Critical One Secures Valuable Historical Data for Howells Lake Antimony and Gold Discovery Area
Critical One Secures Valuable Historical Data for Howells Lake Antimony and
Gold Discovery Area
Toronto, ON – May 1, 2025 – Critical One Energy Inc. (formerly Madison Metals Inc.) (“Critical
One”, or the “Company”) (CSE: CRTL) (OTCQB: MMTLF) (FSE: 4EF0) is pleased to announce
that the Company has been successful in tracking down and securing an extensive collection of
historical records for exploration work carried out on the Howells Lake Antimony -Gold Project
(“Howells Lake Project”) in the Thunder Bay Mining Division of Ontario, Canada. These historical
exploration records include assay data from work dating back to the discovery of high-grade
antimony and gold mineralization in 1979, more than 40 years ago.
“It is evident that the exploration work conducted during this period was of the highest quality ,”
said Duane Parnham, Executive Chairman and CEO. “It was systematically performed to evaluate
the geological significance of their antimony and gold discoveries. With the newly recovered
records, management has identified an opportunity to expand on other historical work at the
project and assemble a high-value antimony-gold mining scenario rarely available today.”
Highlights Extracted from an Initial Review of Newly Acquired Historic Documentation:
• High-grade antimony was first discovered in drill hole MW-79-2 in an intersection grading
0.18 ounces per ton (6.17 g/t) gold as well as 1.57% antimony over a core interval of
21.1 feet (6.43 metres). The same report notes that drill hole MC-79-V3-3 assayed 0.019
ounces per ton (0.65 g/t) gold in addition to 2.33% antimony over 18. 3 feet ( 5.57
metres).1
• An interpreted tonnage of antimony mineralization nearby but separate from the discovery
noted above, referred to as the East Zone. The historic report indicated an interval of over
710 feet (216.4 metres) with the mineralization extrapolated to a depth of 1,000 feet (304.8
metres). The zone of stibnite (antimony) was interpreted to contain 1,700,000 tons of
mineralization at a grade of 1.4% antimony (*see historical information disclosure below).
• High-grade antimony, gold, and silver mineralization was discovered approximately 2.5
kilometres (km) to the northeast of the drill hole MW-79-2 antimony-gold discovery, with
assays reported to be as high as 59.2% antimony, 0.414 ounces per ton ( 14.19 g/t)
gold and 7.07 ounces per ton (242.4 g/t) silver.
• Antimony, as the sulphide mineral stibnite, was noted on various maps and in some of the
reports. In the historic documentation, antimony is indicated to occur over at least 6.0 km,
and in this overburden-dominated area. This supports excellent potential to find other
antimony-rich or gold-rich areas of mineralization.
• Geophysics, geology, notes and assay data show the presence of antimony mineralization
over a total distance along a major alteration zone of more than 6.0 km.
• At the time of the work, antimony was valued at less than US$1.50 per pound and of little
interest. It was merely noted as part of the alteration package as the company (New Jersey
Zinc) searched for significant gold mineralization . At that time , the price of gold was
approximately US$459 per ounce.
• New Jersey Zinc is reported to have spent around US$4 million in exploration at that time
in the Howells Lake area, which is now almost entirely controlled by Critical One.
• Initial reviews of some of the data indicate there are at least half a dozen priority targets
that warrant further follow-up for both antimony and gold mineralization.
The newly recovered r eports and data clearly indicate that the focus of the programs was base
metal and gold exploration, and that the antimony mineralization discovered was very high-grade
in places. The historic documentation also indicates that mineralization occurs at a number of
locations on the project and virtually all the antimony and gold mineralized zones remain open to
further expansion.
Based on recent review s of the available information , there has been little effort focused on the
definition of antimony mineralization occurring over an extensive area. The focus over the years
was primarily on exploring for gold mineralization. The area is very prospective for finding
significant gold mineralization.
The files and reports that were received from an exploration manager of those programs decades
ago include some original drill logs and reports, geological reports, geological and geophysical
survey maps, and some limited geochemical information and geophysical survey results. While it
is known that some additional exploration work was completed beyond the time covered by the
dates of the information obtained, the data includes a comprehensive interpretation of the results
from some of the base metal and gold exploration programs carried out in 1979 and early 1980.
Very little information was obtained for the ensuing work completed largely in the northeast part
of the project in 1984 and 1986.
Assay data recovered, while incomplete (and historical in nature), is for the 1979 drilling program
only. While other gold-focused core drilling programs are covered in the summary reports, little
or no information is mentioned relating to the amount or distribution of antimony mineralization
identified in the later programs.
*Note: All geological and assay information contained in this document is historical in nature and
the Qualified Person responsible for the technical disclosure in this release is unable to determine
if that data would meet current NI 43-101 regulations regarding disclosure of scientific and
technical information. Drill intersections are reported as downhole intervals. No true width could
be determined at this time. The information in the recovered data is considered to be of value and
very relevant to the Company’s project.
Critical One notes that in the period from 1984 until now, no other company has held the entire
land position that the Company now holds in the Howells Lake area, and no entity has mounted
a significant exploration effort on the property in the past 40 years. Further, no exploration drilling
programs have been carried out on the property focusing on defining antimony mineralization.
The Company is continuing to review all of the various reports and data now in its possession and
will be providing additional information as it becomes available . In addition, an entire database
will be compiled and interpreted from the recovered data ahead of the upcoming field season ,
when it is anticipated crews will conduct geophysics, geological mapping, trenching and drilling in
support of an antimony-gold mining scenario.
1 Themistocleous, S.G., 1980. Miminiska Lake Project Northwestern Ontario Geological Report,
New Jersey Zinc Exploration Company (Canada) Ltd.
Qualified Person
Bruce Durham, P.Geo., a qualified person under NI 43-101, has reviewed and approved the
technical content of this news release as it pertains to the Howells Lake Project.
About Critical One
Critical One Energy Inc. (formerly Madison Metals Inc.) is a forward-focused critical minerals and
upstream energy company, powering the future of clean energy and advanced technologies.
Backed by seasoned management expertise and prime resource assets, Cr itical One is
strategically positioned to meet the rising global demand for critical minerals and metals. Its mine
exploration portfolio is led by antimony-gold exploration potential in Canada and uranium in
Namibia, Africa. By leveraging its technical, ma nagerial, and financial expertise, the Company
upgrades and creates high -value projects , thereby driving growth and delivering value to its
shareholders.
Additional information about Critical One Energy Inc. can be found at madisonmetals.ca and on
the Company’s SEDAR+ profile at sedarplus.ca.
For further information, please contact:
Duane Parnham
Executive Chairman & CEO
Critical One Energy Inc.
+1 (416) 489-0092
Media inquiries:
Adam Bello
Manager, Media & Analyst Relations
Primoris Group Inc.
+1 (416) 489-0092
Neither the Canadian Securities Exchange nor CIRO accepts responsibility for the adequacy or
accuracy of this release.
Forward-looking Statements
This news release contains “forward -looking information” within the meaning of applicable Canadian securities legislation. Such
forward-looking statements concern the Company’s strategic plans, and completion of the proposed transaction described herein.
Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. The actual
results could differ materially from those anticipated in this forward -looking information as a result of certain risk factors. Forward-
looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made.
The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, ma y prove
to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward -looking statements, which speak
only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward look ing
statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, excep t as
otherwise required by applicable law.