Spodumene-Bearing Pegmatites Up To 27.45m Thick In Latest Drilling Intercepts At Mavis Lake

Lithium development company, Critical Resources Limited (ASX:CRR) (“Critical Resources” or “the Company”) is pleased to advise of further excellent drilling results at the Company’s 100%- owned Mavis Lake Lithium Project in Ontario, Canada. A summary of key exploration results can be seen below, with full exploration results in Appendix 1.

Highlights

• Drilling program continues to deliver excellent results with intercepts at both the Main Zone and South Zone at Mavis Lake
  
• Significant intercepts include:
  • Drill hole MF23-191 with 27.45m of spodumene mineralisation from 222.35m downhole
  • Drill hole MF23-192 with 11.75m of spodumene mineralisation from 181.95m downhole
  • Drill hole SZ23-012 with 6.05m of spodumene mineralisation from 227.5m downhole
  • Drill hole SZ23-021 with 5.60m of spodumene mineralisation from 34.5m downhole
• All results to be incorporated into Mavis Lake’s JORC 2012 compliant Maiden Mineral Resource Estimate

The Company’s strategy to test new outcrops, adjacent to the Main Zone, as well as concurrently testing extensions of the Main Zone (laterally and at depth) builds upon recent success. Intercepts in the South Zone surround outcrops which have not previously been drill tested.

Mapped pegmatites 8, 10, 11, 12, and 20 have now all been drill tested and found to contain spodumene mineralisation. The Company’s drilling program will continue to test and assess these and other mapped pegmatites, in order to develop a greater understanding of the sub-surface structures and associated mineralisation. These early-stage drilling targets are already showing great potential. Key intercepts from the South Zone can be seen in Table 1¹.

The testing of the down-dip extension of the Main Zone continues to intercept thick spodumene- bearing pegmatites. The Main Zone remains open at depth. Key Intercepts from the Main Zone can be seen in Table 2¹.

All results will be incorporated into the Maiden Mineral Resource Estimate currently being prepared. Delivery of assay data, currently backlogged at the laboratory, will dictate the timeline to complete the mineral resource estimate.

Figure 1 – Drill Hole MF23-191 with 27.45 meters of spodumene-bearing pegmatite from 222.35m downhole, with further intercepts from 252.65m downhole 1

Table 1 – Key intercepts and visual assessments from South Zone drilling1

Table 2 – Key intercepts and visual assessments from Main Zone drilling1

Future Work

In addition to an ongoing drilling program at Mavis Lake, technical and environmental studies are underway to support a pending Scoping Study for the Mavis Lake Project.

The Company is awaiting assays from samples collected from more than 47 individual drill holes and will update the market as details are made available.

Critical Resources Managing Director Alex Cheeseman said:

“Our exploration strategy at Mavis Lake continues to deliver excellent results, which will directly feed into the maiden mineral resource estimate. Our drilling campaign and concurrent studies are laying a solid foundation for the next development phase of this highly prospective project.

With each set of assay results, our understanding of the asset grows and so too does our confidence in the project, we are pushing hard to receive all outstanding assays so we can complete our maiden mineral resource estimate as quickly as possible.”

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