Critical on hunt for new lithium targets at Mavis Lake
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Critical Resources has started airborne surveying over its Mavis Lake lithium project in Ontario to identify new pegmatite targets outside of known prospects.
The combination of magnetics, radiometric and VLF electromagnetic surveying will also provide a big picture view of the company’s total tenement package from a geophysical perspective and assist in the planning of a drill program.
This comes just days after Critical Resources (ASX:CRR) signed a binding terms sheet to acquire Mavis Lake, which has proven lithium potential given that previous drilling had returned high-grade lithium hits.
Notable results from this work include 55.25m at 1.04% from 82.75m, and 26.30m at 1.70% from 111.9m.
“The opportunity to complete an airborne geophysics survey at Mavis Lake is crucial to our strategy of accelerating our effective data collection to inform high quality drill targets,” chief executive Alex Biggs said.
“We are excited to be in the process of acquiring such a high-quality asset in the lithium sector and are committed to finalising the acquisition before commencing a significant drill program.
“We believe that the planned works at Mavis Lake along with our upcoming drill program at Halls Peak represent a significant period of upcoming growth for the company.”
Mavis Lake is located 19km east of the town of Dryden, Ontario, within a well-established lithium province with multiple projects located within the vicinity.
It is also close to existing infrastructure such as the Trans-Canada highway and railway that link it to larger cities such as Thunder Bay and Winnipeg as well as hydropower.
Critical’s planned work will provide a tenement wide dataset that can be used to identify potential targets for planned future drill programs while forming part of due diligence work.
It also represents the first step in an aggressive exploration campaign aimed at defining a JORC resource at Mavis Lake.
This work will be carried out prior to first snowfall in Ontario to ensure usefulness of data collected.
This article was developed in collaboration with Critical Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.