Critical Resources Ltd (ASX:CRR, FRA:9S70) earlier this week confirmed a high-grade tungsten system at the Granite Creek target within its Croesus Project on New Zealand’s South Island, with first-pass sampling returning up to 16.63% tungsten trioxide, or WO₃.
Speaking to Proactive, managing director Tim Wither said the result came from initial fieldwork at Granite Creek, an area within the broader Croesus Project near Barrytown on the West Coast. The standout assay was from channel sample A1419, which returned 0.41 metres at 16.63% WO₃ across the true width of an exposed quartz-scheelite vein.
Wither said the result was “very, very high grade” and noted that it was taken as a channel sample, rather than selective sampling. He said typical global head grades were around 0.4% to 0.6% WO₃, which placed the Granite Creek result in a strong context.
The company said the result was supported by repeat high-grade assays across the target, with nine of 25 samples from Granite Creek returning between 0.67% and 16.63% WO₃. Six samples were above 1% WO₃ and three were above 2% WO₃.
Wither said the company had identified bedrock samples across a 600-metre area, including parallel lodes of quartz veining through the Barrytown ridgeline. He added that historical tungsten grades of up to 20% WO₃ had been recorded on the other side of the ridgeline, suggesting potential scale.
The next catalyst for Critical Resources Ltd (ASX:CRR) will be further field mapping and an application for an exploration permit, which would allow the company to drill the target. Wither said the aim was to be drilling towards the end of the year, although he noted that winter weather on the West Coast remained a factor.
The tungsten results add another dimension to the Croesus Project, which Wither said was originally pegged for its gold potential around the Croesus mine and Garden Gully historical gold mine. He said recent results from the project had included up to 13.3 grams per tonne gold and 7% antimony.
Wither also stressed that Granite Creek would not distract from the company’s wider portfolio, including its lithium assets in Ontario, where it is awaiting results from work completed earlier in the season.
He said tungsten was an “extremely critical mineral” and pointed to growing Western interest in secure tungsten supply as a key reason why Granite Creek deserved attention.
Interview highlights
- Critical Resources Ltd has confirmed high-grade tungsten at the Granite Creek target within the Croesus Project on New Zealand’s South Island.
- First-pass sampling returned a standout result of 0.41 metres at 16.63% WO₃ from an in-situ quartz-scheelite vein.
- Nine of 25 Granite Creek samples returned between 0.67% and 16.63% WO₃, including six samples above 1% WO₃ and three above 2% WO₃.
- Tim Wither said the company had identified results across a 600-metre area, with parallel lodes of quartz veining through the Barrytown ridgeline.
- Historical grades of up to 20% WO₃ have been recorded on the other side of the ridgeline, supporting the potential scale of the target.
- The company’s next steps include field mapping and applying for an exploration permit to enable drilling.
- Wither said the company remains active across its broader portfolio, including lithium work in Ontario and gold potential at Croesus.
- The Croesus Project also includes historical gold workings, with recent results including up to 13.3g/t gold and 7% antimony.
Proactive: Welcome back to Proactive Investors. I’m your host, Kerry Stevenson. Today I’m once again joined by Tim Wither, Managing Director of Critical Resources Ltd, ASX code CRR. We have talked in the past about many of the company’s assets, but today we are discussing the Granite Creek target within the Croesus Project on New Zealand’s South Island. The company has done some sampling and returned exciting high-grade tungsten. Tungsten has had a mighty price rise and is on the radar of governments because it is used in defence and other applications. Tim, you must be pretty happy. This is first-pass sampling for this project, and the company has returned high-grade tungsten. Was that a surprise?
Tim Wither: Morning, Kerry. Thanks for having us on again. Granite Creek is within the Croesus Project. It is in the ranges just above Barrytown on the West Coast of the South Island in New Zealand. There are quite formidable weather systems on the West Coast, and during winter there was a break in the weather. This is the first time the company has been on the property in the Granite Creek area.
The company released some gold results across the Croesus Project a week or so ago, but this tungsten target has historical, very high-grade tungsten. The company went up to look at where this historical work had been done and completed channel sampling. The result was very high-grade: just under half a metre, 0.41 metres, at 16.63% WO₃. That was just the start. The company had bedrock samples across a 600-metre area, with parallel lodes of quartz veining through the Barrytown ridgeline. Results ranged from about 0.67% up to 16.63% WO₃, so it is a very exciting target.
The company has also been able to show scale. On the other side of the ridgeline there are historical tungsten grades up to 20% WO₃. It is quite a large area. The next step is field mapping and applying for the exploration permit so the company is able to drill it.
Proactive: Does this mean your attention is going to move more to New Zealand? In the past we have been talking about the company’s lithium assets as well. Does this take the focus away?
Tim Wither: No, it does not take the focus away. The company has quite low holding costs across all the tenements, and it is really where the market goes with it. The company was the first to operate up in Ontario at the start of the season and is still waiting for results there. The intention is still to drill within this field season in New Zealand. The company is in the winter period, and as mentioned, it is getting quite wild and woolly there at the moment.
There is really just light work that needs to be done before drilling. Tungsten is an extremely critical mineral, with prices up to nearly US$3,100 per metric tonne unit. That is a tenfold increase over a very short period of time. Western society is looking for secure tungsten supply, so it is a very interesting project and it deserves attention.
Proactive: New Zealand is open for business and the country makes it easy to do business. You mentioned that historical work had been done there, but it has not really been looked at for a while. In terms of environmental permitting and those sorts of things, do you see any challenges?
Tim Wither: Croesus sits in a long legacy mining jurisdiction. There is a coal mine just to the south and west, up in the Paparoa Ranges, and on the other side of the valley there is Federation Mining’s Snowy River project, which is under construction. There is also Rua Gold, another gold exploration company going through the fast-track permitting process.
It is a very strong mining region on the West Coast, just north of Greymouth. The company will go through the process and make the application for the exploration permit to allow it to drill and work through that process. The hope is that towards the end of the year the company will be up there drilling.
Proactive: My final question is about the 16.63% WO₃ result. For people who do not know, you said it is high-grade. How does that compare to some peers? Tungsten has had quite a wild ride, and a lot of it comes out of China. Western markets are looking for supply from outside China, so there is clear demand. How does it compare?
Tim Wither: It is extremely high-grade, and it is a channel sample, so it is not selective sampling. World head grades are typically around 0.4% to 0.6% WO₃, so this is extremely high-grade.
Proactive: Hurry up and get on with it. One final question on gold. You mentioned it briefly. Is this a pure tungsten area, or is there gold on the project as well?
Tim Wither: The tungsten target is part of a granite intrusion coming through this larger unit, so it is off to the side. The Croesus permit was pegged because of the Croesus mine and the Garden Gully historical gold mine. There are very high grades just below the snow line. As mentioned before, the company released some results, including up to 13.3 grams per tonne gold and 7% antimony. It is predominantly a gold target.
Proactive: You have your hands full there, Tim. Always good to have you back on Proactive. Thanks for updating us on the company’s New Zealand assets. Critical Resources Ltd is on the ground in New Zealand, and more news is to come. Thanks for joining me on Proactive, Tim.
Tim Wither: Thank you very much, Kerry.