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Critical Resources Limited (ASX:CRR) (“Critical Resources” or the “Company”), advises that further to the announcements dated 9 April 2021, 2 August 2021, 10 August 2021 and 26 August 2021 the Company has reached a mutually agreeable outcome with the Ministry of Energy and Minerals, Sultanate of Oman (Minerals Department) regarding license fees for the ongoing exploration of Block 4 and Block 5, Sohar Copper Project in Oman.
The Block 5 resource, for which Critical Resources holds a 65% interest is a high grade, near surface, copper plus silver and gold resource.
About Sohar Copper Project
The Company’s assets are located near Sohar in the Sultanate of Oman.
- The Project covers 1,006 km² of the copper-rich Ophiolite belt, proven to host clusters of relatively high grade VHMS copper deposits. Ores within these deposits are metallurgically simple and contain gold and silver credits.
- The Company holds a 51% interest in Block 4 (granted Exploration Licence), a 65% interest in Block 5 (granted Exploration Licence and 2 Mining Lease applications) and a 70% interest in two Exploration Licence applications near Block 10 to the West of Blocks 4 and 5.
- Measured, Indicated and Inferred Mineral Resources (2012 JORC) of 0.82Mt at 3.4% Cu (including a high-grade zone of approximately 0.5Mt at 4.5% Cu)(gross deposit) is contained in two deposits within Block 5. Contained metal is reported at 28,000 tonnes of Copper, 5,900 ounces of Gold and 220,000 ounces of Silver. Further details can be seen in the Company’s announcement of 1 September 2020.
This article includes content from Critical Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Consumers and world governments have spoken — it’s time to transition to the green economy. Studies indicate that over 300 million passenger electric vehicles (EVs) will be on the road by 2040, with global oil demand declining as soon as 2025. Yet, that’s only one piece of a global puzzle filled with clean energy initiatives. Overall, the global green technology and sustainability market are expected to reach US$74.64 billion by 2030, growing at a CAGR of 21.9 percent between 2021 and 2030.
It’s not just consumer demand driving the transition to clean energy — it’s also policy-driven. World governments have already enacted aggressive policies committed to transitioning to a future powered by clean technology. The United Nations is leading the charge towards reaching net zero emissions by 2050 with the Paris Agreement, consisting of 193 parties worldwide. Canada, the United States, and Australia have updated their critical minerals lists to secure the materials necessary to transition to the new green economy. But will the supply of clean energy metals keep up with the skyrocketing demand?
Critical Resources (ASX:CRR) is an Australia-based critical minerals exploration and development mining company targeting assets to supply the clean energy revolution. The company has assets targeting essential minerals to transition to clean energy, including lithium, copper and zinc. Its flagship projects include a lithium portfolio of claims in Ontario, Canada, with its flagship project being Mavis Lake. Additional projects include its potential large scale zinc, lead, silver and copper project, Halls Peak in Australia and its Block 4 and 5 copper assets in Oman. A strong management team is leading the company to develop clear value propositions across all its projects with two active drill programs at both Mavis Lake and Halls Peak in 2022.
The company’s Canadian lithium portfolio embodies a province-scale strategy in Ontario focusing on hard rock lithium projects. The three chosen assets have previous exploration results indicating the potential for high-grade lithium mineralisation, particularly at the Mavis Lake project. Additionally, the mining-friendly province gives the company access to a robust infrastructure and access to an experienced workforce. Global electronics manufacturer LG is planning to build a US$2 billion battery-manufacturing facility in the region, demonstrating the presence of potential strategic partners in the region.
Critical Resources’ other projects target minerals critical to the transition to clean energy. The Halls Peak Base Metal Project is in a historic high-grade sulfide district. The company is targeting significant zinc, lead, silver and copper mineralisation in the region, and the company has already successfully identified some of the highest zinc grades recorded in the area.
In a recent interview, managing director Alex Biggs said, “If you’re going to have a project in Canada, Ontario is the place to do it. And if you’re going to have a lithium asset, the Lithium Triangle is the place to be. We’ve seen a lot of talk in the news about the United States sourcing lithium from Canada. So, for us, it’s a great prospect in the near-term, mid-term and long-term.” Biggs added during our own interview that, “We’re getting results. We’re doing it quickly. We’re doing it efficiently. We also raised $12.5 million in February, allowing us to continue our drilling.”
An experienced management team leads critical Resources with the right skillset to realise its ambitions fully. Managing Director, Alex Biggs, a mining engineer with experience across the industry, including technical, commercial and corporate finance who focuses on building a sustainable future for the company. Additional experts round out the team with expertise in corporate, technical and commercial disciplines to build confidence in the company’s ability to reach its goals.
