Critical Elements Lithium drills 33.85 metres of 1.04% Li2O at Lemare, Quebec

Critical Elements Lithium Corp.  [CRE-TSXV; CRECF-OTCQX; F12-FSE] reported results from the winter drill program completed on the Lemare Project in the James Bay region, Eeyou Istchee, northern Québec. During winter 2023, the Corporation completed a 5,554-metre drill program, encompassing 31 drillholes to test the known lithium bearing zone on the East-West extension, as well at depth.

Highlights: LE-23-32 returned 1.04% Li₂O and 67.91 ppm Ta₂O₅ over 33.85 metres, including 1.42% Li₂O and 74.24 ppm Ta₂O₅ over 18.8 metres. LE-23-33 returned 0.88% Li₂O and 113.92 ppm Ta₂O₅ over 12.90 metres. LE-23-35 returned 1.63% Li₂O and 104.30 ppm Ta₂O₅ over 5.25 metres. LE-23-44 returned 1.51% Li₂O and 54.15 ppm Ta₂O₅ over 4.95 metres. LE-23-48 returned 0.89% Li₂O and 48.89 ppm Ta₂O₅ over 7.10 metres. LE-23-49 returned 0.97% Li₂O and 64.43 ppm Ta₂O₅ over 8.85 metres, including 1.59% Li₂O and 61.34 ppm Ta₂O₅ over 2.40 metres.

Critical Elements controls one of the largest hard rock lithium exploration land positions in North America, totalling 1,050 km² specifically assembled for their geological setting and proximity to roads and Québec’s 100% renewable energy grid. For example, its land position includes the company’s advanced Rose lithium-tantalum project and covers the extrapolated northeast and southwest structural extensions of the Nemaska Belt, which hosts the Whabouchi mine being developed by Nemaska Lithium.

Critical Elements has three goals: extend the life of the primary Rose project; advance the Lemare project toward an initial resource estimate and technical studies if warranted and demonstrate the potential of new targets highlighted via machine learning, or artificial intelligence.

The winter 2023 drilling program on the Lemare spodumene project confirmed the 400-metre extension to the southwest and the 500-metre extension to the northeast of the main known spodumene-bearing pegmatite with variable width and spodumene content. The confirmed spodumene-prospective pegmatite strike length at Lemare now exceeds 2.2 km. However, based on Goldspot Discoveries’ machine learning methodology and surface sampling results, the LCT pegmatite trend on the Lemare property has been estimated to extend for over 5 km.

Critical Elements intends to pursue further work on Lemare over the summer with surface mapping and a sampling program followed by incremental drilling. Lemare is well situated within 3 km of road access and is an excellent candidate for initial technical studies. At the moment, the corporation has temporarily suspended exploration activities on the Nemaska Belt projects in the Eeyou Istchee-James Bay region of Québec in accordance with a directive from the Ministère des Ressources Naturelles et des Forêts, which has banned forest access on Crown land and closed roads to help combat forest fires across the province.

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 project in Québec, the corporation’s first lithium project to be advanced within a land portfolio of over 1,050 km². On June 13, 2022, the comapny announced results of a feasibility study on Rose for the production of spodumene concentrate. The after-tax internal rate of return for the project is estimated at 82.4%, with an estimated after-tax net present value of US$1.9 B 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 and also 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.