Critical Resources Ltd (ASX:CRR) has had an impressive start to 2022 with shares setting new records on a daily basis on the back of strong newsflow, and today is no exception with high-grade lithium confirmed from verification sampling at the Mavis Lake Project in Ontario, Canada.
Verification assays from drill core and pegmatite outcrop rock chip samples have returned grades up to 3.06% lithium oxide and confirm the highly prospective nature of the project.
This has seen shares as much as 23.3% higher intraday to A$0.140, another new record. Since the market close on December 31, CRR shares have risen from A$0.038.
Looking ahead, permitting is underway for an initial first-stage 5,000-metre drill program across the Mavis Lake tenements.
Inaugural drilling imminent
Critical Resources managing director Alex Biggs said: “Receipt of these assays is another confirmation of the potential we see in the Mavis Lake asset.
“We are excited to begin our permitting and our inaugural drill program at Mavis Lake.
“We feel a high level of confidence in the potential this asset provides for the company and our shareholders and we look forward to keeping the market informed as we move closer to drilling.”
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Mavis Lake results
CRR’s verification assays from Mavis Lake confirm the presence of high-grade lithium mineralisation both in historic drill core and new rock chip samples at the Pegmatite 6 (Fairservice) and Pegmatite 18 prospects.
10 verification samples were taken as part of the due diligence work programs – six from existing drill core and four from pegmatite outcrops
At Fairservice prospect, the assays have returned up to 3.06% lithium oxide from the drill core sample.
In addition, rock chip samples with grades up to 2.39% lithium oxide have been identified from the Fairservice prospect and 1.61% lithium oxide from the Pegmatite 18 prospect.
Moving forward, a secondary drill program will be designed based on drilling results and data interpretation from the various exploration strategies employed.
Locations of sample checks.
About Mavis Lake
The Mavis Lake Lithium Project is about 20 kilometres east of the town of Dryden, Ontario.
The project is in close vicinity to the Trans-Canada highway and railway, with major transportation arteries linking the project areas with large cities such as Thunder Bay, Ontario to the southeast and Winnipeg, Manitoba, to the west.
Importantly, the region is a well-established lithium exploration and development province, with multiple projects located within the vicinity.
Furthermore, it boasts excellent infrastructure with hydro-power located a few kilometres to the southwest of the project.
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