Thick Near Surface Spodumene Mineralisation Intercepted At Mavis Lake

Lithium project developer, Critical Resources Limited (ASX:CRR) (“Critical Resources” or “the Company”) is pleased to advise of multiple at/near-surface spodumene-bearing pegmatite intercepts at the Company’s 100%-owned Mavis Lake Lithium Project. Full exploration results can be seen in Appendix 1.

Highlights

• Targeted infill and extension drilling at the Mavis Lake Main Zone and South Zone has intercepted multiple spodumene-bearing pegmatites near-surface
  
• All intercepts align with pegmatite projections and modelling completed as part of the Mavis Lake Mineral Resource Estimate process, which is nearing completion
• Standout intercepts include:
  • Drill Hole MF23-197 with 10.65m of spodumene mineralisation from 3m downhole;
  • Drill Hole MF23-198 with 7.65m of spodumene mineralisation from 3.1m downhole;
  • Drill Hole MF23-199 with 11.3m of spodumene mineralisation from 13.3m downhole;
  • Drill Hole SZ23-027 with 10.6m of spodumene mineralisation from 33.5m downhole; and
  • Drill Hole SZ23-028 with 9.7m of spodumene mineralisation from 50m downhole.
• JORC 2012 compliant Maiden Mineral Resources Estimate (MRE) process nearing completion and due for release in the coming weeks
• Due to timing the current drilling results will not be included in the Maiden MRE but will form part of any potential and or future resource upgrades

“Confirmation of near-surface intercepts is very pleasing for several reasons. Firstly near-surface mineralisation supports the mining component of our ongoing studies into development pathways for Mavis Lake.

Secondly the intercepts reinforce and validate modelling work completed as part of the MRE process. This further boosts our confidence with the MRE work completed over the last few months.

The release of the MRE is now imminent. This will be an important milestone for the team and our shareholders - the culmination of 15 months’ hard work since we acquired the project. We look forward to announcing the results and continuing to push ahead with Mavis Lake.”

Spodumene Mineral Percentage Estimates¹

The intercepts have occurred at both the central Main Zone and South Zone areas of Mavis Lake. It is assessed that the near-surface intercepts will correlate well with mine pit development works currently being completed in support of the Mavis Lake Scoping Study.

Estimates of spodumene mineralisation can be seen below in table 1 with select core photos below in figure 1-3.

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