Drilling Identifies New Mineralised Zone South of Mavis Lake

Lithium development company, Critical Resources Limited (ASX:CRR) (“Critical Resources” or “the Company”) is pleased announce further exceptional spodumene-bearing pegmatite intercepts from recent drilling at Mavis Lake1. Additionally, the results identify a new mineralised zone located~300m south of the Main Zone at Company’s 100% owned Mavis Lake Lithium Project in Ontario, Canada.

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Highlights

• Step-out drilling, of newly permitted drill pads, has intersected significant spodumene- bearing pegmatites, approximately 300m south of the Main Zone
  
• Logging of core from the South Zone identifies very-high concentrations of spodumene up to 45% over lengths greater than 6m.
• Highlights include:
  • Drill hole SZ23-002: 6.8m of spodumene-bearing pegmatite from 72.4m down hole;
  • Drill hole SZ23-004: 9.45m of spodumene-bearing pegmatite from 111.85m down hole; and
  • Drill hole SZ23-010: 6.45m of spodumene-bearing pegmatite from 208.05m down hole
• Main Zone drilling continues to intersect thick intervals of spodumene-bearing pegmatite, proving down dip continuation of the Main Zone
• Highlights include:
  • Drill hole MF23-190: 14.7m of spodumene-bearing pegmatite from 167.6m down hole, and 20.05m of spodumene-bearing pegmatite from 251.5m down hole;
  • Drill hole MF23-189: 17.65m of spodumene-bearing pegmatite from 167.6m down hole; and
  • Drill hole MF22-188: 16.15m of spodumene-bearing pegmatite from 165.1m down hole
• Drilling continues to expand the known area of lithium mineralisation at Mavis Lake, with all results supporting the development of the Company’s JORC 2012 compliant, Maiden Mineral Resource Estimate

The Company recommenced drilling in early January 2023 with two drill rigs focusing on different areas at Mavis Lake. The recent results extend the known mineralisation of the Main Zone down dip, and confirms that mineralisation remains open at depth. The results also confirms a new mineralisation area to the south of the Main Zone. The successful drilling of the South Zone highlights the continued potential for scale and growth at Mavs Lake with multiple, mapped, spodumene- bearing outcrops yet to be drill tested.

All drill results will be incorporated in a Maiden Mineral Resources Estimate which is currently being developed. Tables 1 and 2 provide a summary of key intercepts, with full exploration results in Appendix 1.

Table 1 – Key spodumene-bearing pegmatite intersections and estimates of spodumene percentage confirmed through visual estimate (South Zone)1

Figure 1 – SZ23-004 core with fine to large white spodumene laths from 111.85m to 121.3m

Future Work

The Company continues drilling at Mavis Lake and has also commenced baseline technical and environmental studies and assessments to support the preparation of a Scoping Study for the Mavis Lake Project.

The Company is awaiting assays from samples collected from over 50 individual drill holes (including samples generated from drilling in late 2022).

Critical Resources’ Managing Director Alex Cheeseman said:

“These are further great results from Mavis Lake, identifying a new mineralisation zone has the ability to significantly increase the scale potential of the project, and is extremely encouraging.

These results reinforce the Company's commitment to conduct comprehensive, large scale drilling programs throughout 2022 and continuing in 2023.

We look forward to further develop our understanding of the mineralisation at Mavis Lake and adding these results to our pending Mineral Resource Estimate.”

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