Critical Resources (CRR) has struck 31.75 metres of “well-mineralised” spodumene-bearing pegmatite from drilling at its Mavis Lake lithium project in Ontario, Canada.
The company said the intercept was confirmed by visual assessment and extended the mineralised zone in the area, with estimates of between 5 per cent and 25 per cent spodumene found in multiple zones from between 83.7 metres and 138 metres.
Critical has completed over 16,500 metres of drilling at the Mavis Lake project over 2022 so far, with assays still outstanding for 42 holes.
Managing Director Alex Cheeseman said today’s latest intercept, combined with the “exceptional” results released to the ASX over the past several months, meant Critical remained on track to deliver a maiden Mavis Lake mineral resource estimate (MRE) in the first quarter of 2023.
“The lithium sector in Canada is starting to gain momentum, and we are perfectly positioned to advance Mavis Lake and be part of a North American lithium industry that is demanding unprecedented growth over the rest of this decade,” Mr Cheeseman said.
“With over 40 drill hole assays pending and drilling ongoing, we will continue to update the market as information comes to hand.”
In line with Critical’s plans to deliver an MRE in the new year, resource modelling consultant SGS Canada has completed its Mavis Lake site visit and due diligence checks to support the resource estimation process.
With drilling still ongoing in the project area, Critical said it was now preparing to move on from the Main Zone region of the project to test multiple never-before-drilled spodumene-bearing pegmatite outcrops before winter sets in.
If drilling in these adjacent systems is successful, they will add to the mineral resource being developed for the project.
Shares in Critical Resources were trading at 5.8 cents at 11:55 am AEDT.
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