Critical Resources Ltd (ASX:CRR) has hit upon another “significant” intersection of spodumene-bearing pegmatite at the 100%-owned Mavis Lake Lithium Project in Ontario, Canada.
The company has discovered 31.75 metres of well-mineralised spodumene-bearing pegmatite in drill hole MF22-163, which extends the known mineralised zone.
CRR drilled more than 16,500 metres in 2022 and drilling is ongoing. It now awaits the results of assays from 42 drill holes where spodumene mineralisation was confirmed.
Preparation of MRE
The latest find will be included in the maiden mineral resource estimate (MRE) work underway with the help of resource modelling consultant firm SGS Canada.
Earlier this week, SGS visited the site to perform customary due diligence checks and data correlation in support of JORC-compliant resource modelling, with a maiden mineral resource estimate on target for release in the first quarter of 2023.
While on-site SGS reviewed core storage as well as core and drill logs, and inspected the drillers as they were drilling hole MF22-163 to perform customary checks and data correlation in support of the MRE process currently underway.
Sector gaining momentum
Managing director Alex Cheeseman said: “The latest excellent intercept at Mavis Lake combined with the exceptional results we have released to the market over the last few months strengthen our already firm belief that we will be delivering a maiden JORC resource in the new year.
“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.
“With over 40 drill hole assays pending and drilling ongoing we will continue to update the market as information comes to hand.”
Future works
The company is preparing to conduct a move from the Main Zone to test a number of spodumene bearing pegmatite outcrops before the heavy winter sets in.
These targets have never been drill-tested.
Successful drilling and development of these adjacent pegmatite systems will further add to the MRE being calculated at Mavis Lake.