PRESS RELEASE

from Critical Elements Lithium Corporation (isin : CA22675W1077)

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

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

See all Critical Elements Lithium Corporation news