Critical Resources Limited (ASX:CRR) (“Critical Resources” or the “Company”), is pleased to advise that it has encountered visual spodumene in another four step-out drill holes at its 100% owned Mavis Lake Lithium Project, in Ontario, Canada.


The highest visual intersection is estimated to contain 40% spodumene within a 3.6m pegmatite interval, in drill hole MF22-65 (Hole 6). Additionally, MFF22-66 (Hole 7), encountered a visual intersection of 6.9m with an estimated 20% spodumene-bearing pegmatite from 99.6-106.5m.

Highlights

  • 1, 2, 3Significant spodumene intersected from 99.6-106.5m, in Hole 7. The white to grey pegmatite is estimated to contain 20% of fine to medium cream coloured, spodumene crystals over 6.9m
  • Hole 7 demonstrates up-dip continuity of mineralisation observed in drill hole MF22-64 (Hole 5)
  • 1, 2, 3Significant spodumene hosted in two pegmatites from 126.4-128m and 129-132.6m, in Hole 6. The white to grey pegmatites are estimated to contain up to 40% of fine to medium cream coloured, spodumene crystals over 3.6m
  • Hole 6 confirms lithium mineralisation is continuous along strike and depth in pegmatite 6
  • All holes are step-out holes and targeting new mineralisation previously untested
  • Intersection of semi-massive holmquistite in drill hole MF22-68 (Hole 9) demonstrates significant Limetasomatism within the host rock
  • Eight out of nine holes of the Mavis Lake drill program have intercepted visual spodumene-bearing pegmatites
  • Approximately 20% of drilling has been completed on the ~5,000m inaugural drill program

1 In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of the visible mineralisation reported in preliminary geological logging. The Company will update the market when laboratory analytical results become available.

2The reported intersections are down hole measurements and are not necessarily true width

3Descriptions of the mineral amounts seen and logged in the core are qualitative, visual estimates (they are listed in order of abundance of estimated combined percentages). Quantitative assays will be completed by Activation Labs in Dryden, Ontario.

Critical Resources Managing Director Alex Biggs said: “The 40% visual spodumene mineralisation within pegmatite 6 is the highest representation of observed lithium mineralisation to date. We are noticing that pegmatite widths and spodumene mineralisation appear to both increase at depth within pegmatite 6. The down dip and along strike extension of pegmatite 6 will continue to be targeted during this drill program. The success we have experienced to date at Mavis Lake continues to demonstrate the quality of the asset, and we are looking forward to further successes as the drill program advances. The Company remains committed to its goal of working towards defining a JORC compliant Resource at Mavis Lake which will be both transformational for the Company and the project and will position Critical at the forefront of the lithium industry in Ontario”