Critical resources: visual spodumene in the first hole of the Mavis Lake lithium project

Visual spodumene in the first hole of Lake Mavis strongly confirms

Potential drilling targets

Limited critical resources (ASX:CRR) (“Critical Resources” or the “Company”), is pleased to report that it encountered spodumene, a common lithium-containing pyroxene, in its first hole, MF22-60 (“Hole 1”) of its inaugural 5,000m drill program on its 100% owned Mavis Lake Lithium project in Ontario, Canada.

Strong points

  • 1, 2 Spodumene intercepted in a 7.63m intercepted pegmatite in hole 1 of the inaugural 5,000m, 49-hole program

  • 3 The 7.63 m of white to gray pegmatite mineralization is estimated to contain approximately 25% medium to large grey-white spodumene crystals.

  • Hole 1 completed to a depth of 47m, next hole MF22-61 (hole 2) to test dip potential to planned depth of 141m

  • First holes to target the Pegmatite 6 zone of the Mavis Lake project to form the basis of a JORC-compliant resource estimate

Figure 1: Close-up images of large cream-colored spodumene crystals intercepted in hole MF22-60 (hole 1)

1 With respect to disclosing visual mineralization, the Company cautions that visual mineral abundance estimates should never be considered an approximation or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grades of visible mineralization reported in preliminary geological logs. The Company will inform the market when the results of the laboratory analyzes are available.

2 Reported intersections are downhole measurements and not necessarily true width

3 The descriptions of the amounts of minerals seen and recorded in the core are qualitative visual estimates (they are listed in order of abundance of the estimated combined percentages). Quantitative testing will be performed by Activation Labs in Dryden, Ontario.

Critical Resources Ltd | Level 11, 40 The Esplanade, Perth, WA, 6000 | : +61 9389 4499 | Web: CriticalResources.com.au

E-mail:[email protected]| ABN 12 145 184 667 | ASX: CRR

Critical Resources Managing Director Alex Biggs said: “The discovery of visual mineralization in our first drill hole at Mavis Lake is extremely exciting. The company has moved forward quickly and efficiently with the Mavis Lake acquisition and exploration strategy and it is great to see results. so early in our campaign. We believe Mavis Lake has the potential to be a transformational asset to the business and are committed to our goal of defining a JORC compliant resource.“.

Lithium mineralization in MF22-60 (Hole 1)

MF22-60 was designed to validate historical drilling from 1979 which intersected mineralization. The 7.63m Hole 1 intersection shows significant spodumene-bearing pegmatite mineralization and is shown in Figure 2,

Figure 3 and Figure 4. 3 The white to gray pegmatite mineralization is estimated to contain approximately 25% medium to coarse white gray spodumene crystals intersected from 11.57m to 19.20m.

MF22-61 (Hole 2) has commenced drilling and will test the down dip continuity of lithium mineralization in the Pegmatite 6 zone. Further drilling will aim to further develop the resource potential of Mavis Lake. The drilling plan and cross-sections can be found in Figure 5 and Figure 6 respectively.

Figure 2: Close-up of spodumene crystals intersected from 11.57 m to 19.20 m at the bottom of hole MF22-60 (Hole 1)

Figure 3: White to gray pegmatite contains approximately 25% medium to large white gray spodumene crystals intersected 11.57m to 19.20m at the bottom of hole MF22-60 (Hole 1)

Figure 4: Close-up of spodumene crystals intersected from 11.57 m to 19.20 m at the bottom of hole MF22-60 (Hole 1)

Figure 5: Map of the plan of the locations of the first passes. Drilling in progress on MF22-061

Figure 6: Cross-section, looking west, of pegmatite 6 (red form) with the traces of previous drilling (black) and the traces of the planned hole

(purple) of MF22-60 and MF22-61 (note: measurement in meters)

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Briana R. Cross