- Critical Resources (CRR) confirms the presence of high-grade lithium mineralisation at its recently acquired Mavis Lake project in Ontario, Canada
- Assays have been received from verification sampling of drill core and pegmatite outcrop rock chip samples completed as part of a due diligence work program
- The samples returned assays over three per cent lithium, and according to Critical, confirm the highly prospective nature of the project
- Permitting work is set to begin as the company gears up for its inaugural drilling program
- Shares have been trading 9.09 per cent higher at 12 cents
Critical Resources (CRR) has confirmed the presence of high-grade lithium mineralisation at its recently acquired, Mavis Lake project in Ontario, Canada.
Earlier this month, the company completed the acquisition of the project which comprises 2544 hectares and six contiguous mining leases.
Previous drill programs have reportedly yielded high-grade lithium intercepts including just over 55 metres at one per cent lithium from around 80 metres downhole, and 26.30 metres at 1.7 per cent lithium from almost 112 metres downhole, which included 7.7 metres at close to three per cent lithium from 130.5 metres depth.
Now, assays have been received from verification sampling of drill core and pegmatite outcrop rock chip samples completed as part of a due diligence work program.
The samples returned assays up to 3.06 per cent lithium, and according to Critical, confirm the highly prospective nature of the project.
Permitting work is set to begin as the company gears up for its inaugural drilling program. Managing Director Alex Biggs said it is an exciting time and receipt of these assays further confirms the potential of the project.
“We feel a high level of confidence in the potential this asset provides for the company and our shareholders and we look forward to keeping the market informed as we move closer to drilling.”
The company has planned an “aggressive approach” to exploration at Mavis Lake with a view to delineating a JORC compliant Mineral Resource estimate.
Future work is set to include interpretation of a recently completed airborne survey, surface mapping and sampling of outcropping pegmatites, core logging of core from previous drilling campaigns and metallurgical test work to test for battery grade lithium.
A number of exploration strategies are also scheduled, including density, lithological and geochemical sampling, gravity and ground magnetic surveys as well as surface mapping, and structural data interpretation.
Based on these activities, Critical plans to undertake a preliminary drill program of around 5000 metres.
Following this, a secondary drill program will be designed based on drilling results and data interpretation from the various exploration strategies employed.
Shares were up 9.09 per cent trading at 12 cents at 11:47 am AEDT.