Critical Resources Limited has initiated ground exploration at its Lammerlaw and Croesus projects in New Zealand, focusing on historically significant gold, antimony, and tungsten mineralisation. The company highlights exceptional historic tungsten grades up to 42.6% WO3 and a multi-kilometre gold-antimony trend, with initial results expected in the coming months.
- Field exploration commenced at Lammerlaw and Croesus following permit approvals
- Historic tungsten samples at Croesus reached up to 42.6% WO3
- Gold-antimony mineralisation extends over a 5 km corridor at Croesus
- Lammerlaw targets structurally controlled orogenic gold systems analogous to major regional mines
- January 2026 placement raised $1.75 million to support exploration activities
Exploration Fieldwork Underway in New Zealand
Critical Resources Limited (ASX:CRR) has commenced ground-based exploration at its Lammerlaw and Croesus projects in New Zealand, following the recent transfer of permits and receipt of necessary government approvals. The field programs target structurally controlled gold-antimony and high-grade tungsten mineralisation within the Otago and Reefton regions, marking a transition from desktop studies to active on-ground investigation.
The Lammerlaw Project, situated approximately 50 km south-southwest of the company’s Cap Burn Gold Project, covers around 410 km² in the Central Otago Goldfield. It lies on the southwestern limb of the Central Otago Antiform, a geological structure hosting OceanaGold’s Macraes gold operations. The exploration focus is on structural corridors analogous to the Hyde–Macraes shear system, with initial field activities including geological mapping, rock chip and soil sampling, and ground-truthing of historical workings.
Historic High-Grade Tungsten and Gold-Antimony at Croesus
At the Croesus Project, located on the southwestern flank of the Reefton Goldfield, exploration is set to begin following completion of Lammerlaw activities. The permit area spans approximately 183 km² and hosts two distinct mineral systems: a structurally controlled gold-antimony lode and a greisen-hosted tungsten system associated with granite intrusions.
Historical sampling by Mineral Resources NZ Ltd in 1988 returned exceptional tungsten grades up to 42.6% WO3 (equivalent to 337,642 ppm W) from scheelite-rich quartz rubble at Granite Creek. Additional samples from Little Granite Creek showed grades of 26.6% and 19.9% WO3 from granite boulders and greisenised granites, respectively. These results, while selective and not representative of continuous mineralisation, define priority targets for the current program.
The gold-antimony system at Croesus extends over a corridor exceeding 5 km, with historical hard rock workings reporting production of over 4,500 ounces of gold at grades up to 17 g/t Au. Legacy rock chip samples have returned assays up to 28.9 g/t Au and 7.4% Sb, notably at Garden Gully and Croesus Reef. Initial fieldwork will focus on structural mapping, rock chip and soil sampling, and verification of geophysical anomalies.
Market Context and Funding
Tungsten prices have surged from approximately $335 per metric tonne unit (MTU) in January 2025 to between $2,100 and $2,400/MTU as of March 2026, driven by Chinese export restrictions and increasing global demand for critical minerals in defence, advanced manufacturing, and energy sectors. China currently controls about 82% of global tungsten supply, prompting Western governments to designate tungsten as a critical mineral.
Critical Resources completed a $1.75 million placement in January 2026 at $0.01 per share to fund exploration activities, with Chairman Bilal Ahmad and Managing Director Tim Wither committing a combined $250,000 alongside other investors. This capital injection supports the company’s strategy to advance its New Zealand portfolio, which now totals 1,694 km² of prospective ground.
Next Steps and Outlook
The company plans to complete first-pass geological mapping and sampling at Lammerlaw’s Devils Creek and Stony Creek targets, with initial geochemical results expected in May 2026. Fieldwork at Croesus will follow, targeting both gold-antimony and tungsten systems, with results anticipated in the second quarter of 2026.
Additionally, Critical Resources is advancing exploration at its Cap Burn Gold Project, where initial reverse circulation drilling has confirmed structurally controlled gold mineralisation consistent with regional analogues. Follow-up drilling is planned to test down-plunge extensions, while soil geochemistry mapping continues to assess strike continuity.
This announcement builds on the company’s recent launch of high-grade tungsten and gold exploration in New Zealand, reinforcing its commitment to systematic exploration in a jurisdiction with strong government support for critical minerals development.
Bottom Line?
Critical Resources’ initiation of field programs at Lammerlaw and Croesus marks a key step in validating historical high-grade mineralisation amid rising tungsten prices, though results remain early-stage and subject to verification.
Questions in the middle?
- How will modern exploration techniques verify and expand upon the selective historical tungsten and gold-antimony sampling results?
- What impact might ongoing tungsten price volatility and supply chain dynamics have on the economic potential of the Croesus tungsten system?
- To what extent will the planned Q2 2026 drilling programs at Croesus and Cap Burn refine Critical Resources’ resource estimates and project viability?