Mavis Lake Drilling Yields 14.6m at 1.83% Li2O, Expanding Resource Potential

Expanding Lithium Horizons at Mavis Lake

Critical Resources Limited (ASX – CRR) has released the final assay results from its 2024 drilling program at the Mavis Lake Lithium Project in Ontario, Canada. These results confirm the presence of high-grade spodumene mineralisation extending beyond the previously defined 8 million tonnes at 1.07% lithium oxide (Li2O) inferred resource. The findings underscore the project's potential to significantly expand its resource base, reinforcing its strategic importance in the North American lithium supply chain.

Drilling at the Mavis Lake main zone delivered impressive intercepts, including 14.6 metres at 1.83% Li2O and 11.7 metres at 1.28% Li2O, indicating consistent widths and grades at depth and along strike. Meanwhile, the Tot prospect, an emerging target within the project area, showed encouraging results with mineralisation remaining open to the south and at depth, highlighted by intercepts such as 3.5 metres at 1.75% Li2O.

Strategic Positioning Amid Market Cycles

CEO Tim Wither emphasized the project's readiness to capitalize on the next lithium market upswing, stating that Mavis Lake has demonstrated both scale and grade to become a meaningful contributor to lithium supply in North America. The company is maintaining a disciplined approach, focusing on cost-effective technical work and environmental baseline studies to advance the project toward development readiness while monitoring market conditions.

With over 45,000 metres drilled to date, including 23,104 metres at the main zone and 7,533 metres at Tot, the company is poised to update its Mineral Resource Estimate (MRE) in due course. This expanded drilling footprint, combined with ongoing permitting and community engagement efforts, positions Mavis Lake as a strategically significant lithium asset.

Financial and Portfolio Developments

Alongside the drilling results, Critical Resources completed the second tranche of a $1.1 million placement at $0.004 per share, bolstering its financial position. The company also finalized the acquisition of the Amoco Antimony-Gold project in New South Wales, Australia, issuing over 30 million shares as consideration. This acquisition complements its existing Hall Peak Base Metals Project, diversifying its portfolio in critical metals beyond lithium.

The company’s exploration strategy includes greenfield programs targeting new discoveries within the broader Mavis Lake area, such as the drill-ready Gullwing Pegmatite, which has shown surface spodumene mineralisation. These efforts reflect a balanced approach between resource expansion and exploration upside.

Looking Ahead

While the precise geometry of the mineralisation is still being defined and true widths remain uncertain, the comprehensive drilling and assay data provide a robust foundation for future resource growth. The company’s methodical approach to sampling, assay verification, and environmental stewardship aligns with best practices and regulatory expectations.

As lithium demand is expected to rise with the global transition to electric vehicles and renewable energy storage, Critical Resources’ Mavis Lake Project is well positioned to benefit from improving market dynamics. Investors and analysts will be watching closely for the updated resource models and further technical studies that will shape the project’s development trajectory.