Critical Resources Ltd (ASX:CRR) has capped the September quarter with fresh progress across its global critical minerals portfolio, expanding its landholding at the flagship Mavis Lake Lithium Project in Ontario, advancing exploration at its gold–antimony projects in New South Wales and New Zealand, and bolstering its balance sheet through a $1.8 million placement.
The company ended the quarter with $1.7 million in cash and has since appointed Tim Wither as managing director to drive the next phase of growth.
Expanding footprint at Mavis Lake
Critical Resources strengthened its strategic position in Ontario’s lithium corridor by acquiring and staking several adjacent claims, adding around 7,300 hectares to its Mavis Lake project area.
Mavis Lake Project Area Map showcasing newly staked claim cells and the recently acquired claim groups from Bounty Gold and Last Resort Resource.
The enlarged 73-square-kilometre landholding hosts numerous pegmatite occurrences with high levels of fractionation confirmed by LIBS (Laser-Induced Breakdown Spectroscopy) testing, including low potassium-to-rubidium (K/Rb) ratios below 20 — indicators of highly evolved pegmatite systems with strong lithium potential.
Since acquiring Mavis Lake in 2022, the company has drilled more than 58,000 metres and defined an inferred resource of 8 million tonnes at 1.07% lithium oxide (Li₂O). It also outlined an exploration target of 18 million–29 million tonnes at 0.8–1.2% Li₂O, reinforcing scope for further growth.
Exploration continues at nearby prospects including the Tot and Gullwing zones, where spodumene-bearing pegmatites mapped at surface remain outside the existing resource base. Environmental and permitting work is advancing to keep Mavis Lake on track for rapid progression when lithium market conditions improve.
The company has also applied for up to C$200,000 under Ontario’s Junior Exploration Program to help fund upcoming exploration.
Maiden drilling and new discoveries at Halls Peak
In New South Wales, Critical Resources completed a major soil-geochemistry program at its Amoco Gold–Antimony Project, defining coherent multi-element anomalies of gold, arsenic and antimony across a 2-kilometre strike.
Amoco gold-in-soil geochemistry assay results with rock chip samples and major/minor interpreted fault structures (black dashed lines), gold-in-soil contours green (0.5-1 ppb Au) orange (1-2 ppb Au) red (2-3.5 ppb Au) and pink (3.5-21 ppb Au)
The survey supported a maiden 12-hole reverse circulation (RC) drilling campaign, finished shortly after quarter-end, targeting high-grade surface results of up to 17.9 g/t gold. Samples are now at the lab, with assays expected from mid-November.
Orange-NSW based drilling contractor at Amoco gold and antimony prospect.
The Amoco prospect lies within the New England Fold Belt, about 19 kilometres southeast of Larvotto Resources Ltd’s Hillgrove antimony–gold operations — Australia’s largest deposit of its kind — and 14 kilometres east of Koonenberry Gold’s Enmore Project.
Location Plan of Critical Resources - Halls Peak tenure and regionally significant Hillgrove and Enmore with regional structures.
At the nearby Mayview antimony prospect, fieldwork identified exceptionally high-grade samples up to 52.3% antimony and 2.7 g/t gold from historic dumps, underscoring potential continuity with Hillgrove-style mineralisation. Land access negotiations and permitting are progressing with the NSW Resources Regulator and local stakeholders.
Mayview Antimony Prospect with recent surface rock samples.
Building a new gold–antimony district in New Zealand
Critical Resources also made a decisive move into New Zealand during the quarter, securing a portfolio of permits totalling about 1,800 square kilometres across the Otago and Reefton regions — both renowned for historic gold and antimony production.
Location of acquired New Zealand projects (Green) with major gold mining projects
Flagship among these is the Cap Burn Project, a drill-ready gold–antimony target 11 kilometres along strike from OceanaGold’s +10-million-ounce Macraes gold camp. The project sits within the same structural corridor and exhibits geological features similar to Santana Minerals’ Rise and Shine discovery.
Cap Burn Project location ~11km from OceanaGold Macraes Gold Operations with major and minor interpreted structures(black lines)and historic alluvial gold workings (blue circles). (Google Earth Image)
Legacy drilling at Cap Burn returned intercepts including 6 metres at 0.45 g/t gold from 173 metres and 1.8 metres at 0.76 g/t gold from 14.2 metres. Permitting and access transfers are near completion, with drilling scheduled to begin in November.
The company also acquired the Rock and Pillar permit to the south, consolidating a 10-kilometre strike along the Cap Burn Fault — an area that historically produced more than 80,000 ounces of gold in the 1860s and hosts assays up to 54.8% antimony.
Additional prospecting permits at Silver Peaks, Lammerlaw, Tokomairiro and Croesus provide longer-term exploration upside across underexplored gold–antimony corridors.
Critical Resources’ Managing Director Tim Wither (second from left) and NZ based technical team at Cap Burn Project – looking north towards Cap Burn Fault.
Corporate and outlook
During the quarter, Critical Resources raised $1.8 million via a placement at $0.008 per share, with directors and management contributing $435,000 (subject to shareholder approval).
Proceeds are being directed towards ongoing exploration at Halls Peak and New Zealand, continued studies at Mavis Lake, and working capital.
The company said it continues to evaluate potential value-adding critical minerals and technology innovation opportunities while maintaining its focus on advancing the Mavis Lake lithium project and its gold–antimony portfolio across Australia and New Zealand.
With exploration momentum building across several fronts and a strengthened financial position, Critical Resources aims to deliver key catalysts in the December quarter — including assay results from Amoco, commencement of drilling at Cap Burn, and continued progress on land consolidation and permitting at Mavis Lake.