Critical Resources secures strategic funding

Critical Resources (ASX:CRR) has successfully secured funding for its Mavis Lake Project in Ontario, Canada, under the Ontario Junior Exploration Program (OJEP) for the 2024-2025 period. This funding supports the company's early-stage exploration of lithium, a key mineral for the electric vehicle industry.

Summary of Mavis Lake Project funding

Critical Resources Limited has announced successful funding for its Mavis Lake Project in Ontario, Canada, as part of the Ontario Junior Exploration Program (OJEP). This funding aligns with Ontario's strategic goals for the mining sector, supporting the exploration of critical minerals like lithium. The Mavis Lake Project represents a significant asset for Critical Resources, with over 45,000 meters of drilling completed and an inferred mineral resource defined. The funding will enhance exploration activities and contribute to Ontario's critical mineral supply chain. Critical Resources is pursuing a dual-track strategy focusing on resource growth and development workstreams. The project is backed by government support, highlighting its importance for the electric vehicle industry and community growth. Critical Resources also maintains compliance with the 2012 JORC Code in its reporting.

Executive commentary on Mavis Lake funding

The initiative is backed by the Ontario government, with George Pirie, Minister of Mines, highlighting its role in fostering the electric vehicle industry and supporting northern and Indigenous communities.