A Further 17.5 Metres of Visual Spodumene-Bearing Pegmatite Intersected at Mavis Lake in Step-Out Hole 14

Critical Resources Limited (ASX:CRR) (“Critical Resources” or the “Company”), is pleased to advise that following on from the outstanding results from step out hole 13, which contained 23.1m of visual spodumene (ASX Announcement 17 May 2022) it has again encountered thick visual spodumene in drill holes 14 and 15. Both holes are step out holes, targeting the Pegmatite 6 zone of mineralisation at the Company’s 100% owned Mavis Lake Lithium Project in Ontario, Canada (“the Project”).

Highlights

Hole 14:

• 17.5 metres of ~18% silvery-white, fine to large spodumene laths hosted from 143.25 to 160.75 metres of pegmatite, including:
  • 0.4 metre interval of ~50% spodumene from 149.3 to 149.7 metres downhole
  • 1.2 metre interval of ~25% spodumene from 149.7 to 150.9 metres downhole
  • 4.25 metre interval of ~30% spodumene from 156.4 to 160.65 metres downhole

Hole 15:

• 9.7 metres of ~5% white-grey, fine to large spodumene laths hosted from 129.1 to 138.8 metres of pegmatite, including:
  • 1.6 metre interval of ~20% spodumene from 133-134.6 metres downhole
• 14 out of 15 holes have intersected spodumene-bearing pegmatite mineralisation
• Due to the current success of the inaugural 5,000m drill program, exploration works on 28 new targets have been identified, including 11 high priority targets (ASX Announcement 12 May 2022) . Work has commenced to extend drilling to a ~10,000m program.
• Samples and core from completed drill holes have been sent for analysis and are expected in due course

Figure 1: ) Example of large white-grey spodumene laths intersected in core from MF22-73 (Hole 14).

Critical Resources Managing Director Alex Biggs said: “It is extremely pleasing to see further significant intercepts along strike. These results follow on from our recent 23.1m interception in hole 13 and continues to re-enforce the potential prospectively at Mavis Lake. We are increasingly excited with what the rest of the drill program will uncover, and we look forward to updating our shareholders as this drill program continues”.

Figure 2: Close up images of large silvery-white coloured spodumene crystals intercepted in Hole MF22-73 (Hole 14)

Hole MF22-73 (Hole 14)

A significant intersection of ~18% spodumene-bearing pegmatite over 17.5 metre width

MF22-73 was designed to test the down-dip extension of Pegmatite 6 and is located on strike with the spodumene�bearing pegmatites intersected in holes MF22-64 (Hole 05) and MF22-72 (Hole 13). The pegmatite hosts numerous significant zones of spodumene mineralisation bounded by zones of aplite. Spodumene crystals are typically silvery-white, fine to large, subhedral-euhedral laths.

Figure 3: White to silvery pegmatite hosts approximately 18% of medium to large, white grey, spodumene crystals intersected from 143.25 to 160.75 metres depth in Hole MF22-73 (Hole 14). Close ups illustrate significant spodumene mineralisation.

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