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Critical Elements Lithium Completes Drill Program at Rose West Discovery and Intercepts Multiple, Wide Spodumene-Rich Pegmatites

MONTRÉAL, QC / ACCESSWIRE / March 13, 2024 / Critical Elements Lithium Corporation (TSX-V:CRE)(US OTCQX:CRECF)(FSE:F12) ("Critical Elements" or the "Corporation") is pleased to announce completion of a 31-hole, 3,670-meter drill program on its 100% owned Rose West Discovery with multiple spodumene-rich pegmatites intersected.

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 prospection campaign, herein referred to as Rose West. Drilling results demonstrated the continuity of a mineralized pegmatite body thus far over 450m strike, 370m down dip and to a vertical depth of 140m. In the west, the body is comprised of multiple near surface mineralized pegmatites that range up to an apparent thickness of 12.4m individually. These bodies appear to coalesce into a more substantial spodumene-bearing pegmatite in the east with an apparent width of up to 40.4m. 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. Mineralized intercepts are summarized in Table 1.

Initial assay results from the drill program have been received for the first two holes, RD-24-01 and RD-24-02. Both drill holes returned high grade results with 1.61% Li2O and 135ppm Ta2O5 over 6.9m, including 2.17% Li2O over 4.3m in hole RD-24-01, and 1.00% Li2O and 285 ppm Ta2O5 over 8.65m, including 1.34% Li2O and 376 ppm Ta2O5 over 4.4m in hole RD-24-02. 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 571 ppm Ta2O5 over 1.1m. A summary of the assay results received to date is presented in Table 2.

Jean-Sébastien Lavallée, Chief Executive Officer of the Corporation, stated: "Drill confirmation of high-grade lithium mineralization at Rose West is the beginning of an important new chapter for Critical Elements. While management is focused on delivery of a project financing package for the Rose Project that minimizes shareholder dilution, the resumption of drilling on the Corporation's extensive land position should begin to crystalize that position's value for shareholders. Additional drilling on multiple promising targets identified on Critical Elements' large, prospective land position could also yield economically valuable mineralization later this year. "

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

Table 1: Spodumene pegmatite intersected during the 2024 winter drill program

Drillhole

UTM NAD 83 ZN18

Length

Azimuth

Dip

From

To

Interval*

Type

Easting

Northing

(m)

(°)

(°)

(m)

(m) (m)

