Cap Burn Project Near Macraes Gold Camp: Drilling Planned for October/November

Strategic Acquisition in a Promising Gold-Antimony Region

Critical Resources Limited (ASX, CRR) has marked a significant milestone by completing technical, commercial, and legal due diligence on the Cap Burn Gold-Antimony project in New Zealand’s Otago region. This progress moves the company closer to acquiring the exploration permit EP60300, with the transfer application now lodged with New Zealand Petroleum and Minerals and expected to finalize by October, pending ministerial consent.

The Cap Burn project is strategically positioned approximately 11 kilometres from OceanaGold’s prolific Macraes gold mine, a +10 million ounce gold camp, and shares a similar geological setting to Santana Minerals’ Rise and Shine discovery. This proximity and geological analogy underpin the project’s potential to host significant orogenic gold mineralisation, particularly targeting high-grade shoots beneath surface arsenic anomalies.

Exploration Plans and Geological Context

Exploration planning is well advanced, with drill sites confirmed and a preferred drilling contractor secured. The initial drill program is scheduled to commence in the October to November timeframe, contingent on permit and land access approvals. The project benefits from an established land access agreement with a supportive station owner, with ongoing discussions to minimize disruption to farming activities during the spring season.

Legacy drilling at Cap Burn targeted elevated arsenic-in-soil anomalies and confirmed gold mineralisation within foliation-parallel shear zones, validating an orogenic gold model analogous to nearby major deposits. However, down-plunge targets along the Cap Burn Fault remain untested, presenting a compelling opportunity to discover high-grade mineralisation at depth, inspired by the Rise and Shine discovery’s structural and lithological controls.

Portfolio Diversification and Growth Potential

The acquisition of Cap Burn, alongside other permits in the Otago and Reefton regions, diversifies Critical Resources’ portfolio by adding low-cost, high-potential gold and antimony projects. These projects are situated in a historically productive mining region now benefiting from New Zealand’s pro-investment “Fast-Track” reforms aimed at doubling mineral exports over the next decade.

Critical Resources’ CEO Tim Wither highlighted the strategic value of the New Zealand portfolio, emphasizing the immediate geological upside and the complementarity with the company’s existing assets. The company is also planning an infill soil geochemistry program to refine drill targeting, enhancing the precision of upcoming exploration efforts.

Looking Ahead

With regulatory approvals anticipated soon and drilling preparations well underway, Critical Resources is poised to unlock the potential of the Cap Burn project. The coming months will be critical as the company transitions from acquisition to active exploration, potentially setting the stage for new discoveries in a historically underexplored but highly prospective gold-antimony province.