31.75m of Spodumene-Bearing Pegmatite Intersected in Drill Hole MF22-163

Critical Resources Limited (ASX:CRR) (“Critical Resources” or “the Company”) is pleased to advise another significant intercept of spodumene-bearing pegmatite from the Company’s 100% owned Mavis Lake Lithium Project. The latest intercept will be included in the Maiden Mineral Resource Estimate, which is due for release in Q1 2023.

Highlights

• 31.75m of well mineralised spodumene-bearing pegmatite intersected in Drill Hole MF22-163
  
• The intercept extends the known mineralised zone and will contribute to the resource modelling work currently underway with SGS Canada
• SGS have concluded their site visit to perform customary due diligence checks and data correlation in support of JORC Code (2012) compliant resource modelling
• Over 16,500 drill meters completed in 2022, with drilling ongoing
• Assays from 42 drill holes, with confirmed spodumene mineralization are pending
• Maiden Mineral Resource Estimate on track for Q1 2023

Critical Resources’ Managing Director Mr Alex Cheeseman said:

“The latest excellent intercept at Mavis Lake combined with the exceptional results we have released to the market over the last few months strengthen our already firm belief that we will be delivering a Maiden JORC Resource in the new year.

The Lithium Sector in Canada is starting to gain momentum and we are perfectly positioned to advance Mavis Lake and be part of a North American lithium industry that is demanding unprecedented growth over the rest of this decade.

With over 40 drill hole assays pending and drilling ongoing we will continue to update the market as information comes to hand.”

Visual Estimates and Pending Assay Results

A total of 42 drill holes within the Main Zone at Mavis Lake are currently pending assay results. The visual assessment confirming spodumene mineralisation can be seen in Appendix 1.

Mineral Resource Estimate Site Visit

Over the period 7-8 November, independent Resource Modelling consultants SGS Canada completed their necessary site visit to Mavis Lake where they reviewed core storage, core and drill logs, inspected the drillers as they were drilling hole MF22-163 and performed customary checks and data correlation in support of the mineral resource estimation process currently underway.

Future Works

The Company is preparing to conduct a move from the Main Zone to test a number of spodumene bearing pegmatite outcrops before the heavy winter sets in. These targets have never been drill tested. Successful drilling and development of these adjacent pegmatite systems will further add to the Maiden JORC resource being developed at Mavis Lake.

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