Critical Elements Lithium Continues to Expand Major Discovery at Rose West with Additional Multiple Wide Lithium-Rich Intercepts
*Highlights:*
· *1.39% Li[2]O and 157 ppm Ta[2]O[5] over 35.30 m, including 2.33% Li[2]O and 152 ppm Ta[2]O[5] over 9.00 m in hole RD-24-25A*
· *1.29% Li[2]O and 121 ppm Ta[2]O[5] over 31.50 m, including 1.69% Li[2]O and 127 ppm Ta[2]O[5] over 13.50 m in hole RD-24-24*
· *1.22% Li[2]O and 250 ppm Ta[2]O[5] over 20.50 m, including 1.60% Li[2]O and 181 ppm Ta[2]O[5] over 15.00 m in hole RD-24-17*
· *1.27% Li[2]O and 192 ppm Ta[2]O[5] over 18.65 m in hole RD-24-27*
· *1.59% Li[2]O and 127 ppm Ta[2]O[5] over 13.80 m in hole RD-24-18*
· *1.75% Li[2]O and 201 ppm Ta[2]O[5] 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 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 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% Li[2]O and 157 ppm Ta[2]O[5] over 35.30 m*, including *2.33% Li[2]O and 152 ppm Ta[2]O[5] over 9.00 m* in hole RD-24-25A
· *1.29% Li[2]O and 121 ppm Ta[2]O[5] over 31.50 m, *including* 1.69% Li[2]O and 127 ppm Ta[2]O[5] over 13.50 m* in hole RD-24-24
· *1.22% Li[2]O and 250 ppm Ta[2]O[5] over 20.50 m, *including* 1.60% Li[2]O and 181 ppm Ta[2]O[5] over 15.00 m* in hole RD-24-17
· *1.27% Li[2]O and 192 ppm Ta[2]O[5] over 18.65 m* in hole RD-24-27
· *1.59% Li[2]O and 127 ppm Ta[2]O[5] over 13.80 m* in hole RD-24-18
· *1.75% Li[2]O and 201 ppm Ta[2]O[5] 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**
*Li[2]O*
*Ta[2]O[5]*
*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**
*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-24-04*
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 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
jslavallee@cecorp.ca
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
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