Assays Confirm Further High-Grade Lithium Up To 2.15% Li2o At Mavis Lake

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

Highlights

Assay highlights include:

MF22-73 - 10.84m at 1.08% Li₂O from 149.90m to 160.74m downhole

MF22-75 - 3.37m at 1.51% Li₂O from 34.26m to 37.63m downhole, including 1.83m at 2.15% Li₂O

MF22-78 – 3.08m at 1.30% Li₂O from 114.12m to 117.20m downhole

Assay results from Phase 1 program correlate with initial visual mineralisation assessments

Ongoing Phase 2 program continues to deliver similar mineralisation (confirmed through visual assessments)¹ with assay results to follow.

The latest assay data has confirmed lithium mineralisation continues towards the west of the significant intercepts from the previous 2018 drill program². Visual reports were provided immediately after drilling in May this year (refer to ASX Announcement 20 May and ASX Announcement 31 May 2022).

The assay results correlate with reported visual estimates of mineralisation, including 10.84m at 1.08% lithium oxide (Li₂O) from drill hole MF22-73, shown in figure 1 (Appendix 1 & 2 contains full details of recent assay results).

Significant lithium mineralisation is shown to also occur at depth which leads to potential mineralisation still being open at greater depths. The drilling program at Mavis Lake has intersected spodumene mineralisation within 56 out of 62 drill holes to date and continues to increase the extent of known mineralisation, both laterally and at depth¹.

The current Phase 2 drilling campaign is focused on the eastern side of areas previously drilled, infill drilling will continue for the purposes of resource development. Further exploration drilling is being planned for Mavis Lake to both support resource development and confirm the extent of lithium zones identified through sampling and mapping.

Figure 1: MF22-73 spodumene-bearing pegmatite zone (149.90 to 160.74m downhole) with lower contact with the mafic volcanic unit

Critical Resources Chairman Robert Martin said:

“We are extremely pleased with this set of assay results. The assays along with the outstanding intercepts recently reported have the Company very excited with the Mavis Lake Project.

The Company continues its drilling program, is planning a Phase 3 program and identifying future areas for potential permitting. We look forward to keeping the market updated as things progress.”

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