- Critical Resources (CRR) has expanded its lithium footprint in Canada with the acquisition of the Graphic Lake project in Ontario
- The project is considered prospective for lithium and rare earth elements and lies 180 kilometres from Critical’s Mavis Lake lithium project
- Critical Resources says this represents an early-stage exploration opportunity for a commodity that’s expected to be in high demand in future
- The company will complete an extensive exploration program to better understand the project and deliver a JORC resource
- Company shares are up 12.6 per cent to trade at 10.3 cents each
Critical Resources (CRR) has acquired the Graphic Lake lithium project in Ontario, Canada.
The Graphic Lake lithium project is considered to be prospective for lithium and rare earth elements and has shown early signs of a potential lithium-caesium-tantalum (LCT) pegmatite system.
It’s also located roughly 180 kilometres from Critical’s newly acquired Mavis Lake lithium project.
While the acquisition of Graphic Lake remains subject to approval from the Canadian Investment Review Board, it will strengthen Critical’s lithium portfolio in Canada which currently comprises Mavis Lake.
Managing Director Alex Biggs said Graphic Lake represents an early-stage exploration opportunity that is “synergistic” with the Mavis Lake project.
“An early-stage project such as Graphic Lake allows us to add significant value from the ground floor, in a commodity that we anticipate will be in high demand for the foreseeable future,” he said.
“The company is committed to making quality acquisitions and expanding its access to lithium raw materials to provide the company’s shareholders with exposure across a range of battery and critical minerals.”
Under the transaction terms, Critical Resources will pay $80,000 in cash which includes a $10,000 option fee. It will also issue $120,000 worth of shares.
Once acquired, the company plans to conduct exploration work to better understand the project and deliver a JORC-compliant resource.
Company shares were up 12.6 per cent to trade at 10.3 cents at 12:54 pm AEDT.