Join our daily newsletter At The Bell to receive exclusive market insights
- Critical Resources (CRR) has received assays from hole five (MF22-64) at its Mavis Lake project in Ontario, Canada
- Drilling confirmed lithium mineralisation across an 18.1-metre intercept grading 0.98 per cent lithium and containing a higher-grade zone of 5.66 metres at 1.68 per cent
- Positively for the company, 24 out of the 25 holes completed under the 5000-metre drilling effort have intersected spodumene-bearing pegmatite mineralisation
- Critical Resources is continuing drilling at Mavis Lake and has plans to extend the program to cover 10,000 metres
- CRR shares are down 3.7 per cent to trade at 5.2 cents at 10:38 am AEST
Critical Resources (CRR) has received assays from hole five (MF22-64) at its Mavis Lake project in Ontario, Canada.
MF22-64 was recently drilled to test the lithium grade continuity and width at depth within Pegmatite 6 as part of a 5000-metre drilling program.
The drill hole reportedly confirmed the presence of lithium mineralisation across an 18.1-metre intercept with an average grade of 0.98 per cent lithium oxide from 159.1 to 177.2 metres downhole.
Higher-grade intercepts within the 18.1-metre zone include 15.53 metres at 1.1 per cent lithium, 7.66 metres at 1.5 per cent lithium, 5.66 metres at 1.68 per cent lithium, and 1.82 metres at 2.03 per cent lithium.
Positively for the company, 24 out of the 25 holes completed have intersected spodumene-bearing pegmatite mineralisation. The four most recent drill holes intersected fine-to-large spodumene-bearing pegmatite within Pegmatite 6 with intervals ranging from 5.35 to 14.7 metres.
Managing Director Alex Biggs said the results from MF22-64 are “very promising” and indicate a wide, high grade zone of lithium oxide.
“With significant grades within the 18.1-metre zone we are excited that this is a good starting point in defining the potential that Mavis Lake has to offer,” Mr Biggs said.
“Additionally, we are very pleased to see continued significant intersections of spodumene in our most recent drill holes. We look forward to updating the market in due course with further results.”
The inaugural drilling program at Mavis Lake is about halfway completed however plans are in place to extend the program to approximately 10,000 metres.
CRR shares were down 3.7 per cent to trade at 5.2 cents at 10:38 am AEST.