RD-24-01

411119

5763973

153.00

235

-50

6.80

13.70

6.90

Pegmatite

95.10

102.80

7.70

Pegmatite

RD-24-02

411104

5763903

156.00

325

-50

10.60

19.25

8.65

Pegmatite

126.30

128.50

2.20

Pegmatite

130.25

133.25

3.00

Pegmatite

145.20

147.10

1.90

Pegmatite

RD-24-03

411105

5763898

114.00

145

-50

21.90

24.40

2.50

Pegmatite

26.35

27.60

1.25

Pegmatite

34.80

37.50

2.70

Pegmatite

41.60

43.35

1.75

Pegmatite

103.50

106.50

3.00

Pegmatite

RD-24-04

411145

5763933

111.00

325

-70

16.40

20.20

3.80

Pegmatite

67.60

69.00

1.40

Pegmatite

101.00

108.00

7.00

Pegmatite

RD-24-05

411188

5763963

51.00

315

-70

24.30

27.25

2.95

Pegmatite

RD-24-06

411244

5763876

69.00

315

-70

26.60

28.70

2.10

Pegmatite

46.60

49.80

3.20

Pegmatite

56.60

63.30

6.70

Pegmatite

RD-24-07

411163

5763819

66.00

315

-70

17.80

30.00

12.20

Pegmatite

50.90

52.40

1.50

Pegmatite

54.30

56.20

1.90

Pegmatite

RD-24-08

411122

5763795

57.00

315

-70

16.90

25.90

9.00

Pegmatite

37.95

40.00

2.05

Pegmatite

RD-24-09

411080

5763759

60.00

315

-70

4.00

8.00

4.00

Pegmatite

23.60

31.70

8.10

Pegmatite

RD-24-10

411106

5763725

63.00

315

-70

3.55

10.50

6.95

Pegmatite

RD-24-11

411139

5763690

66.00

315

-70

3.60

9.20

5.60

Pegmatite

RD-24-12

411176

5763719

102.00

315

-70

14.45

20.00

5.55

Pegmatite

RD-24-13

411302

5763798

97.00

290

-70

8.00

9.50

1.50

Pegmatite

19.60

20.50

0.90

Pegmatite

56.40

68.80

12.40

Pegmatite

RD-24-14

411357

5763709

117.00

290

-70

43.80

45.80

2.00

Pegmatite

55.30

57.00

1.70

Pegmatite

RD-24-15

411438

5763775

114.00

300

-70

54.50

57.40

2.90

Pegmatite

96.40

99.20

2.80

Pegmatite

RD-24-16**

411384

5763852

114.00

300

-70

52.60

55.50

2.90

Pegmatite

111.65

114.00

2.35

Pegmatite

RD-24-16A

411385

5763851

144.00

300

-70

53.60

56.70

3.10

Pegmatite

109.60

112.25

2.65

Pegmatite

118.25

143.20

24.95

Pegmatite

RD-24-17

411320

5763930

159.00

300

-70

76.70

79.70

3.00

Pegmatite

96.00

105.00

9.00

Pegmatite

127.00

147.50

20.50

Pegmatite

RD-24-18

411269

5764015

207.00

300

-70

67.40

81.20

13.80

Pegmatite

107.20

107.80

0.60

Pegmatite

110.00

111.40

1.40

Pegmatite

118.90

124.60

5.70

Pegmatite

RD-24-19

411347

5764073

186.00

245

-70

71.40

76.60

5.20

Pegmatite

91.00

101.10

10.10

Pegmatite

112.80

120.00

7.20

Pegmatite

RD-24-20

411408

5763990

177.00

245

-70

82.10

122.50

40.40

Pegmatite

141.30

144.30

3.00

Pegmatite

RD-24-21

411469

5763910

177.00

245

-70

120.40

144.70

24.30

Pegmatite

RD-24-22

411524

5763824

177.00

245

-70

128.20

159.80

31.60

Pegmatite

RD-24-23A

411606

5763887

153.00

245

-70

122.60

142.90

20.30

Pegmatite

RD-24-24

411547

5763965

147.00

235

-70

104.50

136.00

31.50

Pegmatite

RD-24-25**

411490

5764049

84.60

245

-70

73.70

84.60

10.90

Pegmatite

RD-24-25A

411489

5764049

168.00

245

-70

72.30

107.60

35.30

Pegmatite

RD-24-26

411431

5764131

117.00

245

-70

82.00

103.80

21.80

Pegmatite

RD-24-27

411519

5764187

111.00

245

-70

84.20

102.85

18.65

Pegmatite

104.90

106.10

1.20

Pegmatite

RD-24-28

411569

5764115

135.00

235

-70

71.70

72.50

0.80

Pegmatite

83.10

114.50

31.40

Pegmatite

121.70

126.20

4.50

Pegmatite

* Core length; the true thickness is between 80 to 95% of the core length.

** Hole abandoned before reaching target length.

Table 2: 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

PENDING RESULTS

RD-24-05

411188

5763963

51.00

315

-70

PENDING RESULTS

RD-24-06

411244

5763876

69.00

315

-70

PENDING RESULTS

RD-24-07

411163

5763819

66.00

315

-70

PENDING RESULTS

RD-24-08

411122

5763795

57.00

315

-70

PENDING RESULTS

RD-24-09

411080

5763759

60.00

315

-70

PENDING RESULTS

RD-24-10

411106

5763725

63.00

315

-70

PENDING RESULTS

RD-24-11

411139

5763690

66.00

315

-70

PENDING RESULTS

RD-24-12

411176

5763719

102.00

315

-70

PENDING RESULTS

RD-24-13

411302

5763798

97.00

290

-70

PENDING RESULTS

RD-24-14

411357

5763709

117.00

290

-70

PENDING RESULTS

RD-24-15

411438

5763775

114.00

300

-70

PENDING RESULTS

RD-24-16

411384

5763852

114.00

300

-70

PENDING RESULTS**

RD-24-16A

411385

5763851

144.00

300

-70

PENDING RESULTS

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

PENDING RESULTS

RD-24-21

411469

5763910

177.00

245

-70

PENDING RESULTS

RD-24-22

411524

5763824

177.00

245

-70

PENDING RESULTS

RD-24-23

411605

5763887

18.00

245

-70

**

RD-24-23A

411606

5763887

153.00

245

-70

PENDING RESULTS

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

* Core length; the true thickness is between 80 to 95% of the core length.

** Hole abandoned before reaching target length.

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, Quebec. 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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