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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.
Click here for the full ASX Release
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.
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