Critical Resources share price jumps 6% on ‘further significant’ lithium find

It has been a fantastic week for Critical Resources shareholders.

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Key points

  • Critical Resources shares advance 6.25% to 8.5 cents during mid-afternoon trade 
  • The company announced further visual spodumene at its wholly-owned Mavis Lake Lithium Project 
  • An extended 10,000 metre drilling campaign has begun to uncover additional spodumene 

The Critical Resources Ltd (ASX: CRR) share price is again rebounding higher following the company’s latest update.

At the time of writing, the base metals and lithium exploration company’s shares are surging 6.25% to 8.5 cents.

It’s worth noting that this means Critical Resources shares are now up more than 23% in the past week.

Critical Resources stumbles upon further visual spodumene

Investors are bidding up the Critical Resources share price after the company encountered more visual spodumene at its Mavis Lake Lithium Project.

In its statement, Critical Resources advised it has discovered a further 17.5 metres of visual spodumene in two drill holes.

Below are the following results:

Hole 14

  • 17.5 metres of approximately 18% silvery-white, fine to large spodumene laths hosted from 143.25 to 160.75 metres of pegmatite

Hole 15

  • 9.7 metres of approximately 5% white-grey, fine to large spodumene laths hosted from 129.1 to 138.8 metres of pegmatite

Critical Resources noted that 14 out of 15 holes have intersected spodumene-bearing pegmatite mineralisation.

Following the current success of its 5,000-metre drill program, work has commenced to extend drilling to 10,000 metres. This includes 28 new targets which have been identified, including 11 high priority targets for exploration activities.

Samples and core from the above completed drill holes have been sent for analysis and are expected in due course.

Critical Resources managing director, Alex Biggs commented:

It is extremely pleasing to see further significant intercepts along strike. These results follow on from our recent 23.1m interception in hole 13 and continues to re-enforce the potential prospectively at Mavis Lake.

We are increasingly excited with what the rest of the drill program will uncover, and we look forward to updating our shareholders as this drill program continues.

Critical Resources share price snapshot

Over the past 12 months, the Critical Resources share price has soared by more than 250% in value.

The company’s shares hit a 52-week high of 14 cents in January, before losing ground in the following months.

Based on valuation grounds, Critical Resources presides a market capitalisation of around $119.01 million.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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