Possible New Mineralised Zone Identified Following Multiple 30m+ Intercepts at Mavis Lake

Critical Resources Limited (ASX:CRR) (“Critical Resources” or “the Company”) is pleased to advise of multiple, thick intercepts of spodumene-bearing pegmatite from the current drill program at Mavis Lake.

Highlights

• Drilling completed over the last two weeks has intercepted a potential new area of mineralisation staked under the Mavis Lake Main Zone
  
• Multiple thick intercepts of spodumene-bearing pegmatite observed down-dip of the Main Zone.
• A possible pegmatite stack at depth has also been identified via intercepts from multiple drill holes
• All intercepts are to be included in the JORC 2012 Maiden Mineral Resource Estimate, which is currently being prepared
• Significant intercepts include:
  • Drill Hole MF22-180 – over 35m of spodumene-bearing pegmatite from 197m downhole
  • Drill Hole MF22-179 – over 23m of spodumene-bearing pegmatite from 157m downhole
  • Drill Hole MF22-177 – over 30m of spodumene-bearing pegmatite from 175m downhole
• Over 19,739 drill meters completed in 2022 with assays pending for core from 29 drill holes

Full details and exploration results confirmed by visual assessment can be seen in Appendix 1.¹

Critical Resources’ Managing Director Alex Cheeseman said:

“This is an extremely satisfying way to finish what has been a very productive year at Mavis Lake. Less than a fortnight after announcing a major extension to the Main Zone’s strike length, we’re pleased to announce multiple, significant intercepts with a stand out of 35 meters of spodumene-bearing pegmatite from drill hole MF22-180.

Furthermore, the potential of a new zone is incredibly exciting and as such we are planning to drill test the continuity of this stacked zone as a priority in the new year.

Given the abundance of quality drilling targets, additional tenements under acqusition and the strengthening of our financial position following the recent execution of a flow-through funding arrangement, we are in a very strong position to capitalize on our hard work in 2022 with a strong start to 2023.

We are also looking forward to testing the potential of this new system, releasing further assay results and to working on the additional tenements under acquisition, all which will be positive for the Mavis Lake project as a whole.”

Future Works

The Mavis Lake Lithium Project continues to illustrate its growing potential through both continued down dip extension and the identification of a possible stacked zone.

The stacked zone has not been tested and could be a parallel structure of the main zone, that remains open along strike and depth, as shown in figure 1.

Testing the stacked zone for continuity and extending the known main zone will be priority effort when drilling recommences in early January 2023.

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