Critical Resources Launches Corona Field Program to Expand Mavis Lake Lithium Resource

Corona Field Program Kicks Off to Expand Lithium Resource

Critical Resources Limited (ASX:CRR) is mobilising a field crew to commence systematic surface exploration at the Corona Pegmatite Field, a roughly 5-kilometre lithium-bearing pegmatite corridor located about 4 km north of its established Mavis Lake deposit in Ontario, Canada. The program aims to define new drill targets that could significantly enlarge the company’s current 8.0 million tonnes at 1.07% Li2O mineral resource, potentially transforming Mavis Lake from a single deposit into a multi-deposit lithium district.

Corona is situated within the same lithium-cesium-tantalum (LCT) pegmatite corridor that hosts Mavis Lake’s existing resource but has seen minimal modern lithium-focused exploration. Surface mapping has traced pegmatite bodies up to 70 metres wide, while limited outcrop exposure due to overburden and wetlands suggests the presence of concealed spodumene-bearing systems. This aligns with the broader geological setting, indicating strong potential for resource expansion.

Data-Driven Targeting Underpins Exploration Discipline

The field program is supported by an integrated dataset combining surface geochemistry, lithogeochemistry, laser-induced breakdown spectroscopy (LIBS) fractionation, and high-resolution aeromagnetic surveys. This comprehensive technical foundation allows Critical Resources to prioritise high-value targets systematically before committing capital to drilling. Managing Director Tim Wither emphasised this disciplined approach: "We are advancing a targeted surface program to define the best possible targets before committing capital to mobilise the drills; a disciplined approach that gives us the best opportunity to identify new targets and expand our 2026 exploration program."

This initiative complements the company’s broader Northern Prospects exploration strategy, which includes the Gullwing Pegmatite, an advanced target with an exploration range of 7–10 million tonnes at 0.3–1.2% Li2O. The Gullwing program, alongside Corona, forms part of a pipeline of drill targets designed to unlock district-scale lithium potential at Mavis Lake. The Northern Prospects corridor has been the focus of extensive technical work, including 287 diamond drill holes and over 2,000 surface samples, reinforcing the multi-deposit development thesis.

The Corona program’s timing and methodology echo Critical Resources’ recent ground exploration efforts in New Zealand, where the company has been actively pursuing high-grade gold and tungsten targets with a similarly data-driven approach to fieldwork and target definition. This strategic consistency highlights CRR’s commitment to methodical resource expansion across its portfolio.

Strategic Positioning of Mavis Lake in Battery Metals Supply Chain

Located near established transport corridors and supported by local infrastructure, Mavis Lake is well-positioned to supply lithium for battery metals markets and sustainable construction. The project also integrates sustainability principles, with test work indicating potential to commercialise aggregate by-products for concrete and road-building, aligning with circular economy initiatives.

Critical Resources has expanded its landholding to over 400 km², securing key structural trends and multiple lithium-bearing pegmatite targets beyond Corona and Gullwing. These include Tot, Little Wing, Coates, and Drope, which collectively underpin the company’s ambition to evolve Mavis Lake into a district-scale lithium hub.

Next Steps and Market Implications

Fieldwork at Corona is set to begin following snow melt, with geochemical assay results expected by late Q2 2026, subject to laboratory turnaround. These results will inform high-priority drill targets for the upcoming Northern Prospects drilling campaign. While the exploration targets remain conceptual and require further validation, the program represents a critical step in expanding CRR’s lithium resource base amid growing demand for battery metals.

Investors should note that the exploration targets at Corona and Gullwing are not yet JORC-compliant mineral resources, and the economic viability of any discoveries remains uncertain. Nonetheless, the integrated and methodical exploration approach positions Critical Resources to capitalise on the strategic momentum in lithium supply chains.