Critical Resources completes due diligence at Cap Burn gold-antimony project in New Zealand

Proactive Published 08/09/2025

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Critical Resources Ltd (ASX:CRR) has cleared a key milestone in its expansion strategy, completing due diligence at the Cap Burn Gold-Antimony Project in New Zealand’s Otago region and moving closer to a formal acquisition.

The company has lodged an application with New Zealand Petroleum and Minerals (NZP&M) to transfer the Cap Burn exploration permit (EP60300), with approval expected in October following ministerial consent. A parallel process to transfer the land access agreement with the station owner is also under way.

With these steps advancing, Critical Minerals is preparing to launch drilling at Cap Burn as soon as the transfers are finalised, with a maiden program anticipated to commence in October or November. Drill sites have been identified and a preferred contractor secured.

Strategic gold-antimony corridor

Cap Burn sits on the northern edge of the Otago Schist Belt, around 11 kilometres from OceanaGold (TSX:OGC)’s 10-million-ounce Macraes operation — New Zealand’s largest producing gold mine. The project shares geological similarities with Santana Minerals’ (ASX:SMI) Rise and Shine discovery, which has become the most significant gold find in New Zealand in decades.

Cap Burn Project location ~11km from OceanaGold Macraes Gold Operations with major and minor interpreted structures.

Previous exploration at Cap Burn confirmed orogenic gold mineralisation beneath a 1-square-kilometre arsenic-in-soil anomaly, though much of the structure remains untested. Critical Resources plans to apply modern geological insights from the Rise and Shine discovery to refine its drill targeting, with particular focus on down-plunge gold shoots beneath arsenic halos.

Cap Burn Project – legacy drilling targeting arsenic-in-soil anomaly.

'Immediate geological upside'

Chief executive officer Tim Wither said the company was eager to begin testing the potential of Cap Burn.

“We are really pleased with the progress that has been made and are looking forward to drill testing Cap Burn as soon as practically possible once ministerial consent has been received,” Wither said.

“Cap Burn is within sheep and cattle highland pastures, and we have been in regular discussions with the landowner to minimise any impact to their farming activities as we move into the spring period,” he added. “We are excited to progress the New Zealand portfolio acquisitions, which deliver immediate geological upside, complementing our existing gold and antimony portfolio with advanced drill-ready targets at Cap Burn.”

Cap Burn Project – looking west along the Cap Burn fault.

Growing New Zealand portfolio

Cap Burn is one of several assets Critical Resources is acquiring in New Zealand, following its August move to secure a strategic gold-antimony position in the Otago and Reefton regions. Together, the projects provide the company with a large-scale landholding of more than 1,400 square kilometres across a highly prospective but underexplored gold province.

Location of acquired New Zealand projects (Green) with major gold mining projects

The New Zealand Government’s commitment to doubling mineral exports over the next decade, combined with new “fast-track” reforms to streamline approvals, has also strengthened the jurisdiction’s appeal for resource investment.

Next steps

In addition to drill preparations, Critical Resources is planning an infill soil geochemistry program to better define key schist boundaries ahead of drilling.

The company expects to be on the ground this spring, marking the start of a new exploration chapter in New Zealand that complements its existing lithium and base metals projects in Canada and Australia.