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Critical Resources Consolidates Mavis Lake Lithium Project with Acquisition of Dryden East Claims

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By Imelda Cotton - 
Critical Resources ASX CRR Mavis Lake Lithium Project Acquisition Dryden East Claims
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Critical Resources (ASX: CRR) has entered into a binding agreement to acquire the highly-prospective Dryden East lithium claims directly adjacent to its Mavis Lake project in Canada.

Bounty Gold and Last Resort Resources are divesting the low-cost, high-impact claims, which will expand Mavis Lake by approximately 63 square kilometres, creating a dominant landholding for Critical in the northwestern Ontario region.

The company believes the claims at Bluett Lake, Centrefire Creek and Red Hat are also prospective for gold, silver and base metals.

Growth Opportunity

Chief executive officer Tim Wither said the new claims would unlock a district-scale growth opportunity with an expanded pipeline of priority drill-ready targets.

“The identification of highly-fractionated pegmatites supports strong potential for further resource growth at Mavis Lake and provides an opportunity to expand our mineral resource estimate of 8 million tonnes grading 1.07% lithium oxide,” he said.

“This project stands as one of Ontario’s significant lithium assets with scale potential, grade and access to world-class transport and utilities infrastructure and we expect it will play a long-term role in North America’s lithium supply chain.”

Critical has lodged an application a grant of up to C$200,000 (A$222,000) under the Ontario Junior Exploration Program that it plans to use on future exploration programs across priority targets at Mavis Lake.

High-Impact Exploration

Since acquiring Mavis Lake in 2022, Critical has conducted more than 58,000 metres of high-impact exploration to transform the project into one of Ontario’s most advanced and well-positioned lithium development opportunities.

In May 2024, the company announced an exploration target of between 18Mt and 29Mt grading up to 1.2% lithium oxide in addition to the current resource estimate.

Mr Wither said large areas of the property remain underexplored and substantial discovery potential exists beyond the currently-defined Tot and Gullwing prospects.

“We are starting to see encouraging signals from small supply imbalances within the lithium markets, [and] in preparation we continue with low-cost value-adding workstreams, building a strong foundation for long-term growth at Mavis Lake,” he added.