Critical Elements Lithium commences summer exploration program
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PRESS RELEASE
Critical Elements Lithium commences summer exploration program
July 19, 2022 - M ONTRÉAL , QUÉBEC – Critical Elements Lithium Corporation (TSX-V: CRE ) (US OTCQX:
CRECF) (FSE: F12) (" Critical Elements " or the " Corporation ") is pleased to announce that a summer
exploration program is underway on its highly prosp ective, 700 square kilometre land portfolio, includ ing
resource expansion drilling on the advanced Rose Lithium-Tantalum Project (“Rose” or “Rose Project”).
The Corporation commenced a surface exploration pro gram on the Nemaska belt portion of the portfolio
in early June and plans to pursue a prospecting, ma pping, and sampling program until late August.
Goldspot Discoveries Corp. ("Goldpspot") has been m andated to complete the targeting work that was
initiated in 2021, to extend coverage to the entire 100%-owned portfolio using Artificial Intelligence ("AI")
to assess potential target areas.
In addition to the AI program, Goldspot has also be en mandated to conduct the ground-truthing surface
exploration program. This program will include pros pecting and sampling of previously identified targe ts
from the 2021 program ( see press release dated September 7, 2021) , as well as systematic prospecting
and sampling of the remaining properties.
In addition to the commencement of surface explorat ion programs, Critical Elements is pleased to
announce it has received drilling permits for the R ose projects. A diamond drill rig has already been
mobilized to the Rose project and drilling is under way. The Corporation plans to drill up to 25,000 me tres
(see press release dated April 6, 2022 ) in total. The main objectives of the drilling program are:
- Expand the current 17-year mine life of the Rose project, targeting the northern extension of the
Rose deposit
- Test several satellite showings proximal to the R ose deposit
- Expand the known Lemare lithium zone, aiming to d elineate an initial mineral resource estimate
in early 2023
The planned program of up to 25,000 metres will be divided between the Corporation’s projects as to
approximately:
- 10,000 metres for the expansion of the Rose depos it
- 7,000 metres to delineate an initial mineral reso urce estimate of the Lemare zone
- 8,000 metres for exploration and test newly ident ified targets
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Figure 1: James Bay projects location map
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Figure 2: Goldspot probability Li-Ta, Cu-Ni, Au target map
Jean-Sébastien Lavallée, CEO of Critical Elements c ommented: “We are very excited to resume
exploration on our extensive land portfolio, and in particular drilling on the Rose and Lemare project s. In
the past, we have been able to demonstrate how quic kly and efficiently we can define resources. We are
very enthused about the exploration potential of our portfolio and the ability to delineate more resources.”
Qualified persons
François Gagnon, P. Geo., Senior Exploration Geolog ist of the Corporation, and Qualified Person under
NI 43-101 on standards of disclosure for mineral pr ojects, has prepared and reviewed the content of th is
press release.
About Critical Elements Lithium Corporation
Critical Elements aspires to become a large, respon sible supplier of lithium to the flourishing electr ic
vehicle and energy storage system industries. To th is end, Critical Elements is advancing the wholly
owned, high purity Rose lithium project in Québec. Rose is the Corporation’s first lithium project to be
advanced within a land portfolio of over 700 square kilometers. On June 13 th , 2022, the Corporation
announced results of a feasibility study on Rose fo r the production of spodumene concentrate. The afte r-
tax internal rate of return for the Project is esti mated at 82.4%, with an estimated after-tax net pre sent
value of US$1.9 B at an 8% discount rate. In the Co rporation’s view, Québec is strategically well-
positioned for US and EU markets and boasts good in frastructure including a low-cost, low-carbon power
grid featuring 93% hydroelectricity. The project ha s received approval from the Federal Minister of
Environment and Climate Change on the recommendatio n of the Joint Assessment Committee,
comprised of representatives from the Impact Assess ment Agency of Canada and the Cree Nation
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Government; The Corporation is working to obtain si milar approval under the Québec environmental
assessment process. The Corporation also has a good, formalized relationship with the Cree Nation.
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 informa tion” within the meaning of Canadian Securities leg islation.
Generally, forward-looking information can be ident ified by the use of forward-looking terminology suc h 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”, “cou ld”, “would”,
“might” or “will be taken”, “occur” or “be achieved ”. Forward-looking information contained herein inc lude, without
limitation, statements relating to the completion o f the 2022 exploration program and its related obje ctives, the
completion of the provincial permitting process and its potential positive effects on the Corporation and the Project,
the completion of engineering study for a chemical plant to produce high quality lithium hydroxide mo nohydrate, the
preparation of the front-end engineering design wor k for the process plant and related infrastructure, the announce,
on June 13 th , 2022, of results of a feasibility study on Rose f or the production of spodumene concentrate, off-tak e
agreements and purchasers for the Corporation’s pro ducts, securing sufficient financing on acceptable terms and
continued positive discussions and relationships wi th local communities and stakeholders. Forward-look ing
information is based on assumptions management believes to be reasonable at the time such statements a re 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 st atements. Accordingly, readers should not place und ue reliance on
forward-looking information.
Although Critical Elements has attempted to identif y important factors that could cause actual results to differ
materially from those contained in forward-looking information, 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, b ut are not limited to: results of the Corporation’s 2022 exploration
program and effects on the Corporation’s stated obj ectives, results of the engineering study for a che mical plant to
produce high quality lithium hydroxide monohydrate, issues encountered in connection with the front-end engineering
work, impact of the Updated Feasibility Study on the Project, Critical Elements’ ability to secure sufficient financing to
advance and complete the Project, uncertainties ass ociated with the Corporation’s resource and reserve estimates,
uncertainties regarding global supply and demand for lithium and tantalum and market and sales prices, uncertainties
associated with securing off-take agreements and customer contracts, uncertainties with respect to social, community
and environmental impacts, uncertainties with respe ct to optimization opportunities for the Project, a s well as those
risk factors set out in the Corporation’s year-end Management Discussion and Analysis dated August 31, 2021 and
other disclosure documents available under the Corp oration’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 u pdate any
forward-looking information, whether as a result of new information, future events or results or other wise, except as
required by applicable securities laws.