Critical Elements Lithium Continues to Expand Major Discovery at Rose West with Additional Multiple Wide Lithium-Rich Intercepts

Published

Highlights:

  • 1.39% Li2O and 157 ppm Ta2O5 over 35.30 m, including 2.33% Li2O and 152 ppm Ta2O5 over 9.00 m in hole RD-24-25A
  • 1.29% Li2O and 121 ppm Ta2O5 over 31.50 m, including 1.69% Li2O and 127 ppm Ta2O5 over 13.50 m in hole RD-24-24
  • 1.22% Li2O and 250 ppm Ta2O5 over 20.50 m, including 1.60% Li2O and 181 ppm Ta2O5 over 15.00 m in hole RD-24-17
  • 1.27% Li2O and 192 ppm Ta2O5 over 18.65 m in hole RD-24-27
  • 1.59% Li2O and 127 ppm Ta2O5 over 13.80 m in hole RD-24-18
  • 1.75% Li2O and 201 ppm Ta2O5 over 10.10 m in hole RD-24-19

MONTRÉAL, QC / ACCESSWIRE / April 22, 2024 / Critical Elements Lithium Corporation (TSX-V:CRE)(OTCQX:CRECF)(FSE:F12) ("Critical Elements" or the "Corporation") is pleased to announce the most recent results from the winter 31-hole, 3,670-meter drill program on its 100% owned Rose West Discovery with multiple wide intersections of lithium-rich pegmatites.

The Rose West Discovery ("Rose West") is situated within the Rose Lithium-Tantalum and Rose South property blocks (Figure 1), which constitute 395 km2, or only 38% of the total 1,050 km2 in the Corporation's highly prospective exploration portfolio in Québec.

The 2024 winter drill campaign successfully completed 3,670 meters of drilling in 31 holes on the spodumene-bearing pegmatite showings discovered during the 2023 summer prospecting campaign, herein referred to as Rose West. Drilling results to date have demonstrated the continuity of a mineralized pegmatite body, which thus far extends over 450 m strike, 370 m down dip and to a vertical depth of 140 m. In the west, the body is comprised of multiple near surface mineralized pegmatites that range up to an apparent thickness of 12.40 m individually. These bodies appear to coalesce into a more substantial spodumene-bearing pegmatite in the east with an apparent width of up to 40.40 m. The near surface pegmatites appear to strike northwesterly with a gentle dip of 15°, while the thicker pegmatite appears to strike easterly with a near-horizontal dip of 13°. The body is still open in all directions, while the greatest exploration potential appears to be to the east.

New assay results from the drill program have been received for fourteen new drillholes. Several of the new drillhole results returned wide high grade lithium assays, as highlighted:

  • 1.39% Li2O and 157 ppm Ta2O5 over 35.30 m, including 2.33% Li2O and 152 ppm Ta2O5 over 9.00 m in hole RD-24-25A
  • 1.29% Li2O and 121 ppm Ta2O5 over 31.50 m, including 1.69% Li2O and 127 ppm Ta2O5 over 13.50 m in hole RD-24-24
  • 1.22% Li2O and 250 ppm Ta2O5 over 20.50 m, including 1.60% Li2O and 181 ppm Ta2O5 over 15.00 m in hole RD-24-17
  • 1.27% Li2O and 192 ppm Ta2O5 over 18.65 m in hole RD-24-27
  • 1.59% Li2O and 127 ppm Ta2O5 over 13.80 m in hole RD-24-18
  • 1.75% Li2O and 201 ppm Ta2O5 over 10.10 m in hole RD-24-19

A summary of the new assay results is presented in Table 1 and in Figures 2 to 7. A summary of the previously announced assay results is presented in Table 2 and in Figures 2 to 7.

"With the complete results of the Rose West winter program, we recognize the opportunity to add significantly to the Rose Project's resource inventory and, potentially, augment its mine life and already robust economic appeal," commented Chair of the Board Eric Zaunscherb. "As a reminder, the Rose Lithium-Tantalum Project Feasibility Study published in August 2023 (see press release dated August 23, 2023) returned an after-tax NPV8% of US$2.2B and an after-tax IRR of 65.7%. The next step is a second-round drill program, currently being planned, followed by an initial mineral resource estimate if warranted. In the interim, management sees no reduction in urgency on the part of lithium end-users to see quality spodumene concentrate sourced from a world-class jurisdiction flow into their supply chains. Québec, with its clean grid and exceptional regulatory standards, is well-regarded globally."

