Krait Critical Minerals (CSE: KRIT) has updated shareholders on plans to advance its Goldbar Spider Lake project in northern Ontario.
The company has completed an airborne geophysical survey and an updated technical report, which recommends a $250,480 exploration program to advance priority targets, part of a broader strategy focused on gold and base-metal mineralization at the project.
The project spans approximately 3,636 hectares across 148 unpatented mining claims in the Thunder Bay Mining Division, located between the towns of Terrace Bay and Marathon.
Krait has the right to earn a 100% interest in the project under an option agreement, subject to a 3% net smelter return royalty.
While past exploration at the site focused mainly on volcanogenic massive sulphide-style base-metal deposits, the updated technical review identified several features considered favorable for orogenic gold mineralization.
The 2026 airborne survey detected conductive zones that appear to follow structural rather than purely geological patterns, a characteristic the report says warrants further investigation for gold potential.