Critical Resources Confirms High-Grade Tungsten Discovery at Granite Creek

Critical Resources Strikes High-Grade Tungsten at Granite Creek, New Zealand

Critical Resources Ltd (ASX: CRR) has reported first-pass sampling results from the Granite Creek tungsten target within the Croesus Project on New Zealand's West Coast. This Critical Resources high grade tungsten discovery in New Zealand includes a channel sample of 0.41 m at 16.63% WO₃ from an in-situ quartz-scheelite vein. According to the ASX announcement dated 23 June 2026, nine of 25 samples returned tungsten between 0.67% and 16.63% WO₃, with multiple mineralised occurrences mapped across at least 600 m of strike.

The Granite Creek work forms part of Critical Resources Ltd's growing New Zealand portfolio and is reported to validate key parts of a substantial historical dataset, advancing the target towards drill definition.

Managing Director Tim Wither commented: "These are strong, repeatable tungsten grades. The 0.41 metre channel assayed 16.63% WO₃ across the full width of an in-situ quartz-scheelite vein, a true-width result, not a selected high-grade chip. And it is not a one-off: nine of our 25 samples returned high-grade tungsten, including six above 1% WO₃, and three above 2% WO₃, over more than 600 metres of the target."

What Was Found and Why It Stands Out

According to the announcement, the Granite Creek programme completed in April 2026 comprised geological mapping along with channel, rock and float sampling of quartz veins, greisen-altered granite and adjacent altered wall rock within the Barrytown Granite.

The standout result is channel sample A1419, which returned:

• 0.41 m at 16.63% WO₃
• Collected as a continuous channel across an exposed quartz-scheelite vein
• Sampled perpendicular to the vein and considered to represent true width at that location

An adjoining 0.20 m footwall channel sample (A1420) across weathered, altered granite immediately beside the vein returned 3,820 ppm W, demonstrating that elevated tungsten is not restricted to the quartz vein but also occurs in the surrounding altered wall rock.

According to Critical Resources Ltd, these results, together with additional bedrock and float samples, support an interpretation of a broader quartz-vein and greisen-hosted tungsten system rather than a single high-grade occurrence.

Key In-Situ Bedrock Results

The company has highlighted several significant in-situ results from Granite Creek:

These samples were selectively collected from exposed veins and altered granite and are not representative of average grade or width. However, they provide compelling evidence of high-grade scheelite mineralisation across multiple points within the target area.

Significant Float Results

Float samples (transported rock fragments) at Granite Creek also returned notably high tungsten grades:

The company notes that float samples are ex-situ and may have been transported from their original source, so they do not indicate average grades. However, they do help define the footprint of mineralised zones.

Understanding Greisen-Hosted Tungsten Systems

For investors tracking Critical Resources Ltd but less familiar with tungsten geology, the Granite Creek announcement provides useful context on deposit style and mineralogy.

What Is Scheelite and How Is Tungsten Graded?

Scheelite is a tungsten-bearing mineral with the chemical formula calcium tungstate (CaWO₄). It is a primary ore mineral for tungsten and is common in tungsten deposits worldwide. In the field, scheelite is often identified by its blue-white fluorescence under ultraviolet light, as illustrated in sample A1411 from Granite Creek.

Tungsten grades are commonly reported as:

• WO₃ (%): tungsten trioxide grade used for higher grades
• ppm W: parts per million tungsten, numerically equivalent to mg/kg, used for lower grades

How Do Greisen-Hosted Systems Form?

Granite Creek is interpreted in the ASX report as part of a granite-related tungsten system associated with the Barrytown Granite. In simple terms, a granite intrusion cooled at depth, and hot, metal-bearing fluids moved through fractures in and around the granite. These fluids deposited scheelite in two main settings:

• Quartz veins: discrete veins infilling fractures, commonly with visible scheelite
• Greisen zones: altered granite where the original rock has been converted into a quartz-mica assemblage and can host disseminated tungsten

Greisen zones are important because they can indicate broader haloes of mineralisation around high-grade veins, and the potential for wider, albeit sometimes lower-grade, mineralised envelopes.

At Granite Creek, scheelite has been identified in quartz veins, greisen-altered granite, vein selvages and locally pegmatitic material. Furthermore, high-grade scheelite-bearing float has been recorded on both flanks of the Barrytown Granite ridge, including at Little Granite Creek to the north, where historical sampling reportedly returned up to 26.6% WO₃. This pattern suggests tungsten-bearing material is shed from a broad portion of the granite and its margins, pointing to a potentially extensive mineralised system.

Quick Glossary

For investors, the key point is that granite-related, quartz-vein and greisen-hosted tungsten systems have potential to host high grades and can be compatible with conventional gravity and flotation processing. Metallurgical performance at Granite Creek has not yet been tested, and Critical Resources Ltd notes that test work is still to come.

Tungsten Market Context: A Critical Metal in Structural Deficit

The Granite Creek results are being reported against a tight tungsten market backdrop described in the ASX announcement as a structural deficit. Tungsten is listed as a critical mineral by New Zealand, Australia, the United States and the European Union, and is essential in cemented-carbide cutting and drilling tools, defence applications, aerospace alloys, and electronics and semiconductor manufacturing.

How Concentrated Is the Tungsten Supply Chain?

China accounts for approximately 80% of global tungsten mine production and a similar share of processing. Since 2023, China has introduced additional controls on tungsten exports. In February 2025, APT and other tungsten products were added to the export-control list, and by December 2025, export permissions were limited to a small number of licensed companies for 2026–27. These measures are reported to have significantly reduced the volume of tungsten available to Western buyers via traditional routes.

What Do Prices and Demand Forecasts Show?