Table 1: New results from Rose West Discovery 2024 winter drill program

Drillhole

UTM NAD 83 ZN18

Length

Azimuth

Dip

From

To

Interval*

Li2O

Ta2O5

Lithology

Easting

Northing

(m)

(°)

(°)

(m)

(m)(m)

(%)

ppm (g/t)

RD-24-03

411105

5763898

114.00

145

-50

21.90

24.40

2.50

0.99

142

Pegmatite

26.35

27.60

1.25

1.07

153

Pegmatite

34.80

37.50

2.70

1.26

72

Pegmatite

41.60

43.35

1.75

0.05

343

Pegmatite

103.50

106.50

3.00

0.03

65

Pegmatite

RD-24-09

411080

5763759

60.00

315

-70

4.00

8.00

4.00

0.78

285

Pegmatite

Including

5.50

7.00

1.50

1.57

218

Pegmatite

23.60

31.70

8.10

1.70

357

Pegmatite

Including

23.60

29.50

5.90

2.03

403

Pegmatite

RD-24-11

411139

5763690

66.00

315

-70

3.60

7.30

3.70

2.18

109

Pegmatite

RD-24-13

411302

5763798

97.00

290

-70

8.00

9.50

1.50

0.01

311

Pegmatite

19.60

20.50

0.90

0.01

530

Pegmatite

55.10

55.80

0.70

0.46

201

Aplite

56.40

68.80

12.40

1.33

187

Pegmatite

Including

63.90

65.40

1.50

2.53

506

Pegmatite

RD-24-16**

411384

5763852

113.5

300

-70

52.60

55.50

2.90

0.01

159

Pegmatite

111.65

113.5

1.85

1.14

110

Pegmatite

RD-24-17

411320

5763930

159.00

300

-70

35.95

36.70

0.75

0.02

502

Aplite

76.70

79.70

3.00

1.16

156

Pegmatite

96.00

105.00

9.00

1.16

172

Pegmatite

Including

97.50

105.00

7.50

1.29

182

Pegmatite

127.00

147.50

20.50

1.22

250

Pegmatite

Including

127.00

142.00

15.00

1.60

181

Pegmatite

Including

142.00

147.50

5.50

0.18

437

Pegmatite

RD-24-18

411269

5764015

207.00

300

-70

67.40

81.20

13.80

1.59

127

Pegmatite

107.20

107.80

0.60

0.33

146

Pegmatite

110.00

111.40

1.40

0.16

584

Pegmatite

118.90

124.60

5.70

1.59

145

Pegmatite

including

120.40

121.90

1.50

2.92

52

Pegmatite

RD-24-19

411347

5764073

186.00

245

-70

71.40

76.60

5.20

1.91

242

Pegmatite

80.70

81.90

1.20

0.14

244

Aplite

91.00

101.10

10.10

1.75

201

Pegmatite

112.80

120.00

7.20

0.91

333

Pegmatite

including

114.00

118.50

4.50

1.32

114

Pegmatite

including

118.50

120.00

1.50

0.05

880

Pegmatite

129.80

135.40

5.60

0.03

266

Aplite

136.85

137.60

0.75

0.03

419

Aplite

RD-24-24

411547

5763965

147.00

235

-70

104.50

136.00

31.50

1.29

121

Pegmatite

including

112.00

115.00

3.00

1.88

111

Pegmatite

including

122.50

136.00

13.50

1.69

127

Pegmatite

RD-24-25**

411490

5764049

84.60

245

-70

73.70

84.60

10.90

1.75

305

Pegmatite

RD-24-25A

411489

5764049

168.00

245

-70

72.30

107.60

35.30

1.39

157

Pegmatite

including

79.00

88.00

9.00

2.33

152

Pegmatite

including

91.00

98.50

7.50

1.84

151

Pegmatite

155.20

157.60

2.40

0.01

275

Pegmatite

RD-24-26

411431

5764131

117.00

245

-70

82.00

103.80

21.80

0.62

164

Pegmatite

including

85.00

89.50

4.50

1.28

126

Pegmatite

RD-24-27

411519

5764187

111.00

245

-70

84.20

102.85

18.65

1.27

192

Pegmatite

104.90

106.10

1.20

1.89

186

Pegmatite

RD-24-28

411569

5764115

135.00

235

-70

56.50

57.30

0.80

0.01

125

Pegmatite

65.00

65.50

0.50

0.01

122

Pegmatite

68.70

69.30

0.60

0.01

148

Pegmatite

71.70

72.50

0.80

1.91

59

Pegmatite

83.10

114.50

31.40

0.56

163

Pegmatite

including

99.00

105.00

6.00

1.81

188

Pegmatite

including

109.50

114.00

4.50

1.17

188

Pegmatite

121.70

126.20

4.50

0.80

189

Pegmatite

130.40

131.10

0.70

0.02

103

Aplite

* Core length; the true thickness is between 80 to 95% of the core length.** Hole abandoned before reaching target length.

