Krait Critical Minerals (CSE: KRIT) began trading on the Canadian Securities Exchange on August 24, and the newly listed junior has since set out how it intends to advance the only asset on its books.
That asset is the Goldbar Spider Lake project in northern Ontario, a block of 148 unpatented mining claims covering roughly 3,636 hectares within the Western Schreiber-Hemlo Greenstone Belt. Krait holds an option to earn a 100% interest, subject to a 3% net smelter return royalty.
Work to date has been geophysical rather than mechanical. A helicopter-borne VTEM Plus survey flown in April collected 262 line-kilometres of data and picked out seven discrete conductive zones, labelled A through G. Late-time electromagnetic responses across those zones point to conductivity-thickness characteristics consistent with concentrations of metallic sulphides, graphite, or both.
An updated NI 43-101 technical report from Benjamin Kuzmich recommends the company evaluate the property for orogenic gold alongside the volcanogenic massive sulphide base metal potential that drew historical operators to the ground. Krait cautions that the location, grade and extent of that historical mineralization cannot in all cases be independently verified.
The recommended next phase carries a budget of $250,480 and is built around ground work rather than a drill rig. Prospecting and sampling account for $58,800 and gold and multi-element assays another $51,000, with helicopter support at $60,000 and the balance split across geological compilation, geophysical modelling, interpretation and contingency. The intent is to narrow the seven conductors, plus whatever surface work turns up, into a shortlist worth drill testing.
“We are particularly encouraged by the opportunity to evaluate the Project’s gold potential alongside its historically recognized VMS potential,” said chief executive Oscar Mendoza. “Our focus now is to systematically work through the highest-priority targets, put our geological team on the ground and build the technical case for which areas should ultimately advance toward drilling.”
Krait Critical Minerals last traded at $0.80 on the CSE.
