Lithium exploration and project development company Critical Resources Limited (ASX:CRR) has obtained further outstanding assay results from the Mavis Lake Lithium Project in Ontario, Canada.
The latest assays have confirmed and extended the recently discovered Swell Zone and, when integrated with previous drilling results, show a thick, high-grade mineralised structure, starting from surface and extending over 1km in strike, sitting oblique to the current Mineral Resource Estimate (MRE).
Recent drilling has established an important connection between previous drilling results, validating the Swell Zone discovery and demonstrating substantial Resource upside.
Current assays confirm a significant, 1km strike of high-grade mineralisation, starting at surface in the east and plunging gently to the west.
The results confirm substantial thicknesses of high-grade lithium spodumene mineralisation. Importantly, when incorporating historical drilling the Company has now achieved tight drill spacing (approximately 50m spacing). The thickness and continuity of the Swell Zone, commencing from surface, is expected to contribute to positive future mining economics.
Much of the Swell Zone mineralisation sits outside the current Inferred MRE for Mavis Lake and presents as an immediate opportunity for immediate Resource growth.
Drill Holes MF23-226, MF23-227, MF23-228 and MF23-229 have all continued to intersect a “Lower Zone” of high-grade mineralisation, with a standout intercept of MF23-226 of 20.7 metres at 1.44% Li2O.
This Lower Zone was not identified in the Maiden Mineral Resource Estimate and presents as another immediate opportunity for Resource growth.
Current drilling at Mavis Lake remains focused on Resource growth. Multiple targets remain to be tested at and adjacent to the Main Zone with additional target development underway at the Northern Prospects of the Project Area (centred on the Gullwing and Tot Pregmatites).
Multiple project development workstreams are continuing in parallel with resource drilling and exploration including baseline environmental studies, community consultation, design and engineering works.
Further assay results are pending from the current drilling program and the Company is also awaiting the results of geophysical and soil sampling from the Northern Prospects.
These latest results are incredibly important and mark a key milestone in the evolution of our understanding of the growth opportunity at Mavis Lake. They have allowed us to piece together a consistent, thick, high-grade structure that we believe has the continuity, size and grade required to underpin a future mining operation,” Managing Director, Alex Cheeseman, said.
“Mining study work will be being undertaken over the coming months and is a key aspect of determining the project’s economics.
“The highly successful drilling results over the last few months will all feed into a future Resource upgrade for Mavis Lake. “