Critical Resources Ltd (ASX:CRR) earlier this week outlined recent exploration and acquisition developments across its gold, lithium and antimony portfolio, including progress on the flagship Cap Burn gold project in New Zealand. CEO Tim Wither sat down to discuss the latest milestones.
Highlights
- Critical Resources acquired a strategic gold and antimony portfolio in New Zealand through two binding agreements.
- The flagship Cap Burn project is 11km from the Macraes 10 million ounce mine.
- Otago and Reefton regions collectively have produced over 15 million ounces of gold.
- Mavis Lake lithium project in Canada holds 8 million tonnes at over 1% lithium.
- Halls Peak project in New South Wales returned rock chips up to 15g/t gold, 0.7% antimony, and 53g/t silver.
- Soil geochemistry work is completed at Halls Peak; drilling to follow pending permits.
- New Zealand permit transfers expected in September; drilling planned for November.
- Two drilling programs are expected to run for the rest of the year.
- Prospecting licences in Otago and Reefton regions pending approval.
Strategic portfolio
CRR has entered into two separate binding agreements to acquire a strategic portfolio of gold and antimony assets in the Otago and Reefton regions. It told investors that this consolidation represents a statistically significant footprint in two historically productive gold districts. The Otago region alone has produced over 15.00 million ounces of gold and recently recorded its first major discovery in four decades.
Cap Burn, the company’s most advanced New Zealand project, is located 11km from the Macraes 10.00 million ounce mine. Wither said that the proximity to such a significant deposit was “very, very exciting” and highlighted the potential of the surrounding ground.
In Canada, the company continued low-cost exploration at the Mavis Lake lithium project. The current resource stands at 8.00 million tonnes at over 1% lithium, and the company reported several intersections outside the existing resource envelope. It said that Mavis Lake remains a significant part of North America’s lithium supply chain.
In New South Wales, Australia, work advanced at the Halls Peak project, including further field mapping and completion of a soil geochemistry program. At the Amaco prospect, rock chip sampling returned grades of up to 15 grams per tonne gold, 0.70% antimony and 53 grams per tonne silver. The company said it is working with regulators to secure drilling permits.
Looking ahead
Critical Resources expects permit transfers for its New Zealand assets to be completed in September, allowing drilling to start by November. In Australia, soil results from Halls Peak are expected shortly, with drilling to commence once regulatory approvals are in place.
Whither said the company aims to have two active drilling fronts for the remainder of 2025. Prospecting licences in the Otago and Reefton regions are also in process, which would enable further exploration and the development of a pipeline of drill-ready targets.