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Critical Resources to purchase Mavis Lake lithium project

Published by , Editor
Global Mining Review,

Critical Resources Ltd has signed binding terms sheets with each of Essential Metals Ltd and International Lithium Corp for a 100% interest in the Mavis Lake lithium project located in Ontario, Canada.

Critical Resources to purchase Mavis Lake lithium project

The Mavis Lake lithium project is 19 km east of the town of Dryden, Ontario. The project is in close vicinity to the Trans-Canada highway and railway major transportation arteries linking larger cities such as Thunder Bay, Ontario, to the southeast and Winnipeg, Manitoba, to the west. The region boasts excellent infrastructure with hydro-power located a few kilometres to the southwest of the project.

The region is a well-established lithium province with multiple projects located within the vicinity. Previous drill programs have yielded high-grade Li2O intercepts including 55.25 m at 1.04% Li2O from 80.75 m in drill hole MF18-53 and 26.30 m at 1.70% Li2O from 111.9 m inc. 7.70 m at 2.97% Li2O from 130.5 m in drill hole MF17-49 presenting significant exploration potential.

Alex Biggs, Critical Resources Chief Executive Officer, comments:

“The Mavis Lake terms sheet presents an excellent opportunity for the company to add a high-quality project to our portfolio that further increases our exposure to critical minerals. The company is on a trajectory to become a high growth business focused on building a project pipeline based on asset quality and exposure to in demand minerals. Our focus for this year remains on the upcoming exploration of our Halls Peak base metals asset in New South Wales, Australia which we are very excited about. The Mavis Lake project fits all these requirements and provides an excellent entry to the lithium market with an asset that offers excellent prospectivity in a tier 1 jurisdiction. Due diligence is ongoing, and we will update the market in due course.”

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Lithium mining news Canadian mining news North American mining news