 166.7m downhole (including 9.5m @1.86% Li2O from 172.4m downhole.
- Drill hole MF22-177 with 16.3m @1.44% Li2O from 258.5m downhole (including 10m @ 2.05% Li2O) from 260.85m downhole.
- Drill hole MF22-163 with 7.3m @ 1.59% Li2O from 114.2m downhole; and
10.45m @ 1.22% Li2O from 95.35m downhole; and
9.2m@1.07% Li2O from 83.7m downhole. - Drill hole MF22-156 with 8.06m @1.2% Li2O (including with sections grading up to 3.28% Li2O) from 94.36m downhole.
- Drill hole SZ23-002 with 6.08m @ 1.66% Li2O from 73.12m downhole.
- Drill hole SZ23-004 with 9.45m @ 1.22% Li2O from 111.85m downhole.
The Company’s drilling strategy to test new outcrops, adjacent to the Main Zone, as well as concurrently testing extensions of the Main Zone (laterally and at depth), delivered continued success during the Quarter.
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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
Spodumene Pegmatite Discovery at Esperança Project in Brazil Yields LIBS Results up to 4.04% Li2O
The discovery has been made during early-stage exploration programs which include project scale geological mapping, ground reconnaissance, and soil sampling. These early-stage programs remain ongoing with further results to come over the coming weeks. The discovery supports the Company’s exploration thesis and uplifts the remaining prospectivity across all three project areas: Canabrava, Caraíbas and Esperança projects.
HIGHLIGHTS
- Artisanal excavations reveal a lithium bearing pegmatite with elongate crystalline spodumene crystals up to 50cm in length
- LIBS (Laser Induced Breakdown Spectroscopy) results of spodumene crystals return up to 18,800 ppm Lithium, or 4.04% Li2O
- Discovery provides walk up drill target for fully funded drilling campaign to begin Q1 2025
- Soil sampling and geological mapping continues across the Esperança, Canabrava and Caraíbas projects with further results due over the coming weeks
Lightning Minerals Managing Director Alex Biggs said, “I am highly encouraged by these results from Brazil. As I have spoken about, as a team we are committed to discovery and completing our works in a diligent and structured manner, the proof of which is in these results. The Company is progressing its projects in Brazil quickly and cost effectively and generating significant results for the business which we feel will be transformational. I am proud of and congratulate our geology teams both in Australia and Brazil who have conducted themselves in a professional and astute manner which has been crucial in making a discovery such as this. This is a great first step for us in Brazil and is testament to the prospectivity of the region as I have discussed previously. We look forward to drilling in Q1 2025 and further results to come imminently from all three project areas in Brazil. I would also like to thank our shareholders who have supported our vision and exploration strategy. As a Company we are firmly committed to the lithium thematic and firmly committed to Brazil where we see significant potential moving forwards”.
Lithium Discovery at Esperança Project
During geological mapping fieldwork conducted in mid-November 2024 field geologists encountered a previously unknown historical artisanal mine within the Esperança project area. The site presented with a small access which opened into a set of sub vertical shafts sunk several meters into schists of the Salinas formation. Upon investigation the geology team has discovered pegmatitic lithologies in the walls of the excavations, of which the suite of minerals indicates inclusion of macro crystalline (up to 50cm) elongate crystals of spodumene as shown in Figure 1(a) and Figure 1(b).
Figure 1a (left): Brazilian geologist Vitor Araujo Alves showing the spodumene rich portion of the zoned pegmatite discovered at the Esperança Property. Figure 1b (right): Large elongate spodumene crystals (Spd) up to 50cm in length showing homogeneous growth patterns amongst a quartz (Qtz) and Feldspar (Fdsp) rich matrix
The Company’s geologists have collected selective mineral specimen grab samples in sample VLM207 (Figure 2). Six separate minerals have been analysed via a SciAps Z-903 hand-held LIBS (Laser-Induced Breakdown Spectroscopy) device which has returned lithium endowment of up to 18,800 ppm lithium, which equates to a lithium oxide percentage of 4.04% Li2O.
The SciAps Z-903 handheld LIBS device is considered a qualitative analysis technique only and is used as an in-field preliminary check to establish if a mineral is lithium-bearing. Certified laboratory assays are required to provide accurate, quantitative analysis. A table of the six SciAps Z-903 handheld LIBS results testing the spodumene crystals is shown in Table 1. A full table of results are presented in Appendix 2, Table 2.
While the current field observations indicate that the mineral identified is a lithium-bearing mineral, the percentage of lithium produced from the LIBS analyser does not correlate to an accurate quantitative measurement of the lithium concentration of the mineral itself, or to the overall grade of the pegmatite.
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This article includes content from Lightning Minerals, 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.
