Critical Elements Lithium confirms major discovery at Rose West with multiple wide lithium-rich intercepts

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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

April 15^th, 2024 – MONTRÉAL, QUÉBEC – Critical Elements Lithium Corporation (TSX-V: CRE) (US 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

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

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.