Critical Resources Ltd (ASX:CRR) continues to deliver positive results from its diamond core drilling campaign at the Mavis Lake Lithium Project in Canada, with the latest assays confirming high-grade lithium mineralisation over a 750-metre strike length within the Main Zone.
Among the positive results, assays from drill hole MF22-95 confirmed 9.65 metres at 1.15% lithium oxide (Li2O) from 131.6 metres, including one hole which intersected 7.2 metres at 1.5% Li2O from 132.95 metres.
Other highlights include:
- MF22-96 - 14.75 metres at 0.87% Li2O from 152.25 metres, including 7.9 metres at 1.49% from 155.25 metres, including 1-metre at 3.57% from 161.3 metres;
- MF22-107 - 2.6 metres at 1.72% from 44.55 metres, including 0.75 metres at 4.37% from 46.05 metres; and
- MF22-111 - 6.3 metres at 1.76% from 103.7 metres.
The new results will be incorporated into the maiden mineral resource estimate (MRE) for Mavis Lake due in the first quarter of 2023.
Plan view of the Main Zone at surface.
Outstanding position
“The deliberate and structured drilling program at our Mavis Lake Lithium Project is consistently delivering results. Importantly, our most recent results have confirmed continued high-grade lithium mineralisation within the Main Zone, along a large 750-metre strike length,” Critical Resources managing director Alex Cheeseman said.
“Beyond the Main Zone, Mavis Lake consists of additional drill-ready targets centred on mapped spodumene-bearing pegmatites, outcropping at surface. Multiple drill targets are planned and under permitting, the company is only in the early stages of testing the true potential of Mavis Lake.
“As the downstream industry continues to announce further multi-billion dollar investments into electrification of the automotive industry, and legislated change as highlighted by the European Union’s latest decision to effectively ban the sale of internal combustion engines from 2035, the industry is set for significant long-term growth and we believe Mavis Lake puts us in an outstanding position to capitalise on this growth.”
Upcoming works
MRE consultants are planning to visit the site and is likely to be completed in the next one to two weeks.
Drilling of Pegmatite 17, a large spodumene-bearing outcrop not previously drilled-tested by the company, is expected to begin in early November.
Decarbonising the future
The explorer is pursuing the rapid development of its flagship Mavis Lake Lithium Project in Ontario, Canada, an advanced exploration project with near-term development potential.
Significantly, it has the opportunity to advance its growth in the region through the exploration at its Graphic Lake, Plaid and Whiteloon prospects, along with expanding its Canadian portfolio through potential increased land holdings and mergers and acquisitions.
The company's other projects include the base metals Halls Peak Project in New South Wales, Australia, and the Block 4 and Block 5 copper project in Oman.