The share price of ASX-listed Critical Resources rose nearly 10% on Wednesday as the lithium exploration company announced the discovery of several new spodumene-bearing pegmatites at Mavis Lake, in Ontario, Canada.
The discoveries, made just weeks into the summer field exploration campaign, highlight the potential of the project to yield further significant lithium finds.
A total of 83 samples were collected from pegmatite outcrops across the broader project area, with 31 new pegmatite discoveries having been made. The discoveries include a 250 m extension of a known spodumene-bearing pegmatite and 100 m extension of the Main Zone spodumene-bearing pegmatite cluster.
“It’s great to see field teams directly following up our exploration target and making further significant discoveries at Mavis Lake at the start of the new field season. The field programme has already increased our confidence in our ability to deliver on the recently published exploration target, paving the way for drill testing a number of high-quality targets,” commented MD Alex Cheeseman.
The pending assays will inform and support priorities for future drill testing. The company’s current assessment is that the Tot pegmatite presents as the highest priority for immediate follow-up exploration effort.
The company’s stock rose 9% to A$0.12 a share on the news.