Critical Resources (CRR) spent just under $2.6 million on exploration over the December 2022 quarter as it focussed on its flagship Mavis Lake lithium project in Ontario.
The company ended the quarter with roughly $8.5 million cash in the bank.
Over the quarter, Critical Resources completed more than 7300 metres of drilling at Mavis Lake, from which it reported multiple assays grading over three per cent lithium.
Thanks to the company’s efforts, the lithium-mineralised Main Zone has been extended by 550 metres to 1300 metres, remaining open.
CRR appointed external consultants to begin early-stage metallurgical testwork and flowsheet development for concentrate production at the project ahead of a planned mineral resource estimate for Mavis Lake.
To help fund its exploration and development work, Critical raised $6.7 million in November. The company said it would put the cash towards its “aggressive” 2023 Mavis Lake drilling program.
Meanwhile, over at the Halls Peak project in New South Wales, CRR has also signed on an external consultant to kick off resource modelling work.
However, the company said the geological “complexities” of the Halls Peak system meant it would require “extended time” to complete preliminary resource modelling.
Shares in Critical Resources were down 5.17 per cent to 5.5 cents at 2:37 pm AEDT.
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