Lithium exploration and project development company Critical Resources Limited ASX:CRR (“Critical Resources” or “the Company”) is pleased to advise that it has discovered multiple additional spodumene-bearing pegmatites at the Company’s 100%-owned Mavis Lake Lithium Project (“the Project”) in Ontario, Canada.

Highlights

31 new LCT pegmatites discovered to the east of the Mavis Lake Main Zone, including multiple spodumene-bearing pegmatites1.Discoveries reinforced with the extension of multiple mapped outcrops – increasing the known outcrop of spodumene-bearing pegmatites up to 250m along strike.83 grab and channel samples collected across the broader Mavis Lake Project Area.Muscovite samples gathered for Laser Induced Breakdown Spectroscopy (LIBS) analysis, enhancing knowledge on the fractionation trends.Advanced planning completed for the positioning of drill pad locations targeting known spodumene-bearing pegmatites within the Northern Prospects (Gullwing and Tot).Planning and permits in place to undertake mechanical stripping and channel sampling of the Tot Pegmatite.

Detailed Field Work Delivers Outstanding Initial Results

A field work program comprising prospecting, mapping and sampling began in early May, designed to identify new spodumene-bearing pegmatites, determine fractionation trends at the Northern Prospects and conduct drill pad reconnaissance throughout the Mavis Lake Lithium Project.

A total of 83 samples were collected from pegmatite outcrops across the broader Project Area. A total of 31 new pegmatite discoveries have been made. The discoveries include a ~250m extension of a known spodumene-bearing pegmatite (Pegmatite 20) and 100m extension of the Main Zone spodumene-bearing pegmatite cluster (Pegmatites 7 and 24). Samples have been prepared and will be dispatched to an independent analytical laboratory in the coming weeks, with full results expected in July/August 2024.

Critical Resources Managing Director, Alex Cheeseman said:

“It’s great to see field teams directly following up our Exploration Target and making further significant discoveries at Mavis Lake at the start of the new field season. The field program has already increased our confidence in our ability to deliver on the recently published Exploration Target, paving the way for drill testing a number of high-quality targets. We look forward to continuing our dual-track strategy of targeting resource growth while progressing our project development and permitting workstreams for Mavis Lake.”

Discoveries at Main Zone and East of Main Zone

Field crews spent three weeks prospecting across the Mavis Lake Project Area, resulting in the discovery of 31 new LCT-Type pegmatites. Most of these discoveries are located proximal to and to the east of the Main Zone.

Notable finds include a ~250-metre extension of spodumene-bearing pegmatite 20, a ~100-metre extension of spodumene-bearing pegmatites 7 and 24, and the identification of spodumene- bearing pegmatite 25.

Pegmatite 20 Extension

Historical exploration results within the Company’s database, including litho-geochemical assessments of both mafic volcanic host rock and pegmatite, identified a number of areas with elevated lithium values. This data was used to vector field teams onto previously un-mapped pegmatite structures.

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