Critical Resources Limited (ASX:CRR) has received high-grade assay results from the current diamond drilling campaign at the company’s 100% owned Mavis Lake Lithium Project in Ontario, Canada.
The assay results have returned the highest-grade lithium results in the Projects’ history and data has confirmed lithium mineralisation is extending east, building on the significant intercepts seen in 2017 and 2018.
Highlights
• Assay results confirm thick, high-grade intercepts, with sections of exceptionally high-grade lithium oxide
• Hole MF22-116 assay highlights include: 24.1m @ 1.62% Li2O, from 53m o 8.15m @ 1.70% Li2O from 89m, including 1.0m @ 4.32% Li2O from 91m and 8.70m @ 2.18% Li2O from 112.75m
• Hole MF22-117 assay highlights include: 23.9m @ 1.55% Li2O from 112.75m, including 11.15m @ 2.28% Li2O from 112.75m, including 7.05m @ 2.77% Li2O from 129.35m, Including 3.80m @ 3.09% Li2O from 131m
The high-grade lithium content correlates with visual assessments released immediately after drilling in August.
“To receive such exceptional assays results and for them to contain the company’s highest grading results of lithium mineralisation ever to be intersected at Mavis Lake is absolutely outstanding,” Chairman, Robert Martin, said.
“These result further build our confidence in the project and reinforce our decision to commence complimentary project development efforts such as metallurgical test work and resource modelling.
“Mavis Lake and the opportunity to position Critical Resources as an emerging, lithium focused project developer is an absolutely incredible prospect for the Company and our shareholders.
“Furthermore, after a global search for a more suitably qualified senior executive to fill the role of Managing Director, the company is pleased to advise that it is in late stages of negotiations with a highly skilled lithium resource executive, with the ability and experience to take the company from explorer to producer. We look forward to updating the market on this in the coming weeks.”
Drilling continues at Mavis Lake with total of approximately 10,749m completed. The phase 3 programme excludes a recent HQ core programme drilled to support the conduct of initial metallurgical test work.
For further information please visit: https://www.criticalresources.com.au/
