Critical Elements Lithium Announces New High-grade Discovery within the Rose Project with Promising Grades of up to 5.62% Li2O
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PRESS RELEASE
Critical Elements Lithium Announces New High-grade Discovery within the Rose
Project with Promising Grades of up to 5.62% Li2O
October 17th, 2023 - MONTRÉAL, QUÉBEC – Critical Elements Lithium Corporation (TSX -V: CRE) (US
OTCQX: CRECF) (FSE: F12) ("Critical Elements" or the "Corporation") is pleased to announce the first
grab sample results from the newly discovered spodumene-bearing pegmatite located approximately 8 km
west of the Rose deposit (Figure 1).
The Rose Lithium-Tantalum project (“Rose or the “ Project”) is situated within the Rose and Rose South
property blocks (Figure 1), which constitute 395 km2, or only 38% of the 1,050 km2 in the Corporation’s
highly prospective exploration portfolio in Québec.
Summer 2023 Initial Prospecting Results
During the summer of 2023, Critical Elements conducted a prospecting program over several areas ,
including the Rose, Rose South, Rose North and Nemaska belt propert ies. The objective of the field
program was to identify new pegmatite bodies using systematic rock geochemical sampling of all pegmatite
bodies in order to refine the geological interpretation of the properties and prioritize for further exploration
work including drilling. A total of 866 rock samples were collected during the exploration campaign.
As reported on September 12th, 2023 (press release), several new outcrop discoveries have been identified
in the Rose pegmatite swarm. To date, 4 spodumene-bearing pegmatite outcrops have been identified in
this New Discovery Area. At this early stage, the exact strike length, width and orientations of these dykes
is unknown, but the apparent strike length along the outcrops exceeds 400 metres. To date, the results
from the initial 10 selected samples have been received. All samples are lithium-bearing and 50% of them
report values over 3% Li2O with some results as high as 3.02% Li2O, 3.62% Li2O, 3.60% Li2O, 3.37% Li2O,
and 5.62% Li2O. (Table 1 and Figure 2). The reader is cautioned that grab samples are selective by nature
and may not represent average grades of the mineralization in the pegmatites.
Table 1: New Discovery – Selected sample results
Property Sample UTM NAD 83 ZN18 Li2O T a2O5
number Easting Northing (%) (ppm)
Rose E074801 411047 5764032 3.60 67
Rose E074802 411028 5763991 2.79 191
Rose E074803 410986 5763951 3.02 207
Rose E074804 411062 5763922 2.78 116
Rose E074805 411060 5763908 1.74 285
Rose E074806 411162 5763736 5.62 53
Rose E074807 411162 5763736 2.41 217
Rose E074808 411118 5763624 3.37 92
Rose E074809 411118 5763624 3.62 158
Rose E074811 411118 5763624 0.46 57
Note: Grab samples are selective by nature and may not to represent average
grades of the pegmatite
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Jean-Sébastien Lavallée, CEO of Critical Elements Lithium commented, “Today’s results are very exciting
as the exploration team is now planning a large -scale drilling program at Rose. Furthermore, with more
than 395 km 2 of property at Rose and Rose South, we believe that there might be potentially multiple
discoveries in this highly prospective area within trucking distance to the proposed Rose concentrator.”
Figure 1: Rose Lithium-Tantalum and Rose South Projects - New Discovery Location Map
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Figure 2: Rose Lithium-Tantalum and Rose South Projects - New Discovery Samples
Location Map
Note: Grab samples are selective by nature and may not to represent average grades of the pegmatite
Management is currently designing a large-scale drill program with multiple rigs to test the new discoveries
and potentially expand the Rose project resource . Details of this extensive program will be forthcoming in
the near-term.
Quality assurance/quality control
Quality assurance and quality control procedures have been implemented to ensure best practices in
sampling and analysis of the samples. Standards a nd blanks were regularly inserted into the sample
stream. The samples were delivered, in secure tagged bags, directly 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 el ements. 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
Paul Bonneville, 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-
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purity Rose Lithium-Tantalum project in Québec, the Corporation’s first lithium project to be advanced within
a land portfolio of over 1,050 km 2. On August 29, 2023, the Corporation announced resul ts 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:
Patrick Laperrière
Director of Investor Relations and Corporate Development
514-817-1119
www.cecorp.ca
Jean-Sébastien Lavallée, P. Géo.
Chief Executive Officer
819-354-5146
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 incl ude, without limitation, statements
relating to the results and completion of the 2023 exploration program (including the potential of the Corporation’s
Nemaska trend properties) and its related objectives. Forward -looking information is based on assumptio ns
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 informa tion, 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 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 May 31, 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.