Inaugural 5,000m Drilling Program Completed at Mavis Lake

Critical Resources Limited (ASX:CRR) (“Critical Resources” or the “Company”), is pleased to advise that another five step-out holes have intersected intervals of spodumene-bearing pegmatite. This marks the completion of the inaugural 5,000m Drilling Program at the Company’s 100% owned Mavis Lake Lithium Project (‘the Project”) in Ontario, Canada. At completion, 35 of a total 37 holes drilled had intersected spodumene-bearing pegmatites within the Pegmatite 6 zone.

Highlights^1,2,3

Hole 37

• 14.75m of ~16% fine to large spodumene laths from 152.25 to 167m within pegmatite

Hole 36

• 9.65m of ~23% fine to large spodumene laths from 131.6 to 141.25m within pegmatite

Hole 33

• 2.75m of ~5% fine to large spodumene laths from 16.45 to 19.2m within pegmatite

Hole 34

• 3.5m of ~5% fine to large spodumene laths from 64.5 to 68m within pegmatite

Hole 35

• 5.8m of <5% fine to large spodumene laths from 115.8 to 121.6m within pegmatite
  
• Inaugural 5,000m drill program completed
• 35 out of 37 drill holes intersected spodumene-bearing pegmatite mineralisation
• Approvals have now been received which allows the Company to double its drilling campaign, for an additional 5,000m (10,000m in total)

Figure 1: Significant white-grey medium to large spodumene laths within MF22-95 (Hole 36)

Critical Resources Managing Director Alex Biggs said: “Having 35 out of 37 holes intersecting spodumene bearing mineralisation is a fantastic result and proves the significance of the Mavis Lake Pegmatite field. Importantly the Company has now received the necessary approvals to extend drilling by an additional 5,000m. The Company remains focussed on its goal of defining a JORC resource at Mavis Lake, and looks forward to providing an update with regard to Phase 2 drilling at the Project, including assay results as soon as possible”.

Hole MF22-96 (Hole 37)
Significant spodumene-bearing pegmatite intersected at depth
MF22-96 intersected thick spodumene-bearing pegmatite located at depth. These thicker intervals continue to be intersected at depth and will continue to be tested with more drilling during the infill program. Spodumene laths range from fine to large and are typically white-grey.

Figure 2: White pegmatite hosts approximately 16% of fine to large, white-grey, spodumene laths intersected from 152.25 to 167m depth in Hole MF22-96 (Hole 37). Close-ups illustrate presence of significant spodumene

Hole MF22-95 (Hole 36)
Intersection of a thick interval of visually high amount of spodumene-bearing pegmatite
MF22-95 intersected spodumene-bearing pegmatite with significant internal sub-metre to metre scale zonations. Spodumene laths range from fine to large and are typically white-grey. This thick interval was intersected at depth and will continue to be tested in further drilling.

Figure 3: White pegmatite hosts approximately 23% of fine to large, white-grey, spodumene laths intersected from 131.6 to 141.25m depth in Hole MF22-95 (Hole 36). Close-ups illustrate presence of significant spodumene

Hole MF22-92 (Hole 33), MF22-93 Hole 34), and MF22-94 (Hole 35)
Infill drilling continues the continuity of spodumene-bearing pegmatites
The three step out holes were designed to perform infill drilling for the purposes of a resource model. These holes all likely intersected the pinch area of the pegmatites boudinage structure. These pinch out areas are typically more susceptible to sericite alteration of the spodumene minerals. Only up to 5% visual spodumene laths were intersected within the zones and hosted significant sericite. The presences of spodumene within these holes continue to prove Pegmatite 6’s continuity and mineralisation as drilling continues to the west.

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