Join our daily newsletter At The Bell to receive exclusive market insights
- Critical Resources (CRR) releases a maiden mineral resource estimate of eight million tonnes at 1.07 per cent lithium for its Mavis Lake lithium project in Canada
- The MRE comes after 11 months of drilling at Mavis Lake and covers just 2 per cent of the project area
- CRR says multiple mapped spodumene-bearing outcrops in the area are yet to be drill-tested, lending “significant” potential for future resource upgrades
- As the snow begins to melt in the region, CRR field crews will conduct regional geological mapping and bedrock sampling at its Gullwing-Tot Lake property north of Mavis Lake
- CRR shares are down 12.96 per cent and trading at 4.7 cents at midday AEST
Critical Resources (CRR) has delivered a maiden mineral resource estimate (MRE) of eight million tonnes (Mt) at 1.07 per cent lithium for its Mavis Lake lithium project in Canada.
The inferred MRE comes after 11 months of drilling in the area as part of the company’s Critical Resources strategy to establish high-quality, hard-rock lithium resources at Mavis Lake.
CRR said the resource estimate covered only 2 per cent of the project area, with multiple mapped spodumene-bearing outcrops yet to be drilled across Mavis Lake.
As such, the company said, there was “significant potential” for further mineral resource upgrades within the Mavis Lake main zone, with mineralisation remaining open both along-strike and down-dip.
“A key message for investors is that this resource is just the beginning of the Mavis Lake story; the deposit itself remains open both along-strike and down-dip, with significant potential to add further tonnes to the MRE with continued drilling,” CRR Managing Director Alex Cheeseman said.
“In addition, the Gullwing/Tot Lakes prospects offer outstanding potential for new discoveries, supporting the already-impressive MRE at Mavis Lake,” Mr Cheeseman said.
Following the release of the MRE, CRR has altered its drilling strategy to be managed in two-week campaign blocks, with in-filling of the known mineralisation areas and testing of exploratory targets.
Drilling will continue at the Main Zone as well as other known pegmatite occurrences
adjacent to the Main Zone.
Meanwhile, as the snow begins to melt in the region, CRR said field crews would prepare to conduct regional geological mapping and bedrock sampling of its Gullwing-Tot Lake property north of Mavis Lake.
CRR shares were down 12.96 per cent and trading at 4.7 cents at midday AEST.
