28.25m of Spodumene-Bearing Pegmatites Intersected at Mavis Lake

Critical Resources Limited (ASX:CRR) (“Critical Resources” or “the Company”) is pleased to announce further results from its latest drilling campaign at the Company’s 100 per cent-owned Mavis Lake Lithium Project (“the Project”) in Ontario, Canada.

Highlights

Multiple spodumene-bearing pegmatite dykes intersected totalling 28.25m in step out hole in MF22-117 including 23.9m spodumene mineralisation from 126.1m to 150m downhole^1,2,3

Multiple spodumene-bearing pegmatite dykes intersected totalling 14.6m in hole MF22-118 including 9.75m spodumene mineralisation from 247.75m to 257.5m downhole, demonstrating minearalisation at previously unseen depth^1,2,3

A total of 53 of 59 drill holes have intersected spodumene-bearing pegmatite to date, including most recent holes from MF22-117 to MF22-118

Assay work is ongoing and will be released as received, the Company continues its pursuit of a maiden JORC-compliant resource

The visual spodumene-bearing pegmatite zones intersected in MF22-117 and MF22-118 are located down dip from previously announced MF22-116 zone (August 2, 2022 ASX Announcement). These visual zones illustrate the pegmatites geometries and that the zones continue at depth, with the greatest vertical depth drilled to date of ~250m within MF22-118.

These visual zones continue to provide support of significant pinching and swelling throughout the pegmatites. The swell areas can host a significant amount of spodumene laths (as confirmed through visual identification) and provide significant thickness of mineralisation. Understanding the geometries of the pegmatites will aid in further zone delineation as we continue to test the continuity east of Pegmatite 6 and towards Pegmatite 18.

A total of 7,960m out of 10,000m of approved drilling has been completed to date, with the Company’s primary focus to continue drilling an infill program, followed by testing the approximate 3km of potential strike length towards Pegmatite 18.

Immediate 50m infill drill-hole spacing will continue to test strike length and down-dip continuity to further delineate the spodumene-bearing pegmatites to underpin the development of a maiden JORC compliant resource.

The Mavis Lake Project’s location provides a strategic advantage, situated just 19km from the town of Dryden. The project area is adjacent to the main rail and road networks connecting directly to Thunder Bay, which is being touted as a proposed regional hub for lithium processing.

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