Critical Resources reveals exploration target of up to 29Mt for Mavis Lake lithium project

Lithium exploration and project development company Critical Resources (ASX: CRR) has released an exploration target for its wholly-owned Mavis Lake project in Canada.

The estimated range of potential mineralisation is between 18 million tonnes and 29Mt, grading between 0.8% and 1.2% lithium oxide.

It excludes the current inferred mineral resource estimate (MRE) of 8Mt at 1.07% lithium oxide.

Twin pegmatites

The target has been derived from the exploration potential at the Mavis Lake Main Zone (where the current MRE is located) and the Northern Prospects, centred on the Gullwing and Tot pegmatites.

Gullwing has an exposed width of up to 80 metres and is interpreted to be dipping near vertical.

It has an exploration target of between 7Mt and 10Mt, grading up to 1.2% lithium oxide within an exposed strike length of 425m.

The Tot pegmatite area has an exploration target of between 3Mt and 5Mt, grading up to 1.2% lithium oxide.

Substantial resource base

The potential of the Mavis Lake project area is believed to have given Critical Resources the opportunity to achieve a significant resource base in north-western Ontario.

The project is expected to become a key participant in North America’s rapidly emerging hard rock-based lithium supply chain.

Comprehensive analysis

Managing director Alex Cheeseman said the exploration target was supported by detailed scientific work and a comprehensive analysis of a range of datasets.

“This target follows two years of intensive work and data collection at Mavis Lake,” he said.

“It represents a major milestone for us and gives shareholders and investors a clear line of sight to the huge potential of this project.”

“It gives us the first definitive picture of the upside potential across the entire project area, building on the maiden MRE delivered last year.”

“We are very excited to be able to quantify the potential size and scale of this asset for the first time.”

Under-explored area

The Mavis Lake project area is a single contiguous claim, covering 230 square kilometres.

It has known spodumene-bearing pegmatites throughout its entirety, many of which are yet to be drill tested.

Critical’s exploration efforts to date have focused on the Mavis Lake Main Zone and the Northern Prospects.

These areas have not yet been fully explored and are reported to provide “excellent opportunities” for significant resource growth.