Critical One Energy reports Micon antimony target and extends Howells Lake
Three holes extend the East Zone 100 metres northwest, with eight more planned before the end of November and 16 awaiting assays.
Theo Marchetti
Critical One Energy Inc. CNSXCRTL OTCMKTSCTLOF FRA4EF, a Canadian Securities Exchange-listed explorer, reported on Monday a Micon exploration target at Howells Lake of 2 million to 6 million tonnes. Target grades range from 3 to 8 per cent antimony. Three new holes extended East Zone mineralization 100 metres northwest.
The company cautioned that the target's quantity and grade are conceptual. Exploration is insufficient to define a mineral resource, and further work may not establish one at the northwestern Ontario antimony-gold project.
Ahead of the announcement, shares finished Nov. 6 at C$0.82, up 2.5 per cent, on the Canadian Securities Exchange at 4 p.m. EST, according to Google Finance's CNSXCRTL quote.
Critical One plans eight additional East Zone holes before the end of November 2026. Assays are pending for 16 completed East Zone holes, including two awaiting overlimit antimony analysis.
"Our focus now is to test that range and build the data that we need for an initial mineral resource estimate," executive chairman and chief executive Duane Parnham said in the release.
Drilling Tests The Target Range
According to the Nov. 9 release, Micon based its target on significant intersections from the current drilling campaign, historical drilling and mineralization that remains open. The company said the current program is testing that range while collecting data for an initial East Zone resource estimate.
Hole HWL-2026-021 returned 4.0 metres grading 4.52 per cent antimony. The interval started 120 metres downhole and included 2.0 metres at 7.96 per cent antimony.
Hole HWL-2026-023 returned 5.0 metres grading 1.66 per cent antimony. The interval began 60 metres downhole and included 2.0 metres at 3.10 per cent antimony.
The company said that hole confirmed mineralization continues northwest as the host rock changes from porphyry to altered volcanic rocks. All reported intervals are core lengths, and true widths have not been determined.
The Nov. 9 update brings reported assays to 18 holes, including 14 in the East Zone. More than 12,000 metres have been drilled toward the company's 15,000-metre objective for 2026.
Earlier Financing Raised Exploration Capital
Critical One announced on Aug. 14 that it had completed a non-brokered flow-through placement raising C$6,728,601 in gross proceeds. The stated use was eligible Canadian exploration expenses qualifying as flow-through mining expenditures.
That historical gross raise does not establish how much cash remains available for the November holes. The drilling plan calls for additional East Zone holes reaching depths of up to 400 metres below surface.
Elsewhere in antimony development, Rua Gold Inc. TSERUA OTCMKTSNZAUF NZERGI said on Nov. 5 that it was targeting completion of an Auld Creek prefeasibility study in the fourth quarter of 2026. Its proposed project is in New Zealand.
Read more: Rua Gold submits Auld Creek gold-antimony fast-track application
Critical One's next dated drilling milestone is the planned completion of eight more East Zone holes before the end of November. The company will release assays as received, testing the northwest extension and adding evidence toward an initial resource estimate.
