This week is proving to be a good one for the Critical Resources Ltd (ASX: CRR) share price. The company has released more news to the market this morning, boosting its stock once more.
At the time of writing, Critical Resources’ stock is trading at 5.3 cents, 10.4% higher than its previous close. That brings the company’s gains this week to 39%.
Let’s take a look at the news that’s been driving the miner’s stock on the ASX lately.
Critical Resources share price rockets higher on Friday
The Critical Resources share price is in the green again today after the company announced a drilling program at its Halls Peak base metal project in New South Wales has restarted.
The company is back to work at the project’s Gibson prospect, where it plans to drill around 2,500 metres. Of that, around 650 metres have already been completed.
Previously, visual massive sulphide intervals and disseminated sulphide mineralisation have been intersected at the prospect.
Critical Resources managing director Alex Biggs commented on the restart, saying:
The drill campaign has so far provided excellent results and we continue to gain an increased understanding of the deposit. We look forward to completing the outstanding drill holes and updating the market with further results in due course.
Today’s news appears to have rounded off a strong week’s performance.
The Critical Resources share price was boosted 19.5% on Wednesday after the company completed the acquisition of a Canadian lithium project.
The Mavis Lake lithium project cost the company $3 million, which it bought with 50% cash and 50% scrip. The purchase also involves up to $3 million of milestone considerations.
Additionally, Critical Resources welcomed Alex Cheeseman to its board this week. Cheeseman has worked in leadership and management roles for more than 20 years and spent the last 10 years in the lithium and iron ore sector.
Today’s gains included, the Critical Resources share price is 116% higher than it was this time last year.
The post Why has the Critical Resources (ASX:CRR) share price surged 39% this week? appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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