Table 2: Previously reported results from Rose West Discovery 2024 winter drill program

Drillhole

UTM NAD 83 ZN18

Length

Azimuth

Dip

From

To

Interval*

Li2O

Ta2O5

Lithology

Easting

Northing

(m)

(°)

(°)

(m)

(m)(m)

(%)

ppm (g/t)

RD-24-01

411119

5763973

153.00

235

-50

6.80

13.70

6.90

1.61

135

Pegmatite

including

7.70

12.00

4.30

2.17

77

Pegmatite

24.00

25.10

1.10

0.02

571

Aplite

95.10

102.80

7.70

0.03

374

Pegmatite

RD-24-02

411104

5763903

156.00

325

-50

10.60

19.25

8.65

1.00

285

Pegmatite

including

10.60

15.00

4.40

1.34

376

Pegmatite

100.80

102.20

1.40

0.04

394

Aplite

103.70

104.20

0.50

0.04

339

Aplite

126.30

128.50

2.20

0.04

145

Pegmatite

130.25

133.25

3.00

0.03

153

Pegmatite

145.20

147.10

1.90

0.03

239

Pegmatite

RD-24-04

411145

5763933

111.00

325

-70

16.40

20.20

3.80

1.11

163

Pegmatite

including

18.00

19.20

1.20

2.12

55

Pegmatite

67.60

72.60

5.00

0.94

256

Pegmatite

including

67.60

69.00

1.40

1.92

177

Pegmatite

103.80

108.00

4.20

2.24

170

Pegmatite

RD-24-05

411188

5763963

51.00

315

-70

24.30

27.25

2.95

0.83

506

Pegmatite

including

24.30

25.65

1.35

1.41

397

Pegmatite

including

26.55

27.25

0.70

0.21

1066

Pegmatite

RD-24-06

411244

5763876

69.00

315

-70

26.60

28.70

2.10

0.14

458

Pegmatite

46.60

49.80

3.20

1.08

273

Pegmatite

including

48.00

48.80

0.80

2.41

278

Pegmatite

56.60

63.30

6.70

2.16

81

Pegmatite

RD-24-07

411163

5763819

66.00

315

-70

3.60

4.30

0.70

0.04

2009

Aplite

17.80

30.00

12.20

1.66

180

Pegmatite

including

22.50

30.00

7.50

2.34

153

Pegmatite

50.90

52.40

1.50

0.02

423

Pegmatite

54.30

56.20

1.90

0.10

426

Pegmatite

RD-24-08

411122

5763795

57.00

315

-70

16.90

25.90

9.00

1.55

105

Pegmatite

including

19.50

24.00

4.50

2.41

90

Pegmatite

37.95

40.00

2.05

0.03

296

Pegmatite

RD-24-10

411106

5763725

63.00

315

-70

3.55

10.50

6.95

2.21

111

Pegmatite

including

5.00

9.00

4.00

2.76

104

Pegmatite

RD-24-12

411176

5763719

102.00

315

-70

14.45

20.00

5.55

1.75

212

Pegmatite

including

17.45

18.95

1.50

2.67

133

Pegmatite

RD-24-14

411357

5763709

117.00

290

-70

4.75

5.50

0.75

0.05

365

Aplite

22.90

23.70

0.80

0.07

143

Aplite

36.00

40.40

4.40

0.08

87

Aplite

43.80

45.80

2.00

0.93

265

Pegmatite

55.30

57.00

1.70

1.02

294

Pegmatite

RD-24-15

411438

5763775

114.00

300

-70

54.50

57.40

2.90

0.59

60

Pegmatite

96.40

99.20

2.80

2.08

221

Pegmatite

RD-24-16A

411385

5763851

144.00

300

-70

53.70

56.70

3.00

0.01

162

Pegmatite

109.60

112.25

2.65

1.36

77

Pegmatite

118.25

143.20

24.95

1.43

178

Pegmatite

including

119.75

133.25

13.50

1.91

145

Pegmatite

including

139.25

141.60

2.35

2.22

167

Pegmatite

RD-24-20

411408

5763990

177.00

245

-70

82.10

122.50

40.40

1.31

235

Pegmatite

including

82.10

104.60

22.50

1.64

219

Pegmatite

including

112.10

118.10

6.00

2.12

73

Pegmatite

141.30

144.30

3.00

0.02

339

Pegmatite

RD-24-21

411469

5763910

177.00

245

-70

120.40

144.70

24.30

1.16

145

Pegmatite

including

120.40

130.90

10.50

1.41

159

Pegmatite

including

127.90

130.90

3.00

2.27

137

Pegmatite

including

133.90

142.90

9.00

1.35

107

Pegmatite

including

133.90

136.90

3.00

2.28

183

Pegmatite

RD-24-22

411524

5763824

177.00

245

-70

128.20

159.80

31.60

1.30

142

Pegmatite

including

129.70

155.20

25.50

1.59

130

Pegmatite

RD-24-23

411605

5763887

18.00

245

-70

**

RD-24-23A

411606

5763887

153.00

245

-70

122.60

142.90

20.30

2.22

95

Pegmatite

including

125.60

136.10

10.50

2.78

92

Pegmatite

* Core length; the true thickness is between 80 to 95% of the core length.** Hole abandoned before reaching target length.

Figure 1: Location map of the Rose West Discovery.

Figure 2: Location map of drillholes from the winter 2024 campaign.

Figure 3: Cross section N5764200 view to the North.

Figure 4: Cross section N5764100 view to the North.

Figure 5: Cross section N5764000 view to the North.

