Critical Elements Lithium Confirms Major Discovery at Rose West with Multiple Wide Lithium-Rich Intercepts
Highlights
1.31% Li2O and 235 ppm Ta2O5 over 40.40 m, including 1.64% Li2O and 219 ppm Ta2O5 over 22.50 m in hole RD-24-20
2.22% Li2O and 95 ppm Ta2O5 over 20.30 m, including 2.78% Li2O and 92 ppm Ta2O5 over 10.50 m in hole RD-24-23A
1.30% Li2O and 142 ppm Ta2O5 over 31.60 m, including 1.59% Li2O and 130 ppm Ta2O5 over 25.50 m in hole RD-24-22
1.43% Li2O and 178 ppm Ta2O5 over 24.95 m, including 1.91% Li2O and 145 ppm Ta2O5 over 13.50 m in hole RD-24-16A
1.16% Li2O and 145 ppm Ta2O5 over 24.30 m, including 1.41% Li2O et 159 ppm Ta2O5 over 10.50 m in hole RD-24-21
1.66% Li2O and 180 ppm Ta2O5 over 12.20 m, including 2.34% Li2O and 153 ppm Ta2O5 over 7.50 m in hole RD-24-07
MONTR AL, QC / ACCESSWIRE / April 15, 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 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 Qu bec.
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:
1.31% Li2O and 235 ppm Ta2O5 over 40.40 m, including 1.64% Li2O and 219 ppm Ta2O5 over 22.50 m in hole RD-24-20
2.22% Li2O and 95 ppm Ta2O5 over 20.30 m, including 2.78% Li2O and 92 ppm Ta2O5 over 10.50 m in hole RD-24-23A
1.30% Li2O and 142 ppm Ta2O5 over 31.60 m, including 1.59% Li2O and 130 ppm Ta2O5 over 25.50 m in hole RD-24-22
1.43% Li2O and 178 ppm Ta2O5 over 24.95 m, including 1.91% Li2O and 145 ppm Ta2O5 over 13.50 m in hole RD-24-16A
1.16% Li2O and 145 ppm Ta2O5 over 24.30 m, including 1.41% Li2O et 159 ppm Ta2O5 over 10.50 m in hole RD-24-21
1.66% Li2O and 180 ppm Ta2O5 over 12.20 m, including 2.34% Li2O and 153 ppm Ta2O5 over 7.50 m in hole RD-24-07
2.16% Li2O and 81 ppm Ta2O5 over 6.70 m in hole RD-24-06
1.55% Li2O and 105 ppm Ta2O5 over 9,00 m, including 2.41% Li2O and 90 ppm Ta2O5 over 4.50 m in hole RD-24-08
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 2009 ppm Ta2O5 over 0.70m in hole RD-24-07. A summary of the assay results received to date is presented in Table 1 and in Figures 2 to 7. Results of the last batch of assays will be released as soon as they are received and compiled, as expected over the next few weeks.
"It is very satisfying that assay results continue to confirm the discovery at Rose West, as well as the efficacy of our exploration model," observed Chief Executive Officer of the Corporation, Jean-S bastien Lavall e. "We look forward to launching follow up drill programs to extend Rose West, Rose Lithium-Tantalum, and the mineralization at Lemare and Duval, not to mention applying our proven exploration model to test new targets identified on Critical Elements' extensive land package." He added, "Management continues to work diligently to deliver a financing package for the Rose Lithium-Tantalum Project that minimizes shareholder dilution."
Table 1: 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-24-03
411105
5763898
114.00
145
-50
PENDING RESULTS
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
RD-24-04
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-24-09
411080
5763759
60.00
315
-70
PENDING RESULTS
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-24-11
411139
5763690
66.00
315
-70
PENDING RESULTS
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-24-13
411302
5763798
97.00
290
-70
PENDING RESULTS
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
RD-24-15
96.40
99.20
2.80
2.08
221
Pegmatite
RD-24-16
411384
5763852
113.5
300
-70
PENDING RESULTS
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-24-17
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
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
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
* Results already been released on March 13th 2024. ** 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 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
Figure 7: 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, Qu bec. 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 m. 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 Qu bec, 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, Qu bec 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 Qu bec's Environment Quality Act from the Qu bec Minister of the Environment, the Fight against Climate Change, Wildlife and Parks, and the project mining lease from the Qu bec Minister of Natural Resources and Forests under the Qu bec Mining Act.
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.
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.