Critical Elements Lithium continues to expand major discovery at Rose West with additional multiple wide lithium-rich intercepts

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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

April 22^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 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 29, 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

Table 2: Previously reported 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 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 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

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