Critical has finalised the acquisition of its Graphic Lake project in Ontario, Canada, after consolidating 2,100 hectares of claims within an emerging lithium province.
This comes after the company acquired a further 500 hectares of claims earlier this week and also follows its recent acquisition of the Mavis Lake lithium project about 180km to the north-northeast.
Graphic Lake covers a pegmatite swarm trending northeast-southwest with a width of 300m and an estimated strike of 5.5km within the Sioux Lookout Domain of the Wabigoon Terrane.
Critical Resources (ASX:CRR) managing director Alex Biggs said the final acquisition of Graphic Lake clearly demonstrates the company’s intent to develop its Canadian lithium projects.
“The natural synergies with our Mavis Lake asset are clear, both from a commodity and exploration standpoint,” he added.
“Graphic Lake presents an exciting opportunity to conduct exploration works to further define and understand the pegmatite trend from NE to SW across the property.
“Recent additional ground acquisitions have further increased our exploration opportunities across this exciting asset.”
Transaction terms
Over the coming days, the company will make a cash payment of $80,000 and issue $120,000 worth of shares as consideration for the acquisition.
It will also grant the vendor a 1.5% net smelter royalty capped at C$500,000 ($553,805)
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.