Critical Minerals Group Limited (ASX: CMG) has achieved a significant milestone with the grant of two new exploration permits for mineral (EPM) in north-west Queensland.
The permits, EPM 28636 and EPM 28635 cover the company’s Lindfield North and Lara Downs projects respectively, marking a strategic expansion of CMG’s vanadium exploration and development activities.
The newly granted EPMs are strategically positioned within 35 kilometres of CMG’s flagship Lindfield Project, which recently reported a substantial 96 per cent increase in its mineral resource estimate (MRE) to 713 million tonnes.
This proximity is expected to provide synergies and leverage the learnings from the company’s ongoing exploration efforts in the region.
Lindfield North, spanning 115 square kilometres with 35 sub-blocks, adjoins the northern boundary of the Lindfield Project.
Lara Downs, covering 378 square kilometres with 118 sub-blocks, is situated approximately 60 kilometres north-northwest of Julia Creek in the McKinley Shire.
Both projects are strategically located near critical transport infrastructure, including the Flinders Highway and the Mt Isa Rail System, enhancing logistical efficiencies for ongoing operations.
The new permits will enable CMG to explore significant potential resources of Vanadium (V2O5), High Purity Alumina (HPA), and Molybdenum (Mo).
This diversification of the company’s mineral portfolio aligns with its strategic objectives and positions it to capitalise on the growing demand for critical minerals.
Scott Winter, Managing Director of Critical Minerals Group, expressed enthusiasm for the milestone, stating: “This is an encouraging milestone for CMG and adds to the expansion of our exploration and development program. Both the Lindfield North and Lara Downs projects are located within 35km of the Lindfield Project, and will benefit from the learnings and results of our exploration in the region thus far.”
Winter further added: “With the most recent Mineral Resource Estimate (MRE) for the Lindfield Project returned a 96 per cent increase to 713 Mt, we are motivated to expand our exploration program within the region to include a wider geographical area to continue to bring more opportunities and flexibility to the business.”
The new exploration permits, each spanning a five-year term, position Critical Minerals Group for continued growth and diversification in the critical minerals sector, leveraging its expertise and strategic location in northwest Queensland.