Assays Confirm High Grade Lithium up to 1.91% at Mavis Lake

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

Highlights

• Assays confirm high-grade spodumene-bearing pegmatite at Mavis Lake Lithium project
• 21.1m at 1.34% Li₂O, including 8.6m at 1.91% Li₂O
• Phase 2 drill campaign underway focused on step-out and infill program to test potential strike length of ~3km between Pegmatite 6 and Pegmatite 18
• Additional known mapped pegmatites occur between Pegmatite 6 and Pegmatite 18
• Results and ongoing drilling support the Company’s pursuit of a JORC-compliant resource

The second round of assays build on earlier successes reported in recent months. A total of 45 of 49 drill holes have intersected spodumene-bearing pegmatite with the holes containing spodumene laths correlating with higher-grading lithium oxide assays. This includes 21.1m at 1.34% lithium oxide (Li2O) from drill hole MF22-72, which can be seen in figure 1. Full details of recent assay and visual data can be seen in Appendix 1.

Figure 1 - Cross-section, looking west, of Pegmatite 6 (pink shape) with previous drill hole traces (grey) and recently drilled holes of MF22-62, MF22-63, MF22-70, MF22-71 and MF22-72 (measurement in meters).

The latest assay data has confirmed lithium mineralisation that correlates with initial visual results identified immediately post-drilling in May this year (refer to ASX announcements 11 May 2022 and 17 May 2022). Visual estimates of spodumene are a useful tool to aid in drill hole planning and testing possible theories. Higher spodumene visualisation is associated with higher grading Li2O values from recent assays.

The Company opted to fast-track its Phase 2 drill program and has commenced drilling a further 5,000m focused on step-out and infill work in support of defining a JORC compliant resource.

Multiple pegmatites were mapped on surface prior to Critical Resources’ acquisition of the Project, and were thought to be discontinuous from one another, however recent drilling suggests these mapped pegmatites could be one continuous pegmatite zone from Pegmatite 6 through to Pegmatite 18, a strike length of ~3km. Several pegmatites including spodumene-bearing Pegmatite 17 have been identified between Pegmatite 6 and Pegmatite 18 from prior grassroots exploration work, as recent as 2016.

The current Phase 2 drilling campaign is focused on the eastern side of the areas drilled in 2018, as more infill drilling will continue for the purposes of resource development. Exploration fence style drilling will commence once infill drilling is completed, intended to test the continuity between the Pegmatite 6 and Pegmatite 18 zones, an approximate strike length of 3km. Additional known mapped pegmatites occur between these two zones.

The Mavis Lake Project is strategically located only 19km to the township of Dryden with a population of~10,000, is adjacent to the main rail and road networks connecting directly to Thunder Bay and has access to Hydro power which affords the potential for a truly green product to be produced.

Critical Resources Chairman Robert Martin said: “The Company’s drilling program continues to intersect exceptional grades and show the lithium-bearing pegmatites remain open at depth and along strike. Visual inspections to date indicate that these strong assay results are likely to continue and will help us to ultimately define our maiden JORC compliant resource.”

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