Junior explorer Critical Resources (CRR) has recorded “exceptional” high-grade lithium intercepts at its Mavis Lake lithium project in Ontario, Canada.
The company said the mineralisation was found near the surface and illustrated the continuity of high-grade lithium mineralisation within the Main Zone area.
The latest round of assays come from CRR’s current diamond drill program, with one of the best results including 20.8 metres at 1.92 per cent lithium oxide from 45.25 metres, including an 18.45-metre zone at 2.06 per cent lithium oxide and a 1.5-metre zone at 3.49 per cent lithium oxide.
The company said the high-grade lithium confirmed via assay results correlated with visual assessments released immediately after drilling.
“Discovering further high-grade intercepts with sections of extremely high-grade lithium mineralisation is very pleasing,” CRR Managing Director Alex Cheeseman said.
“In addition, these intercepts are relatively close to surface, with the main zone remaining open at depth, which we are yet to test.
“With the excellent results of the last few months, mineral resource estimate (MRE) works underway, and drilling continuing at Mavis Lake, we are extremely pleased with how the project is progressing as we move from exploration into development.”
The current drilling results will be incorporated into the project’s maiden MRE, which is expected in the first quarter of 2023.
More assay results are pending, and drilling is continuing at the project and has been extended with another 2500 drill meters to a total of approximately 17,500 metres.
Additional permits to drill a larger portion of the prospect have been submitted by the company.
Shares in Critical Resources are up 2.7 per cent and trading at 7.6 cents at 11:01 am AEDT.
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