- Critical Resources is an exploration and development mining company with assets in Canada, Australia and Oman, targeting minerals critical to the global transition to clean energy.
- The company has a province-scale lithium portfolio in Ontario, Canada, with access to an experienced local workforce and supportive infrastructure.
- Critical Resources' additional assets target zinc, lead, silver and copper, allowing the company to provide shareholders with multiple opportunities to capitalise on in-demand natural resources.
- A strong management team with diverse experience in natural resources, technical, commercial and corporate finance leads the company towards achieving its development goals.
Canadian Lithium Portfolio: Mavis Lake, Graphic Lake and Plaid, Whiteloon Lake
Critical Resources is pursuing a provincial-scale strategy encompassing multiple lithium projects in Ontario. Mavis Lake, Graphic Lake, Plaid and Whiteloon lake make up a combined area of approximately 13,000 hectares and is in close proximity to globally-acknowledged lithium deposits. Exploration and drilling is currently underway throughout the company’s lithium portfolio.
- Positive Initial Assay Results: 18.1m @ 0.98% Li2O from 159.1 to 177.2m downhole, including:
- o 15.53m @ 1.1% Li2O from 161 to 176.53m downhole
- o 7.66m @ 1.5% Li2O from 161 to 168.66m downhole
- o 5.66m @ 1.68% Li2O from 161 to 166.66m downhole
- Successful and Encouraging Drill Results: Multiple drill holes at Mavis Lake y have returned intersections up to 23.1 meters at 32 percent visual spodumene. A 10,000m drill campaign is in progress.
- Secure and Mining-Friendly Jurisdiction: Ontario is a globally recognized mining-friendly jurisdiction with an experienced local workforce. The company’s assets have existing infrastructure, with some assets requiring refurbishment or new construction.
- Promising Historical Exploration Data: Exploration throughout the assets dates back to the 1950s and has produced encouraging results, including:
- 26.3m @ 1.7% Li2O
- 55.25m @ 1.04% Li2O
- 15.20m @ 1.56% Li2O
- 6.10m @ 2.33% Li2O
- 17.90m @ 1.47% Li2O
Halls Peak Base Metal Project
The company’s exploration drilling has identified the potential for a large-scale SEDEX style base metal deposit. Additionally, recent geophysics exploration has been crucial in identifying drill targets.
- Significant Base Metal Intersections: Significant recent results have identified very high-grade base metal mineralisation at the Gibsons prospect including:
- 26.7m @ 3.43% Zn, 1.93% Pb, 0.13% Cu, 10.79g/t Ag, 0.03g/t Au
- 5.5m @ 6.74% Zn, 6.06% Pb, 0.17% Cu, 135.78/t Ag, 0.10g/t Au
- 6.37m @ 7.31% Zn, 0.89% Pb, 0.22% Cu, 10.33g/t Ag, 0.08g/t Au
- 5.3m @ 4.10% Zn, 1.78% Pb, 0.49% Cu, 25.17g/t Ag, 0.09g/t Au (refer ASX Announcement 30 May 2022)
- 34.3m @ 2.14% Zn, 0.83% Pb, 0.32% Cu, 7.02g/t Ag, 0.05g/t Au (refer ASX Announcement 23 May 2022)
- 7.63 metres @ 0.23% Zn, 0.01% Pb, 1.15% Cu, 73.15g/t Ag, 0.01g/t Au (refer ASX Announcement 05 April 2022)
- 3.6 metres @ 15.06% Zn, 8.38% Pb, 0.69% Cu, 37.51g/t Ag, 0.09g/t Au (refer ASX Announcement dated 09 March 2022)
- 7.53m @ 4.20% Zn, 1.92% Pb, 0.39% Cu, 19.15g.t Ag, 0.11g/t Au
- 7.18m @ 3.63% Zn, 1.89% Pb, 0.77% Cu, 15.82g/t Ag, 0.09g/t Au
- 1.28m @ 13.5% Zn, 4.75% Pb, 0.71% Cu, 21.5g/t Ag, 0.09g/t Au (refer ASX Announcement dated 21 February 2022)
- 5.30m @ 26.29% Zn, 12.49% Pb, 1.28% Cu, 49.18g/t Ag, 0.15g/t Au
- 5.99m @ 8.17% Zn, 4.33% Pb, 0.84% Cu, 25.36g/t Ag, 0.13g/t Au (refer ASX announcement dated 09 February 2022) 12.45m @ 10.91% Zn 5.73% Pb, 1.15% Cu, 331.63g/t Ag and 1.50g/t Au (refer ASX announcement dated 11 January 2022)
- Further drilling will be completed at the Sunnyside prospect and across the project area.
