Strategic Acquisition Increases Mavis Lake Lithium Project Footprint by 324%

Critical Resources Limited (ASX:CRR) (“Critical Resources” or “the Company”) is pleased to advise that it has executed a binding purchase and sale agreement with TSX-V listed Power Metals Corp (TSX-V:PWM) (“Power Metals”) to acquire Power Metals’ Gullwing-Tot Lakes property.

Highlights

• Critical Resources to acquire 100% of the Gullwing-Tot Lakes property from TSX-V listed Power Metals Corp (TSX-V:PWM)
  
• Gullwing-Tot Lakes property comprises 358 individual claims totalling ~7,518 hectares, located approximately 5.5km northeast of the Mavis Lake ‘Main Zone’ where the Company has been successfully drilling since April 2022
• The Gullwing-Tot Lakes property is considered to be highly prospective for lithium mineralisation, with historical exploration identifying multiple spodumene-bearing pegmatites over the project area, with rock-chip samples returning grades up to 6.78% Li₂O
  
• 416 individual claims, combining for a total area of 8,736 hectares has also been staked and registered directly by the Company's wholly owned subsidiary, Canada Critical Resources Corp
• The under acquisition and staked claims, in conjunction with the Mavis Lake Lithium Project, will form a single contiguous block covering ~22,984 hectares over a highly prospective geological setting for lithium
• The acquisition and organic growth, underpinned by continued positive drilling results, strongly align with the Company’s development focus for the Mavis Lake Lithium Project

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.