Figure 6: Cross section N5763900 view to the North.

Figure 7: Cross section N5763800 view to the North.

Figure 8: Cross section N5763700 view to the North.

Quality assurance/quality control

Quality assurance and quality control procedures have been implemented to ensure best practices in sampling and analysis of the drill core samples. Standards, duplicate and blanks were regularly inserted into the sample stream. The drill core samples were delivered, in secure tagged bags to the ALS Minerals laboratory facility in Val-d'Or, Québec. The samples are weighed and identified prior to sample preparation. The samples are crushed to 70% minus 2 mm, then separated and pulverized to 85% passing 75 μm. All samples are analyzed using sodium peroxide fusion ME-MS-89L, with full analysis for 52 elements. Value over 25,000 ppm Li were re-assays using Li-ICP-82b and value over 2,500 ppm Ta2O5 were re-assays using Ta-XRF10.

Qualified persons

Sebastien Perreault, P. Eng., is the qualified persons that have reviewed and approved the technical contents of this news release on behalf of the Corporation.

About Critical Elements Lithium Corporation

Critical Elements aspires to become a large, responsible supplier of lithium to the flourishing electric vehicle and energy storage system industries. To this end, Critical Elements is advancing the wholly owned, high-purity Rose Lithium-Tantalum project in Québec, the Corporation's first lithium project to be advanced within a land portfolio of over 1,050 km2. On August 29, 2023, the Corporation announced results of a new Feasibility Study on Rose for the production of spodumene concentrate. The after-tax internal rate of return for the Project is estimated at 65.7%, with an estimated after-tax net present value of US$2.2B at an 8% discount rate. In the Corporation's view, Québec is strategically well-positioned for US and EU markets and boasts good infrastructure including a low-cost, low-carbon power grid featuring 94% hydroelectricity. The project has received approval from the Federal Minister of Environment and Climate Change on the recommendation of the Joint Assessment Committee, comprised of representatives from the Impact Assessment Agency of Canada and the Cree Nation Government, received the Certificate of Authorization pursuant to section 164 of Québec's Environment Quality Act from the Québec Minister of the Environment, the Fight against Climate Change, Wildlife and Parks, and the project mining lease from the Québec Minister of Natural Resources and Forests under the Québec Mining Act.

For further information, please contact:

Jean-Sébastien Lavallée, P. Géo.Chief Executive Officer819-354-5146jslavallee@cecorp.cawww.cecorp.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is described in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary statement concerning forward-looking statements.

This news release contains "forward-looking information" within the meaning of Canadian Securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "scheduled", "anticipates", "expects" or "does not expect", "is expected", "scheduled", "targeted", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information contained herein include, without limitation, statements relating to the results and completion of the 2024 exploration program and its related objectives. Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

Although Critical Elements has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking information include, but are not limited to: final and complete results of the Corporation's 2023-2024 exploration program and effects on the Corporation's stated objectives, as well as those risk factors set out in the Corporation's Management Discussion and Analysis for its most recent quarter ended November 30, 2023 and other disclosure documents available under the Corporation's SEDAR profile. Forward-looking information contained herein is made as of the date of this news release and Critical Elements disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

SOURCE: Critical Elements Lithium Corporation

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