Critical Elements Lithium Confirms Major Discovery at Rose West with Multiple Wide Lithium-Rich Intercepts

2024-04-15 / @accesswire

 

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

MONTRÉAL, 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 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:

  • 1.31% 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-Sébastien Lavallée. "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, 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 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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