Further Mavis Lake Assays Include 7.63m at 1.35% Li2O

Critical Resources Limited (ASX:CRR) (“Critical Resources” or the “Company”) is pleased to announce assay results from drill holes MF22-60 to MF22-63 from its 100% owned Mavis Lake Lithium Project in Ontario, Canada. Drill holes contained spodumene laths correlating with higher-grading lithium oxide assays, including 7.63m at 1.35% Li2O within MF22-60. A total of 39 of 42 drill holes have intersected spodumene-bearing pegmatite to date.

Highlights
Assay Results:

MF22-60 (Hole 1)

• 7.63m @ 1.35% Li₂O from 11.57 to 19.2m downhole, Including:
  • 5m @ 1.77% Li₂O from 13.5 to 18.5m downhole
  • 3.5m @ 2.0% Li₂O from 13.5 to 17m downhole
  • 2m @ 2.48% Li₂O from 13.5 to 15.5m downhole

MF22-61 (Hole 2)

• 4.28m @ 0.85% Li₂O from 105.67 to 109.95m downhole

MF22-63 (Hole 4)

• 5.3m @ 0.98% Li₂O from 65 to 70.3m downhole

Visuals^1,2,3:

Hole 38

• 8.9m of ~10% fine to large spodumene laths from 141.35 to 150.25m within pegmatite

Hole 39

• 6.45m of <5% fine to large spodumene laths from 111.85 to 118.3m within pegmatite, and
• 1.85m of ~25% fine to large spodumene laths from 126.40 to 128.25m within pegmatite
  
• 39 out of 42 drill holes have intersected spodumene-bearing pegmatite mineralisation
• The four most recent drillholes have intersected spodumene-bearing pegmatite within Pegmatite 6, which continues to extend known spodumene mineralisation towards the west

The Company is pleased to announce assays from four holes completed in April as part of the Company’s Phase 1 drilling program at its 100% Mavis Lake Lithium Project in Ontario Canada. Assay data has confirmed lithium mineralisation, correlating with initial visual results identified immediately post-drilling (refer to ASX announcements 28 April 2022 and 04 May 2022).

The Company has started drilling a further 5,000m as a Phase 2 drill program which will focus on step out and infill program in support of defining a JORC compliant resource.

Critical Resources Managing Director Alex Biggs said: “We are pleased to announce our second round of assays from Mavis Lake and are excited to see some high-grade intersections. As we start Phase 2 of drilling, we look forward to increasing the strike extent of known mineralisation and testing the identified geophysical anomalies. We are very happy with progress to date and are working towards a JORC compliant Resource for the project”.

MF22-60 (Hole 3), MF22-61(Hole 2), and MF22-63 (Hole 4) Assay Results

Elevated Lithium throughout Pegmatite 6 interval
Assays from three out of the four holes contained significant spodumene mineralisation which correlates well with elevated lithium grades. MF22-60 contained the highest grading interval of 7.63m with 1.35% Li₂O.

Figure 1: White pegmatite hosts spodumene laths intersected from 11.57 to 19.2m depth in Hole MF22-60 (Hole 01).
Close-ups illustrate significant spodumene mineralisation.

Figure 2: White pegmatite hosts spodumene laths intersected from 105.67 to 109.95m depth in Hole MF22-61 (Hole 02).
Close-ups illustrate significant spodumene mineralisation.

Figure 3: White pegmatite hosts spodumene laths intersected from 65 to 70.3m depth in Hole MF22-63 (Hole 04).
Close-ups illustrate significant spodumene mineralisation.

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