Assay Results Confirm 74.4m At 1.18% Li2o, Including 32.95m At 1.81% Li2o At Mavis Lake

Lithium exploration and project development company Critical Resources Limited ASX:CRR (“Critical Resources” or “the Company”) is pleased to announce assay results from the first drill hole of the summer 2023 resource extension drilling program at the Company’s 100%-owned Mavis Lake Lithium Project in Ontario, Canada.

Highlights

• Assay results from drill hole MF23-207 confirm outstanding thick intercept of high- grade lithium mineralisation at the Mavis Lake Main Zone
• The significant intersection of spodumene mineralised pegmatite returned:
  • 74.4m at 1.18% Li2O, from 176.15m down-hole, including:
  • 32.95m at 1.81% Li2O from 215.6m down-hole
• The intercept is interpreted to be associated with a new plunging trend, which the Company is excited to comprehensively drill test over the coming weeks
• Permits for new drill pads have also been submitted to further test the extent of this significant mineralisation trend
• The wide, high-grade intercept is located outside the current resource model and is expected to add significantly to our current Mineral Resource
• Resource extension drilling continues at the Main Zone with further assays pending

Assay results confirm the significance of the intercept, averaging 1.18% Li2O across the 74.4m intercept, with multiple sections grading over 1.8% Li2O and further sections grading up to 3.28% Li20.

The Drill Hole Summary can be seen in Table 1, full exploration results are provided in Appendix 1.

Thick, High-Grade Intercept

MF23-207 has intersected an exceptional interval in terms of both its thickness (and therefore implications for a future resource upgrade) and the grade of the spodumene mineralisation encountered.

The interval has an average grade of 1.18% Li2O and includes significant intervals of high-grade mineralisation. A detailed breakdown can be seen in Table 2.

The intercept is expected to add both tonnage and increased grade to a future Resource upgrade. The true thickness is 60% of the down-hole width, calculated by the contact angles relative to core axis and the modeling of ore shapes with other known drill hole data. A total true thickness is 44.6m in width, representing a significant increase of current MRE projected mineralisation shapes.

This interval is possibly a complex plunging structure that extends throughout the entire ~1.5km Main Zone area, as shown in Figure 1.

Figure 1 – Long Section Model, looking SE, of the Main Zone with the projected plunge area (dark red) related to the 74.4m intercept in MF23-207

MF23-207 was designed to extend the current resource towards the north and follow known mineralisation at depth. The hole was designed to intersect the Main Zone mineralisation shapes obliquely, due to the location of permitted drill pads.

New drill permits have been submitted for the purpose of testing the pegmatite closer to true widths. Ice drilling may be conducted in the winter months to continue testing this swell area at depth.

Figure 2 shows a Cross-Section of Drill Hole MF23-207 in context with previous intercepts and modelling of the current 8Mt resource.

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