Resource Extension Drilling Underway at Mavis Lake Lithium Project

Lithium development company Critical Resources Limited ASX:CRR (“Critical Resources” or “the Company”) is pleased to announce that following a short seasonal pause in May, drilling is again underway. The summer drill campaign is in support of a future Resource upgrade at the Company’s 100%-owned Mavis Lake Lithium Project in Ontario, Canada.

Highlights

• Drilling campaign underway targeting Resource growth at Mavis Lake
  
• Drill plan designed to confirm mineralisation both laterally, near surface and at depth
• Targeted drill holes have been designed to support a future Resource upgrade an increase in Resource tonnage and a Mineral Resource Estimate category upgrade
• Critical Resources remains one of only two ASX-listed lithium Companies to hold a JORC Code 2012 compliant lithium resource in Ontario, Canada
• The Company continues to advance the Mavis Lake Lithium Project with a clear pathway for development and value creation
• The Company is also finalising the summer campaign for its recently acquired Gullwing and Tot Lake prospects

Following the release of the Company’s Maiden Mineral Resource Estimate (MRE) – 8.0Mt at 1.07% Li2O (refer ASX Announcement, 5 May 2023), drilling is underway aimed to extend the known mineralisation and ultimately support a future Resource upgrade. Drill holes have been designed to provide both a category upgrade and an increase in total Resource tonnage.

Infill drilling – Category Upgrade

Drilling which is intended to provide a category upgrade will focus principally on in-fill drilling at the Main Zone. The infill program will seek to ensure that a high proportion of the future Resource is upgraded from Inferred to Indicated.

Planned drill holes will continue to in-fill at 50m drill hole spacing across the current Resource mineralised ore shapes. In-fill drilling will also test mineralised zones for extensional/resource expansion potential.

The initial infill area can be seen in Figure 1.

Resource Growth

Drilling aimed at achieving Resource growth is anticipated to be achieved immediately through extensional drilling of the Main Zone. Priority targets include drill testing of “Pegmatite 9” – a mapped, spodumene bearing pegmatite that has not been drill tested to date.

The Pegmatite 9 target area can be seen in Figure 1.

Figure 1 – Pegmatite 9 growth (grey highlight) and Main Zone infill (green highlight) target areas seen in context to previous intercept highlights

Critical Resources Managing Director, Alex Cheeseman, said:

“Off the back of the Maiden Mineral Resource Estimate, it’s great to have the drill rigs spinning in support of a Resource upgrade. We’ve said it before, but this really is just the start for Mavis Lake, there is so much potential and growth opportunity with this Project.

“Along with Resource growth, we continue to advance multiple development streams and have a clear pathway to value creation.

“The North American policy and investment environment for critical minerals and decarbonsation efforts is seeing unprecedented government and industry activity and commitment. It’s clear that lithium raw material projects in North America are in high demand, and this positions Critical Resources perfectly as we continue to advance the Mavis Lake Lithium Project.”

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