Critical One Energy Inc. (CSE: CRTL, OTCQB: MMTLF, FSE: 4EF0), formerly known as Madison Metals Inc., has acquired the KCR Gold Project in Ontario, Canada. The acquisition includes the recently discovered Slam Gold Zone, adjacent to the company’s existing Howells Lake Antimony-Gold Project.
The KCR Project is located approximately 200 kilometers from the Ring of Fire corridor in the Thunder Bay Mining Division. Critical One now controls over 30 kilometers of the geological trend, encompassing all known antimony-gold targets in the area.
Historical data indicates significant gold mineralization on the KCR property. Previous drilling revealed gold grades up to 64.1 grams per tonne over one meter in the Slam Gold Zone. The zone averaged 3.54 grams per tonne of gold over 20.4 meters in the single drill hole tested, located 100 meters below a larger geochemical target. Further exploration is needed to fully assess the extent of the mineralization.
Duane Parnham, Critical One’s Founder, Executive Chairman, and CEO, emphasized the significance of the acquisition. He highlighted the potential for substantial gold discoveries within the expanded Howells Lake Project, given the high-grade gold assays and the largely unexplored nature of the Slam Gold Zone. The visible gold mineralization in the single drill hole is considered highly encouraging.
This acquisition adds to Critical One’s existing land holdings, totaling over 25,000 hectares. The company recently completed a state-of-the-art airborne geophysical survey to identify additional targets. Analysis of this data is underway, and further announcements are expected.
The Howells Lake Project itself contains a historical, non-compliant antimony resource. Critical One plans to conduct further geological mapping and drilling to establish a compliant resource estimate. The company is also planning follow-up drilling at the Slam Gold Zone and other target areas.
Critical One secured the KCR property for a relatively modest sum of CDN$6,000 and 50,000 common shares, subject to a 2% net smelter royalty (NSR), 50% of which is buyable by the company. The company is financially sound, having recently completed a CDN$3.3 million private placement. These funds will support near-term exploration activities, including a maiden drill program at the V-3 antimony deposit.
Bruce Durham, a Qualified Person under NI 43-101, reviewed the technical information, noting that it’s based on historical data requiring further verification to meet current regulatory standards. The company is committed to advancing its exploration program and delivering value to shareholders.
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