First Mavis Lake Assays Include 7.66m at 1.5% Li2O

Critical Resources Limited (ASX:CRR) (“Critical Resources” or the “Company”) is pleased to announce assay results from drill hole MF22-64 (Hole 5) from its 100% owned Mavis Lake Lithium Project in Ontario, Canada. Hole 5 contained medium to large, cream coloured spodumene laths correlating with higher-grading lithium oxide assays, including 7.66m at 1.5% Li2O. Additionally, 24 of 25 drill holes have intersected spodumene-bearing pegmatite including four additional holes which include 14.7m of pegmatite with spodumene mineralisation from 146 to 160.70m downhole.

Highlights

MF22-64 (Hole 5) Assay Results²

• 18.1m @ 0.98% Li2O from 159.1 to 177.2m downhole, including:
  • 15.53m @ 1.1% Li2O from 161 to 176.53m downhole
  • 7.66m @ 1.5% Li2O from 161 to 168.66m downhole
  • 5.66m @ 1.68% Li2O from 161 to 166.66m downhole
• Several intervals of spodumene zonation contain higher grades up to 2.03% Li2O
• 24 out of 25 drill holes have intersected spodumene-bearing pegmatite mineralisation, the four most recent drillholes have intersected spodumene-bearing pegmatite within Pegmatite 6 including:

Hole 22

• 14.7m of white-grey, fine to large spodumene laths from 146 to 160.70m ^1,2,3

Hole 23

• 13.2m of white-grey, fine to large spodumene laths from 163 to 176.2m _^1,2,3

Hole 24

• 6.7m of white-grey, fine to large spodumene laths from 122.05 to 128.75m ^{1, 2,3}

Hole 25

• 5.35m of white-grey, fine to large spodumene laths from 115.05 to 120.4m^1,2,3
• Samples and core from completed drill holes have been sent for analysis
• Planning and permitting has commenced to extend the current drill program

The Company is pleased to announce first assays from its 100% Mavis Lake Lithium Project in Ontario Canada. Assay data for Hole MF22-64 (Hole 5) has confirmed lithium mineralisation, correlating with initial visual results identified immediately post-drilling (ASX announcement 04 May 2022). Assays have proven the presence of lithium mineralisation across an 18.1m intercept with an average grade of 0.98% Li2O from 159.1 to 177.2m downhole and up to 7.66m of 1.5% Li2O from 161 to 168.66m downhole.

Further intersections of spodumene mineralisation have also been encountered in Holes 22 – 25 including 14.7m in Hole 22 from 146 to 160.70m downhole.

The Company’s inaugural 5,000m drill program is approximately 50% completed and planning is underway for an extension to approximately 10,000m.

Critical Resources Managing Director Alex Biggs said:

“Our first assays from Mavis Lake are very promising indicating a wide, high grade zone of Li20. With significant grades within the 18.1m zone we are excited that this is a good starting point in defining the potential that Mavis Lake has to offer. Our drilling is continuing with all but one hole intersecting spodumene bearing pegmatite mineralisation. Additionally, we are very pleased to see continued significant intersections of spodumene in our most recent drill holes. We look forward to updating the market in due course with further results”.

MF22-64 (Hole 5) Assay Results

Elevated Lithium throughout Pegmatite 6 interval

MF-22-64 was designed to test lithium grade continuity and width at depth within Pegmatite 6. The hole intersected a 10.4m true width spodumene-bearing pegmatite and confirms significant lithium mineralisation at a downhole depth of 159.1m. Pegmatite 6 remains open at depth, down dip from this intersection. The higher grading Li2O values correlate well with local metre-scale zonations of increased spodumene mineralisation as shown in Table 1.

Figure 1: White pegmatite hosts fine to medium, white-grey, spodumene crystals intersected from 159.1 to 177.2m depth in Hole MF22-64 (Hole 05). Close-ups illustrate significant spodumene mineralisation.

Table 1: Assay results from Hole MF22-64 (Hole 5)

Table 2: Drill Hole Summary

Figure 2: Cross-section, looking west, of Pegmatite 6 (pink shape) with previous drill hole traces (grey) and recently drilled holes of MF22-64, MF22-66, and MF22-67 (note: measurement in meters). Lithium Oxide (% of Li2O) is represented as disks

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