Tungsten Grades Hit 42.6% WO3 at Croesus as Exploration Begins

Exploration Kicks Off in Strategic New Zealand Projects

Critical Resources Limited (ASX:CRR) has moved swiftly from permit approvals to active field exploration at its Lammerlaw and Croesus projects in New Zealand. These projects, located in the Otago and Reefton regions respectively, represent promising early-stage opportunities in gold and critical minerals, notably tungsten and antimony. The company’s recent announcement confirms that ground-based programs are now underway, marking a significant operational milestone.

At Croesus, historical data reveal exceptional tungsten grades, with rock samples containing up to 42.6% tungsten trioxide (WO3), a remarkably high concentration that underscores the potential for a high-grade greisen-hosted tungsten system. Alongside this, a structurally controlled gold-antimony trend extends over approximately 5 kilometres, with legacy samples showing gold grades as high as 28.9 grams per tonne and antimony up to 7.4%. These findings suggest a multi-commodity system that could be strategically important given the critical mineral status of tungsten and antimony.

Lammerlaw Targets Orogenic Gold and Tungsten Anomalies

The Lammerlaw Project, situated in Central Otago, targets orogenic gold mineralisation analogous to the nearby Macraes gold operations, New Zealand’s largest gold mine. Historical rock chip samples have returned gold grades up to 2.72 g/t and tungsten stream sediment anomalies reaching 340 ppm. The exploration team is focusing on structural corridors interpreted to be prospective for gold, with field activities including geological mapping, rock chip and soil sampling, and verification of historical workings identified via LiDAR.

Strategic Importance Amid Rising Tungsten Prices

The timing of this exploration push is notable against a backdrop of soaring tungsten prices, which have surged from around US$335 per metric tonne unit (MTU) in early 2025 to between US$2,100 and US$2,400/MTU in early 2026. This price rally is largely driven by Chinese export restrictions and growing global demand from sectors such as defence, advanced manufacturing, and semiconductors. With China controlling approximately 82% of global tungsten supply, the development of alternative sources like New Zealand’s deposits is increasingly critical.

Critical Resources’ Managing Director Tim Wither highlighted the strategic value of the New Zealand portfolio, emphasizing the government’s pro-investment reforms and the projects’ location in a Tier-1 jurisdiction. The company’s recent capital raise of $1.75 million, including a $250,000 commitment from senior management, provides the financial foundation to advance these exploration programs.

Next Steps and Market Implications

Initial results from Lammerlaw are expected in May 2026, with Croesus field work scheduled to follow in the second quarter. The company also continues to advance its Cap Burn Gold Project and other New Zealand assets, aiming to systematically unlock value across its portfolio. Given the critical mineral designation of tungsten and antimony by Western governments, and the geopolitical risks associated with supply concentration, these exploration efforts could position Critical Resources as a key player in securing future supply chains.

While no drilling or sampling has yet been conducted by Critical Resources itself, the integration of historical data with modern exploration techniques sets a solid foundation. Investors and analysts will be watching closely for assay results and further updates that could validate the high-grade potential indicated by legacy data.