Critical Resources unveils maiden 8Mt lithium resource at Mavis Lake
Recharge Metals has received firm commitments from sophisticated and professional investors to raise $3 million.
Lithium developer Critical Resources (ASX: CRR) has joined the exclusive club of ASX-listed companies with JORC Code 2012 compliant mineral resources in Canada after unveiling a maiden mineral resource of 8 million tonnes grading 1.07% Li2O (lithium oxide) for its Mavis Lake project in Ontario.
Critical becomes just the second ASX-listed company with a JORC resource in Ontario, the other being Green Technology Metals (ASX: GT1).
The company said the maiden inferred resource for Mavis Lake has been calculated following a continuous 11-month drilling program – and comes just over a year after it acquired the Mavis Lake project in early 2022.
Importantly, it is based on drilling covering just 2 per cent of the Mavis Lake Project area, which spans 22,984 hectares of land on Ontario’s north-west.
Drilling is continuing at the site, with additional holes completed from April 2023 not included in the maiden resource.
“We see lots of potential for further resource growth, both at the Mavis Lake Main Zone – which is still open along strike and at depth – and at nearby prospects Gullwing and Tot Lakes,” says Critical’s managing director, Alex Cheeseman.
“All of these upside opportunities are still to be drill tested – giving us a very significant growth runway over the coming months and years.”
‘Key role’ in North American critical minerals
Critical’s strategy is to rapidly build an inventory of high-quality, hard-rock lithium resources at Mavis Lake, setting the foundation for the company to play a significant role in developing the North American critical minerals sector.
Cheeseman, an experienced lithium industry executive, says the company is well placed to play a key role in developing new supply sources to support North American’s burgeoning lithium-ion battery and EV industry.
“Being able to find and rapidly develop new high-quality deposits close to infrastructure will put us well ahead of the pack in what is a rapidly changing landscape for critical minerals in North America,” he said.
‘Just the beginning’ for Mavis Lake
Cheeseman says the delivery of a maiden 8Mt resource for Mavis Lake is a significant milestone for the lithium developer.
“Critical Resources only began drilling at Mavis Lake 11 months ago and to have defined and declared a maiden Mineral Resource Estimate in such a short time is testament to the diligence and focus of our team and the high-quality nature of the project,” he said.
“Critical Resources is now just one of two ASX-listed companies with a JORC Code compliant Mineral Resource in Ontario, putting us in an enviable position as we begin to engage with potential strategic and off-take partners, whilst continuing to advance the project.”
“A key message for investors is that this Resource is just the beginning of the Mavis Lake story. The deposit itself remains open both along strike and down-dip, with huge potential to add further tonnes. In addition, the Gullwing/ToT Lakes prospects offer outstanding potential for new discoveries, supporting the already impressive MRE at Mavis Lake.”
“We expect that we will be able to continue growing the Resource while working in parallel on the development aspects of the project for many years to come,” he added.