Critical Elements Lithium confirmed major discovery at Rose West, Quebec
Critical Elements Lithium Corp. [TSXV-CRE; OTCQX-CRECF; FSE-F12] reported the most-recent results from the 31-hole, 3,670-metre winter drill program on its 100%-owned Rose West discovery, Quebec, with multiple wide intersections of lithium-rich pegmatites.
The Rose West discovery is situated within the Rose and Rose South property blocks, which constitute 395 km2 or only 38% of the total 1,050 km2 in the corporation’s prospective exploration portfolio in Quebec.
The 2024 winter drill campaign successfully completed 3,670 metres 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 comprises 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 degrees, while the thicker pegmatite appears to strike easterly with a near-horizontal dip of 13 degrees. 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 14 new drill holes. Several of the new drill hole results returned wide high grade lithium assays, as highlighted: 1.31% lithium oxide and 235 parts per million Tantalum pentoxide over 40.40 metres, 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 0.70 metres in hole RD-24-07. 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 Jean-Sebastien Lavallee. “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.”
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, Quebec is strategically well-positioned for US and EU markets and boasts good infrastructure including a low-cost, low-carbon power grid featuring 94 per cent 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 Quebec’s Environment Quality Act from the Quebec Minister of the Environment, the Fight against Climate Change, Wildlife and Parks, and the project mining lease from the Quebec Minister of Natural Resources and Forests under the Quebec Mining Act.