Critical Resources Ltd has announced that its 100% acquisition of the Mavis Lake lithium project in Ontario, Canada, has been completed.
The company has acquired the project from vendors Essential Metals Ltd (ESS) and International Lithium Corp. (ILC).
Highlights:
- Final approval obtained from the Investment Review Branch of Canada (IRB).
- Shareholder approval received at CRR General Meeting held on 15 December 2021.
- Capital raising of AUS$4.0 million completed with securities being issued today.
- Approvals allow for an aggressive exploration strategy to begin targeting battery grade Lithium.
- Work program developed in conjunction with SRK Consulting for 2022.
- Permitting for exploration drilling to begin immediately.
Alex Biggs, Critical Resources Managing Director, comments:
“We are very excited to complete the acquisition of the Mavis Lake lithium project. We have no doubt that the project will add significant value to the business moving forward. Our strategy in 2022 is to begin exploration drilling as soon as possible once permitting is completed. We have multiple targets to explore with a view to achieving, over time, the milestones set out by the vendors of 5 million and 10 million t.”