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Lithium exploration and project development company Critical Resources Limited ASX:CRR (“Critical Resources” or “the Company”) is pleased to announce highly encouraging litho-geochemical results from the 2023 spring field program, which centered on the Gullwing and Tot prospects at the Company’s 100%-owned Mavis Lake Lithium Project in Ontario, Canada.
Highlights
- Spodumene mineralization with surface samples up to 3.2% Li2O confirmed during the spring field work program at the Mavis Lake Lithium Project
- 281 rock-chip grab samples taken over an area of 10km, centered on the known Gullwing and Tot Lithium-Cesium-Tantalum (LCT) outcrops
- Standout assay results include:
- Sample 3347562 with 3.2% Li2O from spodumene
- Sample 347565 with 2.6% Li2O from spodumene
- Sample 347604 with 2.4% Li2O from spodumene
- Sample 347561 with 2.2% Li2O from spodumene
- Near-term exploration drilling targets identified at the Gullwing and Tot prospects
- Mapping and sampling results also identified additional drill targets, around the newly discovered Little Wing LCT pegmatite outcrop
- Drill pad permits for Gullwing and Tot targets are under application with drilling expected to commence as soon as practically possible
- Resource extension drilling continues at the Mavis Lake Main Zone with assays pending
The Gullwing and Tot prospects and associated claims are contiguous with the claims that surround the Mavis Lake Main Zone, which hosts the Company’s 8Mt Inferred Resource.
Field teams conducted grass-roots exploration around the Gullwing and Tot LCT pegmatites from May to early June 2023, with the objective of confirming historical exploration results, extending the known footprint of LCT pegmatites and supporting the development of high-confidence drilling targets for future drill programs.
Along with geological mapping, a total of 281 rock-chip grab samples and 272 soil samples were taken over a strike extent of ~10km. Rock-chips have returned positive litho-geochemical assay results. The mobile metal ion (MMI) analysis for the soil sample results are pending.
A summary of key results can be seen in Figure 1 and Table 1, and full exploration results can be seen in Appendix 1.
Figure 1 – Summary of key results from rock-chip sampling and mapping with identified target areas for future drilling
Field Program Overview
Field crews mobilized in early May 2023 to conduct preliminary field work on the Gullwing and Tot prospects. During the course of the program, 281 rock-chip grab samples were collected for litho- geochemical analysis of both pegmatites and host rocks, 272 soil samples were taken for MMI analysis, and geological mapping of pegmatites and host rocks was undertaken.
Standout rock-chip results are summarised in Table 1, showing high-grade lithium and/or high- grade Rubidium as a key indicator for follow-up targeting.
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CRR:AU
Quarterly Activities Report
- Grant applications lodged with two US Government agencies (Defense and Energy) with strong support from state politicians, agencies and potential industry partners
- Exceptional metallurgical testwork results to feed into McDermitt PFS, with value enhancement opportunities identified
- Board and management enhanced with the commencement of Ian Rodger as CEO and Wayne Zekulich as Non-Executive Chair
US LITHIUM
McDermitt Lithium Project (Jindalee 100%)
In February 2023, Jindalee Lithium Limited (Jindalee or the Company) announced an updated Mineral Resource Estimate (MRE) at Jindalee’s 100% owned McDermitt Lithium Project (USA) (Figure 1)1.
The 2023 MRE for McDermitt contains a combined Indicated and Inferred Mineral Resource Inventory of 3.0 Billion tonnes at 1,340 ppm lithium (Li) for a total of 21.5 Million tonnes lithium carbonate equivalent (LCE) at 1,000 ppm cut-off grade. At 21.5 Mt LCE, McDermitt is the largest lithium deposit in the United States (US) by contained lithium in Mineral Resource, and a globally significant resource (Table 1), with the deposit remaining open to the west and south (Figure 1).
Table 1 – Summary of 2023 McDermitt MRE1 at the reporting cut-off of 1,000 ppm. Note: totals may vary due to rounding.
Exploration Target
On 21 November 2023 Jindalee announced an independently estimated Exploration Target Range (ETR) at McDermitt of 300 – 700 Million tonnes at 1,100 – 1,400 ppm Li (at 1,000ppm Li cut-off) (Table 2, Figure 1)2.
The Exploration Target surrounds and abuts the 2023 MRE and is extrapolated from 62 holes drilled at McDermitt from 2018 to 2022. Material for the MRE extends to a maximum distance of 1,200m from the nearest hole, with the ETR extending to a maximum of 1,500m from the nearest hole (Figure 1).
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Quarterly Activities/Appendix 5B Cash Flow Report
HIGHLIGHTS
1. Commencement of Stage 1 Drilling Program at the Rio Grande Sur Lithium Project.
2. Completion of commissioning of Lithium Carbonate Pilot Plant.
3. Discussions underway with provincial Government for evaporation pond environmental permitting.
4. $1.36 million in cash and equivalents available at quarter end.
PROJECT DEVELOPMENT
During the March 2024 quarter, Pursuit Minerals Ltd (“Pursuit” or “Company”) has continued to advance through numerous engineering and geological studies, permitting approval processes and stakeholder engagement activities at our flagship Rio Grande Sur Lithium Project.
Rio Grande Sur (RGS) Lithium Project Argentina
The Rio Grande Sur Project comprises of 5 tenements prospective for lithium on the Rio Grande Salar in the Salta province of Argentina, in addition to a Lithium Carbonate Pilot Plant located in the city of Salta. The five tenements cover approximately 9,233 hectares (Table 1).
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This article includes content from Pursuit 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.