- Critical Resources (CRR) identifies a new mineralised zone roughly 300 metres south of its Mavis Lake lithium project in Ontario, Canada, on the back of recent drilling work
- The company says the drill core from the new South Zone shows high concentrations of spodumene over lengths of more than six metres
- Meanwhile, results from the Mavis Lake Main Zone continue to extend mineralisation down dip, remaining open at depth
- Critical Resources says it will incorporate its new drilling results into a maiden mineral resource estimate (MRE) for Mavis Lake
- Shares in Critical Resources are up 8 per cent to 5.4 cents at 11:50 am AEDT
Critical Resources (CRR) has identified a new mineralised zone roughly 300 metres south of its Mavis Lake lithium project in Ontario, Canada, on the back of recent drilling work.
The step-out drilling intersected “significant” spodumene-bearing pegmatites, with logging of the drill core from the new South Zone holes showing high concentrations of spodumene over lengths greater than six metres.
CRR said results from the South Zone included 6.8 metres of spodumene-bearing pegmatite from 72.4 metres downhole, 9.45 metres of pegmatite from 111.85 metres, and 6.45 metres of pegmatite from 208 metres.
Meanwhile, drilling from the Mavis Lake Main Zone continued to intersect thick intervals of spodumene-bearing pegmatite.
These results extend the known mineralisation of the Main Zone down dip, remaining open at depth.
Critical Resources said it would incorporate its new drilling results into a maiden mineral resource estimate (MRE) for Mavis Lake.
Managing Director Alex Cheeseman said the identification of the new zone to the south had the ability to “significantly” increase the scale potential of the project.
“These results reinforce the company’s commitment to conduct comprehensive, large-scale drilling programs throughout 2022 and continuing in 2023,” Mr Cheeseman said.
“We look forward to further developing our understanding of the mineralisation at Mavis Lake and adding these results to our pending mineral resource estimate.”
As it prepares for its MRE, Critical Resources is undertaking baseline technical and environmental studies and assessments to support the preparation of a scoping study for Mavis Lake.
Meanwhile, the company is awaiting assays from samples collected from over 50 individual drill holes, including samples generated from drilling in late 2022.
Shares in Critical Resources were up 8 per cent to 5.4 cents at 11:50 am AEDT.