Critical Elements Lithium Completes Drill Program at Rose West Discovery and Intercepts Multiple, Wide Spodumene-Rich Pegmatites

About this update from Critical Elements Lithium Corporation

MONTRÉAL, QC / ACCESSWIRE / March 13, 2024 / Critical Elements Lithium Corporation (TSX-V:CRE)(US OTCQX:CRECF)(FSE:F12) ( "Critical Elements" or the "Corporation" ) is pleased to announce completion of a 31-hole, 3,670-meter drill program on its 100% owned Rose West Discovery with multiple spodumene-rich pegmatites intersected. The Rose West Discovery (" Rose West ") is situated within the Rose and Rose South property blocks (Figure 1) , which constitute 395 km 2 , or only 38% of the total 1,050 km 2 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 prospection campaign, herein referred to as Rose West. Drilling results demonstrated the continuity of a mineralized pegmatite body thus far over 450m strike, 370m down dip and to a vertical depth of 140m. In the west, the body is comprised of multiple near surface mineralized pegmatites that range up to an apparent thickness of 12.4m individually. These bodies appear to coalesce into a more substantial spodumene-bearing pegmatite in the east with an apparent width of up to 40.4m . 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. Mineralized intercepts are summarized in Table 1 . Initial assay results from the drill program have been received for the first two holes, RD-24-01 and RD-24-02. Both drill holes returned high grade results with 1.61% Li 2 O and 135ppm Ta 2 O 5 over 6.9m , including 2.17% Li 2 O over 4.3m in hole RD-24-01, and 1.00% Li 2 O and 285 ppm Ta 2 O 5 over 8.65m , including 1.34% Li 2 O and 376 ppm Ta 2 O 5 over 4.4m in hole RD-24-02. In addition to these early intersections of lithium-rich pegmatites, the program also discovered a different style of mineralization associated with an aplite dyke with high grade tantalum values, including 571 ppm Ta 2 O 5 over 1.1m. A summary of the assay results received to date is presented in Table 2 . Jean-Sébastien Lavallée, Chief Executive Officer of the Corporation, stated: " Drill confirmation of high-grade lithium mineralization at Rose West is the beginning of an important new chapter for Critical Elements. While management is focused on delivery of a project financing package for the Rose Project that minimizes shareholder dilution, the resumption of drilling on the Corporation's extensive land position should begin to crystalize that position's value for shareholders. Additional drilling on multiple promising targets identified on Critical Elements' large, prospective land position could also yield economically valuable mineralization later this year. " Figure 1: Location map of the Rose West Discovery Figure 2: Location map of drillholes from the winter 2024 campaign Figure 3: Cross section N5764100 view to the North Figure 4: Cross section N5764000 view to the North Figure 5: Cross section N5763900 view to the North Figure 6: Cross section N5763800 view to the North Table 1: Spodumene pegmatite intersected during the 2024 winter drill program Drillhole UTM NAD 83 ZN18 Length Azimuth Dip From To Interval* Type Easting Northing (m) (°) (°) (m) (m) (m) RD-24-01 411119 5763973 153.00 235 -50 6.80 13.70 6.90 Pegmatite 95.10 102.80 7.70 Pegmatite RD-24-02 411104 5763903 156.00 325 -50 10.60 19.25 8.65 Pegmatite 126.30 128.50 2.20 Pegmatite 130.25 133.25 3.00 Pegmatite 145.20 147.10 1.90 Pegmatite RD-24-03 411105 5763898 114.00 145 -50 21.90 24.40 2.50 Pegmatite 26.35 27.60 1.25 Pegmatite 34.80 37.50 2.70 Pegmatite 41.60 43.35 1.75 Pegmatite 103.50 106.50 3.00 Pegmatite RD-24-04 411145 5763933 111.00 325 -70 16.40 20.20 3.80 Pegmatite 67.60 69.00 1.40 Pegmatite 101.00 108.00 7.00 Pegmatite RD-24-05 411188 5763963 51.00 315 -70 24.30 27.25 2.95 Pegmatite RD-24-06 411244 5763876 69.00 315 -70 26.60 28.70 2.10 Pegmatite 46.60 49.80 3.20 Pegmatite 56.60 63.30 6.70 Pegmatite RD-24-07 411163 5763819 66.00 315 -70 17.80 30.00 12.20 Pegmatite 50.90 52.40 1.50 Pegmatite 54.30 56.20 1.90 Pegmatite RD-24-08 411122 5763795 57.00 315 -70 16.90 25.90 9.00 Pegmatite 37.95 40.00 2.05 Pegmatite RD-24-09 411080 5763759 60.00 315 -70 4.00 8.00 4.00 Pegmatite 23.60 31.70 8.10 Pegmatite RD-24-10 411106 5763725 63.00 315 -70 3.55 10.50 6.95 Pegmatite RD-24-11 