Dec 2, 2024

Critical Resources Hits 34.9m @ 1.02% Li₂O at Mavis Lake Project, Ontario

Introduction:

Critical Resources Limited (ASX: CRR) has reported significant new drill results from its Mavis Lake Lithium Project in Ontario, Canada, highlighted by 34.90m @ 1.02% Li₂O including 27.40m @ 1.24% Li₂O from approximately 131m depth.

Drill Results:

34.90m @ 1.02% Li₂O from 131m (including 27.40m @ 1.24% Li₂O and 12.45m @ 1.90% Li₂O) (MF24-248)
21.2m @ 1.14% Li₂O from 284m (including 10.0m @ 1.56% Li₂O) (MF24-261)
8.7m @ 1.21% Li₂O (TL24-025)
5m @ 1.12% Li₂O (including 1m @ 3.44% Li₂O) (TL24-016)
7.45m @ 1.54% Li₂O from ~80m (including 4.0m @ 2.50% Li₂O) (MF24-248)

Project Overview:

The Mavis Lake Project is strategically located approximately 15km from Dryden township in Ontario, Canada. The project benefits from excellent infrastructure including transportation networks, skilled labor, schools, airports, hospitals and engineering services with access to green power.

The project currently has a maiden Inferred Mineral Resource of 8Mt grading 1.07% Li₂O. The latest drilling results are outside the current resource envelope and demonstrate significant potential for resource expansion.

Program Details:

The current drilling program is focused on resource expansion at the Main Zone and exploration of the Tot Pegmatite system. The campaign has completed approximately 27,399 meters of drilling that will be incorporated into a future resource estimate. The program has identified multiple stacked spodumene-bearing pegmatites within brittle fault networks, particularly in the northern prospects.

Understanding These Results:

The intercepts reported lie outside the current resource shapes in a gap within the model where a swell was anticipated but previously unconfirmed. The successful identification of this mineralized zone validates the geological model and reinforces the area's potential.

Results from the Tot Pegmatite area confirm a new stacked mineralized system that remains open down-dip and to the south, significantly increasing the potential resource footprint of the project.

Management Commentary:

Troy Gallik, Critical Resources' Exploration Manager, stated:

“The latest assay results from our Mavis Lake drilling program are a testament to the project’s robust growth potential. The significant intercept of 34.9 meters grading 1.02% Li₂O in drill hole MF24-248, located outside the current resource shapes, is a clear demonstration of the untapped mineralisation in the Main Zone.”

“With additional intercepts such as 10 meters at 1.56% Li₂O from the South Zone and the discovery of a multiple-stack system at Tot Pegmatite, we are rapidly building a foundation for a substantial Mineral Resource Estimate update. The ongoing drill program, coupled with the pending assays, is expected to significantly enhance the project’s resource base and further bolster its strategic importance as a premier lithium development asset in Ontario.”

Next Steps & Catalysts:

Results are pending from over 14 drill holes at Mavis Lake and 13 drill holes at Tot Pegmatite. These results are expected to enhance resource potential further.

The company is progressing a dual-track strategy targeting resource growth in parallel with multiple permitting and project development workstreams.

Commodity Outlook:

Lithium remains a critical mineral for the global energy transition, with Ontario representing a premier mining jurisdiction for lithium project development in North America. The project's location and infrastructure access position it favorably for future development.

Conclusion:

The latest results from Mavis Lake demonstrate significant expansion potential beyond the current resource envelope. With multiple high-grade intercepts and a new pegmatite system discovered, the project continues to demonstrate characteristics of a substantial lithium deposit with considerable growth potential.

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