Brought to you by Bulls N’ Bears
Murray Ward
Critical Resources has officially put boots-on-ground in New Zealand, launching a field exploration program at its Lammerlaw and Croesus gold and tungsten projects following the approval of key permit transfers.
The company’s New Zealand exploration is being supported by the Government’s pro-investment “Fast-Track” reform initiatives, which are designed to streamline the development of significant mineral projects. This massive ground holding, spanning 1694 square kilometres, provides large-scale exposure to two of the country’s most prospective regions for gold and critical minerals.
The timing appears impeccable, given the current state of the critical minerals market. One of the primary targets at the Croesus project in the Reefton region is a high-grade tungsten system. Historical data from the site is nothing short of eye-watering, with scheelite-rich quartz rubble previously returning grades of up to 42.6 per cent tungsten trioxide.
Additional adjacent creek float samples have recorded 26.6 per cent and 19.9 per cent tungsten trioxide, hinting at a potent system crying out for systematic modern exploration.
‘The high-grade tungsten samples from the Croesus project are a standout.’
Critical Resources managing director Tim Wither
The global appetite for tungsten is reaching a fever pitch. Prices for the metal have surged from US$335 (A$490) per metric tonne unit (MTU) – equal to 10 kilograms of tungsten trioxide – in early 2025 to as high as US$2,400 (A$3500) MTU this month.
This massive rally is being fuelled by Chinese export restrictions and a growing scramble by Western governments desperate to secure supplies of the metal, essential for defence and high-tech manufacturing.
Critical Resources managing director Tim Wither said: “With 1,694 square kilometres of highly prospective ground firmly under our control in a Tier-1 jurisdiction, the New Zealand portfolio represents a compelling early-stage gold and critical minerals opportunity.”
However, the Croesus project isn’t just a tungsten story. The project also hosts a structurally controlled gold-antimony trend extending over approximately 5 kilometres.
Historical hard rock workings at its Croesus, Garden Gully, Taffy and Minerva previously reported more than 4,500 ounces of gold at grades of up to 17 grams per tonne (g/t) gold, while legacy rock chip samples have returned up to 28.9g/t gold and 7.4 per cent antimony.
Meanwhile, at the Lammerlaw project in Central Otago, fieldwork has already begun across priority targets at the company’s Devils Creek and Stony Creek prospects. Initial results are expected to land in May and could be a real game-changer.
At Devils Creek, a review of historical data has unearthed gold hits up to 2.72g/t, while stream-sediment tungsten anomalies of up to 340 parts per million appear consistent with a structurally controlled orogenic gold system.
Elsewhere, the company is looking to unlock value at its advanced Cap Burn gold project alongside its broader portfolio. Cap Burn lies just 11km from Oceania Gold’s massive 10-million-ounce Macraes mine and on the same structural corridor.
Notably, Critical is a bit of a rarity in the junior mining sector because of its exposure to its innovative Amorphous Solid-State Electrolyte (ASE) battery tech aimed at improving the stability, density, and chargeability in the “Holy Grail” of energy storage – the solid-state cell.
The company is working with the South Dakota School of Mines and Technology on the technology targeted at Silicon Valley investors.
Adding to the picture, its Mavis Lake project in Canada may also provide the lithium scale needed by North American battery makers. Meanwhile, its high-grade tungsten and gold assets offer a solid value floor in today’s uncertain economy.
It is all systems go for Critical in New Zealand. With fieldwork now in full swing, the company appears well-positioned to execute its strategy. As tungsten prices hit record highs alongside some serious historical gold grades to follow up, the market likely won’t have to wait long for news.
If early results start to mirror the standout historical grades, the company could quickly emerge as a serious player in both gold and critical minerals. In a tightening supply landscape, this is one story that looks primed to gather momentum.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
