Critical Resources Ltd (ASX:CRR) has received the highest-grade lithium results yet from the Mavis Lake Project in Ontario, Canada, with assays of up to 4.32% lithium oxide.
The latest results from diamond drilling have confirmed thick, high-grade intersections with sections of exceptionally high-grade lithium oxide.
One hole, MF22-116, returned 24.1 metres at 1.62% lithium oxide from 53 metres, 8.15 metres at 1.70% from 89 metres including 1-metre at 4.32% from 91 metres and 8.70 metres at 2.18% from 112.75 metres.
Another, MF22-117, produced 23.9 metres at 1.55% lithium oxide from 112.75 metres, including 11.15 metres at 2.28% from 112.75 metres, 7.05 metres at 2.77% from 129.35 metres and 3.80 metres at 3.09% from 131 metres.
“Exceptional assay results”
Critical Resources chairman Robert Martin said: “To receive such exceptional assay 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.
"These results further build our confidence in the project and reinforce our decision to commence complementary 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.”
Extending east
The assay data confirms that lithium mineralisation is extending east and building on the strong intercepts seen in 2017 and 2018.
High-grade assays correlate with the company’s visual assessments released immediately after drilling.
Phase 3 drilling continues at Mavis Lake with total of about 10,749 metres completed and CRR is planning to extend this work.
The phase 3 program excludes a recent HQ core program drilled to support initial metallurgical test-work which is about to begin along with resource modelling.
MD negotiations
In regard to CRR’s search for a managing director, Martin said: "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.”