411139 5763690 66.00 315 -70 3.60 9.20 5.60 Pegmatite RD-24-12 411176 5763719 102.00 315 -70 14.45 20.00 5.55 Pegmatite RD-24-13 411302 5763798 97.00 290 -70 8.00 9.50 1.50 Pegmatite 19.60 20.50 0.90 Pegmatite 56.40 68.80 12.40 Pegmatite RD-24-14 411357 5763709 117.00 290 -70 43.80 45.80 2.00 Pegmatite 55.30 57.00 1.70 Pegmatite RD-24-15 411438 5763775 114.00 300 -70 54.50 57.40 2.90 Pegmatite 96.40 99.20 2.80 Pegmatite RD-24-16** 411384 5763852 114.00 300 -70 52.60 55.50 2.90 Pegmatite 111.65 114.00 2.35 Pegmatite RD-24-16A 411385 5763851 144.00 300 -70 53.60 56.70 3.10 Pegmatite 109.60 112.25 2.65 Pegmatite 118.25 143.20 24.95 Pegmatite RD-24-17 411320 5763930 159.00 300 -70 76.70 79.70 3.00 Pegmatite 96.00 105.00 9.00 Pegmatite 127.00 147.50 20.50 Pegmatite RD-24-18 411269 5764015 207.00 300 -70 67.40 81.20 13.80 Pegmatite 107.20 107.80 0.60 Pegmatite 110.00 111.40 1.40 Pegmatite 118.90 124.60 5.70 Pegmatite RD-24-19 411347 5764073 186.00 245 -70 71.40 76.60 5.20 Pegmatite 91.00 101.10 10.10 Pegmatite 112.80 120.00 7.20 Pegmatite RD-24-20 411408 5763990 177.00 245 -70 82.10 122.50 40.40 Pegmatite 141.30 144.30 3.00 Pegmatite RD-24-21 411469 5763910 177.00 245 -70 120.40 144.70 24.30 Pegmatite RD-24-22 411524 5763824 177.00 245 -70 128.20 159.80 31.60 Pegmatite RD-24-23A 411606 5763887 153.00 245 -70 122.60 142.90 20.30 Pegmatite RD-24-24 411547 5763965 147.00 235 -70 104.50 136.00 31.50 Pegmatite RD-24-25** 411490 5764049 84.60 245 -70 73.70 84.60 10.90 Pegmatite RD-24-25A 411489 5764049 168.00 245 -70 72.30 107.60 35.30 Pegmatite RD-24-26 411431 5764131 117.00 245 -70 82.00 103.80 21.80 Pegmatite RD-24-27 411519 5764187 111.00 245 -70 84.20 102.85 18.65 Pegmatite 104.90 106.10 1.20 Pegmatite RD-24-28 411569 5764115 135.00 235 -70 71.70 72.50 0.80 Pegmatite 83.10 114.50 31.40 Pegmatite 121.70 126.20 4.50 Pegmatite * Core length; the true thickness is between 80 to 95% of the core length. ** Hole abandoned before reaching target length. Table 2: Results from Rose West Discovery 2024 winter drill program Drillhole UTM NAD 83 ZN18 Length Azimuth Dip From To Interval* Li 2 O Ta 2 O 5 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-24-03 411105 5763898 114.00 145 -50 PENDING RESULTS RD-24-04 411145 5763933 111.00 325 -70 PENDING RESULTS RD-24-05 411188 5763963 51.00 315 -70 PENDING RESULTS RD-24-06 411244 5763876 69.00 315 -70 PENDING RESULTS RD-24-07 411163 5763819 66.00 315 -70 PENDING RESULTS RD-24-08 411122 5763795 57.00 315 -70 PENDING RESULTS RD-24-09 411080 5763759 60.00 315 -70 PENDING RESULTS RD-24-10 411106 5763725 63.00 315 -70 PENDING RESULTS RD-24-11 411139 5763690 66.00 315 -70 PENDING RESULTS RD-24-12 411176 5763719 102.00 315 -70 PENDING RESULTS RD-24-13 411302 5763798 97.00 290 -70 PENDING RESULTS RD-24-14 411357 5763709 117.00 290 -70 PENDING RESULTS RD-24-15 411438 5763775 114.00 300 -70 PENDING RESULTS RD-24-16 411384 5763852 114.00 300 -70 PENDING RESULTS** RD-24-16A 411385 5763851 144.00 300 -70 PENDING RESULTS RD-24-17 411320 5763930 159.00 300 -70 PENDING RESULTS RD-24-18 411269 5764015 207.00 300 -70 PENDING RESULTS RD-24-19 411347 5764073 186.00 245 -70 PENDING RESULTS RD-24-20 411408 5763990 177.00 245 -70 PENDING RESULTS RD-24-21 411469 5763910 177.00 245 -70 PENDING RESULTS RD-24-22 411524 5763824 177.00 245 -70 PENDING RESULTS RD-24-23 411605 5763887 18.00 245 -70 ** RD-24-23A 411606 5763887 153.00 245 -70 PENDING RESULTS RD-24-24 411547 5763965 147.00 235 -70 PENDING RESULTS RD-24-25 411490 5764049 84.60 245 -70 PENDING RESULTS** RD-24-25A 411489 5764049 168.00 245 -70 PENDING RESULTS RD-24-26 411431 5764131 117.00 245 -70 PENDING RESULTS RD-24-27 411519 5764187 111.00 245 -70 PENDING RESULTS RD-24-28 411569 5764115 135.00 235 -70 PENDING RESULTS * Core length; the true thickness is between 80 to 95% of the core length. ** Hole abandoned before reaching target length. 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, Quebec. 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 Ta 2 O 5 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 km 2 . 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 Officer 819-354-5146 [email protected] www.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 View the original press release on accesswire.com

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