According to price data cited in the announcement, APT (ammonium paratungstate) was around US$3,000–3,200/mtu CIF Rotterdam in early June 2026, described as a multi-year high and approximately 10 times the long-run average of roughly US$300/mtu. Canaccord Genuity is quoted as forecasting 47% tungsten demand growth to 2035.

New high-grade tungsten deposits in stable Western jurisdictions are described as rare, and new mines typically require 5–7 years from permitting to production. In this context, the Critical Resources high grade tungsten discovery in New Zealand positions Granite Creek as a potential future source of tungsten supply, subject to permitting, drilling, studies and development decisions.

Mr Wither added: "High-grade scheelite float on both flanks of the Barrytown Granite ridge points to a system extending well beyond the immediate target. The timing is significant — tungsten has risen roughly tenfold off its long-run average, China controls around 80% of global supply and is tightening exports, and the market is short of secure supply from stable Western jurisdictions."

Historical Data and De-Risked Targeting

Granite Creek is not a greenfield discovery in an unexplored area. The ASX announcement emphasises that the target benefits from detailed historical work by several companies, and that the new Critical Resources Ltd programme has begun to validate that dataset.

Historical work cited includes:

• Mineral Resources NZ Ltd (1988): rock sampling with reported grades up to 42.6% WO₃ in scheelite-rich quartz and greisen material
• AMOCO Minerals NZ Ltd (1981–82), CanAlaska Ventures Ltd (2006) and Lime and Marble Ltd (1971): mapping and sampling of quartz veins, greisen zones and scheelite occurrences
• Historical float samples from Granite Creek and Little Granite Creek with reported grades up to 26.6% WO₃ and 19.9% WO₃

These historical samples were selective and are not representative of average grades or widths. However, Critical Resources Ltd reports that this work provides mapped locations of veins and greisen zones, geological observations for the Barrytown Granite and adjacent rocks, and a systematic baseline dataset for targeting.

The recent programme is said to have confirmed 0.41 m at 16.63% WO₃ in a true-width channel, identified multiple additional in-situ samples between 0.67% and 2.21% WO₃, demonstrated elevated tungsten in altered granite adjacent to the main vein, and mapped mineralised bedrock and float occurrences over at least 600 m.

Pathway to Drilling at Granite Creek

The ASX announcement outlines a staged work plan aimed at advancing Granite Creek from surface sampling to drill-ready status, subject to permitting and approvals.

Planned Work Programme

Critical Resources Ltd is targeting lodgement of an exploration permit application in the second half of 2026, with initial drilling to follow, subject to permit grant and required approvals. The Croesus Project is also located in an established West Coast mining region with proximity to other mineral projects, existing road, rail and port infrastructure, a regional history of mining and a skilled workforce.

Broader New Zealand Portfolio Context

Granite Creek is part of Critical Resources Ltd's wider New Zealand exploration portfolio, which also includes gold projects in Otago and other regions. The ASX announcement highlights two additional areas of activity:

• Cap Burn / Rock and Pillar (Otago): First-pass reverse circulation drilling has confirmed structurally controlled gold mineralisation in the TZ4 schist beneath the Cap Burn Fault. The down-plunge extension below the TZ4–TZ3 boundary remains open and is the primary focus for a follow-up RC drill programme now being designed.
• Silver Peaks / Tokomairiro: Desktop review and targeting are advancing, with land-access discussions in progress.

Combined with its Canadian lithium and Australian base metals assets, Critical Resources Ltd is consequently positioning itself as a multi-commodity explorer with exposure to lithium, base metals, gold and tungsten.

Why Granite Creek Matters to Investors

From an investor perspective, the Granite Creek results highlight several material points:

1. Grade and sampling quality: A true-width channel result of 0.41 m at 16.63% WO₃ is very high for surface tungsten sampling. Multiple additional samples, including six above 1% WO₃, suggest mineralisation is present at several locations along at least 600 m of strike.

2. System-scale indicators: High-grade scheelite float in drainages on both sides of the Barrytown Granite ridge supports the interpretation of a larger underlying system. Furthermore, the presence of greisen-altered granite with elevated tungsten indicates potential mineralised haloes beyond the main veins.

3. De-risked early targeting: Historical mapping and sampling have already outlined veins, greisen zones and scheelite occurrences, allowing Critical Resources Ltd to step more directly towards focused drill targeting.

4. Commodity backdrop: Tungsten is described as being in structural deficit, with China controlling around 80% of supply and benchmark APT prices around US$3,000–3,200/mtu as of early June 2026, compared with a reported long-run average of about US$300/mtu.

5. Upcoming catalysts: These include integration of datasets, further mapping and channel sampling, a targeted exploration permit application in H2 2026, potential maiden drilling subject to permit grant, and ongoing work at Cap Burn, Rock and Pillar, and other New Zealand assets.

In summary, this Critical Resources high grade tungsten discovery in New Zealand represents a meaningful development for the company. First-pass work at Granite Creek has confirmed high-grade scheelite mineralisation in bedrock and float, started to validate a substantial historical dataset, and established a framework for focused drill targeting. In the context of a tight tungsten market and critical mineral designation, the project provides a tungsten-focused addition to the company's lithium, base metals and gold portfolio.

Ready to Learn More About Critical Resources and the Granite Creek Tungsten Project?

With high-grade scheelite confirmed in bedrock, multiple mineralised occurrences mapped across more than 600 metres of strike, and a clear pathway towards maiden drilling, Critical Resources Ltd (ASX: CRR) is positioning Granite Creek as a potentially significant tungsten discovery in a tier-one Western jurisdiction. To explore the company's projects, portfolio and upcoming catalysts in more detail, visit the Critical Resources website at criticalresources.com.au.