- Critical Resources (CRR) moved forward with the advancement of its Mavis Lake lithium project in Canada during the quarter ending March 31, 2023
- The company started further drilling at Mavis Lake, reporting multiple thick, high-grade intercepts and the discovery of a new zone, the South Zone
- The company also produced its first concentrate from metallurgical test work at Mavis Lake and continues work on a maiden mineral resource for the project, expected in the coming weeks
- Critical Resources ended the quarter with $5.6 million in the bank after spending roughly $2.5 million on exploration and operations over the three-month period
- Shares in CRR are down 2.5 per cent and trading at 3.8 cents at 2:07 pm AEST
Critical Resources (CRR) has highlighted the advancement of its flagship asset, the Mavis Lake lithium project in Canada, over the three-month period ending March 31, 2023.
During the quarter, the company completed some 10,400 metres of diamond core drilling at its Mavis Lake project, identifying multiple thick, high-grade intercepts, as well as the discovery of a new zone, the South Zone.
The company reported consistent assay results throughout the quarter, with sections of very high-grade mineralisation of up to 3.34 per cent lithium oxide.
At the end of the quarter, the company was awaiting assay results for more than 34 individual drill collars.
Additionally, the company produced its first concentrate from metallurgical test work at Mavis Lake. The test work was undertaken by SGS Canada at its Ontario facilities.
The test work resulted in the production of a concentrate with high lithium grades of up to 6.4 per cent lithium oxide, coinciding with extremely low impurities — bolstering Mavis Lake’s potential to produce a premium quality concentrate.
Also during the quarter, Critical Resources continued its resource modelling works in preparation for a maiden mineral resource for the project, which is expected in the coming weeks.
While the majority of the quarter’s efforts were drawn to Mavis Lake, with 80 per cent of expenditure going towards the project, the company also carried out some activities at its Halls Peak and Sohar Block 4 and 5 projects.
At Halls Peak in NSW, Critical Resources carried out administrative activities, including the completion of rehabilitation reporting following the 2022 drilling program, and continued its effort with an external resource geologist carrying out preliminary modelling works.
At Sohar Block 4 and 5 in Oman, the company continued its dialogue with in-country partners over the future of the project.
At the quarter’s end, the company held cash and cash equivalents of $5.59 million.
The quarter also saw multiple management changes for the company. Critical Resources announced the resignations of Michael Leu as Non-Executive Director and Milan Bouganovic as Chief Finacial Officer.
Shares in CRR were down 2.5 per cent and trading at 3.8 cents at 2:07 pm AEST.
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