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The Critical Resources Ltd (ASX: CRR) share price is higher on Wednesday following the company’s latest drilling results.
At the time of writing, the base metals and lithium exploration company’s shares are up 4.35% to 7.2 cents apiece.
Critical Resources encounters visual spodumene
Investors are bidding up the Critical Resources share price after the company revealed further thick, high-grade intercepts at the Mavis Lake lithium project in Canada.
According to its announcement, Critical Resources advised assay results confirmed exceptionally high-grade lithium oxide.
Management highlighted the drill hole results, which included up to 3.36% of Li2O (lithium oxide) within the main zone of Mavis Lake.
So far, Critical Resources has now drilled around 11,680 metres in its 2022 campaign.
This is expected to reach up to 15,000 meters later this year.
The company is undergoing initial discussions with consultants to perform metallurgical test work as well as resource modelling.
The assay results of two recently drilled holes are expected to be received sometime in the middle of next month.
Critical Resources non-executive director Alex Cheeseman commented:
To follow our last results with another set of such high-grade assays is an excellent outcome for the Company, and further builds our confidence in delineating a JORC compliant resource in the near term.
We believe the last few rounds of assay results have been the some of the highest grades released by an ASX listed lithium company so far in 2022, this sets us up well to continue advancing the project and transition Critical Resources into a potential lithium project developer.
About the Critical Resources share price
Since this time last year, the Critical Resources share price has accelerated by more than 90%.
The company’s shares hit a 52-week high of 14 cents in January, before losing ground in the months after.
Based on today’s price, Critical Resources commands a market capitalisation of approximately $108 million.