- Open at Depth and Along Strike: Current drilling has identified the potential for along strike and at depth mineralisation potential.
Sohar Copper Project
Located in the Sultanate of Oman, a mining-friendly jurisdiction, the company’s assets cover over 1,000 square kilometers with copper, gold and silver mineralisation. The company has a JORC compliant Resource estimate and is currently identifying targets for further exploration programs.
- JORC Resource Estimate: Block 5 has a JORC-compliant resource estimate of 0.8 Million tonnes at 3.4 percent copper.
- Opportunity to Increase Resource Potential: The project’s area has multiple promising prospects that warrant additional exploration and may increase the known deposits.
- Low-Cost and Mining-Friendly Jurisdiction: Oman is a Middle Eastern country that is a 2.5 hours drive from Dubai and 2 hours from the Oman capital of Muscat. The assets have a well-developed road, access to power and nearby port infrastructure.
Robert Martin - Non-Executive Chairman
Robert Martin is a commercial businessman with over 25 years experience across a broad range of sectors, including, mining, manufacturing, mining services and capital markets. Martin has recently operated a highly successful mining services company which became a leading provider of products and services to the mining industry with offices and operations located globally in key mining hubs.. Martin currently holds the positions of Non-Non Executive Chairman for Equinox Resources Limited (ASX:EQN), Executive Director for Parkd Limited (ASX:PKD) and Non-Executive Director for Pathfinder Resources (ASX:PF1). Martin was formally Non-Executive Chairman of Suvo Strategic Minerals (ASX: SUV).
Alex Biggs, Managing Director
Alex Biggs is a qualified Mining Engineer, educated at the Western Australian School of Mines. He has experience in operations, consulting and finance with a focus on feasibility studies, financial modeling, project evaluation and project management. He also has experience in capital raising, both equity and debt as well as deal structuring and significant commercial expertise. Alex has a strong focus on underground and open pit hard rock mining in multiple commodities. He has held various positions at companies including Venturex Resources, Palisade Capital Corporation, Barrick Gold as well as Principal positions in consultancy and advisory capacities. Biggs is committed to furthering the company’s assets and building a strong, sustainable future for the company and its shareholders. He originally joined Critical Resources as Chief Executive Officer and has since been promoted to Managing Director.
Michael Leu - Non-Executive Director
Michael Leu has 41 years geological experience and has held managerial and Executive Director roles of ASX listed exploration companies. His skills include strategic planning, execution and management of exploration programs worldwide. He has been involved in exploration and mining across a range of mineral commodities within Australia and some Pacific, SE-Asian-Asia and South American countries. He has worked in industry (Freeport, Getty Oil, Sovereign Gold Company, Queensland Ores, and Precious Metal Resources), as a private consultant and for seven years on the academic staff of Macquarie University teaching paleontology and geology. Leu joins Critical Resources Limited as Non-Executive Director bringing years of geological experience and looking forward to sourcing new projects in the future.
Jihad Malaeb - Non-Executive Director
Jihad Malaeb joins Critical Resources Limited as non-executive director bringing with him a wealth of experience and Management skills in business and marketing having run his own successful enterprises over the past 25 years. Malaeb has been a very strong supporter of the Company over many years and is a major shareholder. Maleeb is looking forward to assisting with the success of the Company as a whole moving forward.
Alex Cheeseman - Non-Executive Director
Alex Cheeseman is a commercially focussed professional with 20+ years’ experience in leadership and management roles across a range of industries. Having held a broad range of project and operational roles, the last 10 years has been focussed on the resources sector, specifically project development, commercial optimisation and marketing across iron ore and lithium commodities. Cheeseman has extensive lithium experience having been intimately involved with project delivery, commissioning and ramp-up to commercial production of the former Altura Pilgangoora operations. He holds a bachelor’s degree in physics and a master’s degree in development and acquisition, both from the University of New South Wales. Cheeseman is currently the Chief Executive Officer of lithium explorer Morella Corporation Limited (ASX: 1MC) and Non-Executive Director of the privately owned, UK based, Green Lithium Refining Limited.
Milan Bogunovic - Chief Financial Officer
Mr Bogunovic is a Chartered Accountant having held a senior position in audit and assurance for the past 10 years at HLB Mann Judd. He has considerable experience, operating at a senior level, in providing expert audit advice to a number of major businesses across the exploration and mining sectors.