Critical hits high-grade gold, confirms NZ gold-antimony system

Critical Resources has hit high-grade gold and antimony in first-pass reconnaissance sampling at its Croesus project in New Zealand, with assays returning up to 13.3 grams per tonne (g/t) gold and a solid 0.7 per cent antimony.

The company says the rock chip results have confirmed the presence of a gold-antimony system at the project, sitting at the southwestern flank of the renowned Reefton Goldfield on the West Coast of New Zealand’s South Island.

The strongest assays, including the 13.3g/t gold hit and another going 8.13g/t gold, were returned from historic ore-spillage material. Whilst not representative of in-situ grade, the company says these samples are important exploration pointers as they confirm the presence of high-grade material within the historical mining system.

One sample of ore spillage returned 1.61 g/t gold and an eye-catching 6990 parts per million antimony.

‘The highest-grade samples come from historical ore-spillage material and points us toward the source.’

Critical Resources managing director Tim Wither

Notably, the company’s work also confirmed that mineralisation is evident in the ground, with bedrock sampling of a quartz-carbonate stockwork returning up to 1.58 g/t gold. Management says this result has provided direct support for bedrock-hosted mineralisation and confirmed its exploration model of a structurally controlled gold-antimony system.

A float sample of white quartz with iron staining also delivered a solid 3.18g/t gold, suggesting mineralised material may be present beyond the immediate vicinity of the old mine workings.

Croesus is shaping up as a two-pronged critical minerals play, hosting both a structurally controlled gold-antimony system – source of the latest results – and a separate tungsten target linked to the Granite Creek and Barrytown Granite. The dual-commodity project gives Critical exposure to two of the hottest metals in global supply chains, alongside the enduring appeal of high-grade gold.

Critical Resources managing director Tim Wither said: “These results confirm the presence of a gold-antimony system at Croesus and, importantly, demonstrate that mineralisation is present in bedrock as well as historical mine material. That gives the project relevance beyond gold alone. Our focus now is to map and sample the source structures along the Croesus–Minerva trend and rank targets for drilling.”

Croesus sits at the southern end of the historic Reefton goldfield, which has a storied history of producing two million ounces of gold. The area is seeing something of a modern mining resurgence, hosting not only Endura Mining’s Snowy River project currently under construction just 20km from Croesus, but also Rua Gold’s Reefton project.

Endura’s project hosts a JORC-compliant mineral resource of seven million tonnes grading 4.5g/t for just over one million ounces of gold, highlighting the gold-rich nature of the region.

The latest results from Critical come at an opportune time, with the price of antimony rocketing in the past two years. Global supply has tightened since China introduced export controls in September 2024. Although China has since temporarily suspended its outright ban on antimony exports to the US, the metal is still trading at up to US$35,000 (A$50,000) per tonne – historically high prices compared to its longer-term average.

The metal is designated as a critical mineral in Australia, the United States and the European Union, and the New Zealand Government has also identified it as a focus in the Reefton Goldfield, giving the project a strategic relevance that extends beyond gold alone.

The Croesus project forms one part of a growing New Zealand gold and critical minerals portfolio for the company. In addition to Croesus, first-pass RC drilling recently confirmed structurally controlled gold mineralisation at its Cap Burn and Rock and Pillar projects, with follow-up work being designed, while desktop reviews and targeting are advancing at its Silver Peaks and Tokomairiro projects.

The company’s diversified portfolio also includes its flagship Mavis Lake lithium project in Ontario, Canada, and a next-generation solid-state battery technology evaluation program in the US.

With high-grade results now in the bag, Critical’s follow-up fieldwork will include detailed geological and structural mapping of the quartz-sulphide vein systems, systematic rock-chip and channel sampling, and sampling around historical workings to vector toward potential source structures. The company will then integrate all the new data to rank targets for potential trenching or drilling. Assays for tungsten from the Granite Creek target are also still pending.

With early success at Croesus confirming a high-grade gold-antimony system, and assays for the Granite Creek tungsten target still to come, Critical is methodically building out its New Zealand critical minerals portfolio. Now, with a clear program of follow-up work defined, it looks like a case of getting the boots back on the ground to see if the early promise can be turned into drill-ready targets.

Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au