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 lithium-tantalum and Rose South property blocks, which constitute 395 km2, or only 38% of the total 1,050 km2 in the corporation’s highly 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 metres strike, 370 metres down dip and to a vertical depth of 140 metres.
In the west, the body comprises multiple near-surface, mineralized pegmatites that range up to an apparent thickness of 12.40 metres 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: 1.39% lithium oxide and 157 parts per million tantalum pentoxide over 35.30 metres, including 2.33% Li2O and 152 ppm Ta2O5 over nine metres, in hole RD-24-25A; 1.29% Li2O and 121 ppm Ta2O5 over 31.50 m, including 1.69% Li2O and 127 ppm Ta2O5 over 13.50 m, in hole RD-24-24; 1.22% Li2O and 250 ppm Ta2O5 over 20.50 m, including 1.60% Li2O and 181 ppm Ta2O5 over 15 m, in hole RD-24-17; 1.27% Li2O and 192 ppm Ta2O5 over 18.65 m in hole RD-24-27; 1.59% Li2O and 127 ppm Ta2O5 over 13.80 m in hole RD-24-18; and 1.75% Li2O and 201 ppm Ta2O5 over 10.10 m in hole RD-24-19.
“With the complete results of the Rose West winter program, we recognize the opportunity to add significantly to the Rose project’s resource inventory and, potentially, augment its mine life and already-robust economic appeal,” commented chair of the board Eric Zaunscherb. “As a reminder, the Rose lithium-tantalum project feasibility study published in August, 2023 returned an after-tax NPV8 [net present value at an 8% discount] of US$2.2-billion and an after-tax IRR [internal rate of return] of 65.7%.
“The next step is a second-round drill program, currently being planned, followed by an initial mineral resource estimate, if warranted. In the interim, management sees no reduction in urgency on the part of lithium end-users to see quality spodumene concentrate sourced from a world-class jurisdiction flow into their supply chains. Quebec, with its clean grid and exceptional regulatory standards, is well regarded globally.”
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-purity Rose lithium-tantalum project in Quebec, the corporation’s first lithium project to be advanced within a land portfolio of over 1,050 km2.
In the corporation’s view, Quebec is strategically well positioned for United States and European Union 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, comprising representatives from the Impact Assessment Agency of Canada and the Cree Nation government; the certificate of authorization, pursuant to Section 164 of Quebec’s Environment Quality Act, from the Quebec Minister of the Environment; and the project mining lease from the Quebec Minister of Natural Resources and Forests under the Quebec Mining Act.
