Critical Elements Lithium Announces Exploration Plans For 2022 Including Up To 25,000 Meters Of Drilliing |

Critical Elements Lithium Corporation (TSX-V:CRE)(US OTCQX:CRECF)(FSE:F12) ("Critical Elements" or the "Corporation") is pleased to announce an exploration program for 2022

The Corporation is preparing an aggressive exploration program for 2022 with the following objectives:

The Corporation is working to secure diamond drill rigs for the full year with a program of up to 25,000 meters divided between the Corporation's projects:

Figure 1: James Bay projects location map

Figure 2: Goldspot probability Li-Ta, Cu-Ni, Au target map

In August 2021, Critical Elements announced that the Federal Minister of Environment and Climate Change had rendered a favorable decision in respect of the proposed Rose Project. In a Decision Statement, which included the conditions to be complied with by the Corporation, the Minister confirmed that the Project is not likely to cause significant adverse environmental effects when mitigation measures are taken into account (see press release dated August 11, 2021 for more details).

The Rose Project is also subject to the provincial environmental and social impact assessment and review procedure pursuant to the Québec Environment Quality Act in accordance with Chapter 22 of the James Bay and Northern Québec Agreement ("JBNQA"). This process runs parallel to the federal process. The review of the impact study is conducted jointly by the Cree Nation Government and the Government of Québec under the Environmental and Social Impact Review Committee ("COMEX").

As noted in the Press Release of February 17, 2022, the provincial assessment is well advanced and has undergone several rounds of questions from COMEX that have been answered by Critical Elements in the normal course of the assessment process. At this time, Critical Elements has received no further questions from COMEX and remains confident in a positive outcome given the stated support for lithium project development in the Province of Québec. Global recognition of Québec's appeal is manifest in the recent announcements of significant investments in the EV battery supply chain by BASF and General Motors - POSCO Chemical in the Province.

Once a recommendation decision is made by the COMEX, the recommendation is then transmitted to the Minister of the Environment and the Fight Against Climate Change of Québec, who may then issue a Certificate of Authorization allowing the Rose Project to proceed. This process may yet take several weeks if a decision was made without further questions.

In July 2019, Critical Elements announced that the Cree Nation of Eastmain, the Grand Council of the Crees (Eeyou Istchee), the Cree Nation Government and the Corporation had signed an impact and benefit agreement, referred to as the Pikhuutaau Agreement (the "Pikhuutaau Agreement"), concerning the development and operation of the Rose Project.

The Pikhuutaau Agreement is a binding agreement that governs the long-term working relationship between the parties while respecting Cree traditional activities and ensuring the promotion of Cree economic and social development based on mutual trust and respect during all phases of the Project through a sustainable development approach. It provides for training, employment, and business opportunities for the Crees and particularly the Crees of Eastmain at the Project, as well as for the cooperation and involvement of the Cree parties with Critical Elements in the environmental monitoring during all phases of the Project. The Pikhuutaau Agreement also ensures financial benefits for the Cree parties on a long-term basis, consistent with the Cree Nation Mining Policy and with Critical Elements' approach to develop the Project while ensuring the promotion of Cree economic and social development in a mutually beneficial manner.

Despite the isolation imposed by the COVID-19 pandemic, Critical Elements has maintained its relationship with the Cree community. Certain initiatives contemplated in the Pikhuutaau Agreement have already commenced. We are proud of this relationship and look forward to working with the Cree community through project development and operation.

As announced in the Press Release of June 7, 2021, Critical Elements retained the services of Metso Outotec and WSP in Canada ("WSP") to prepare an engineering study for a chemical plant to produce high quality lithium hydroxide monohydrate for the electric vehicle and energy storage system battery industries. The end-product of the plant would be battery grade lithium hydroxide monohydrate (LMH, >56.5%). It is anticipated that the plant capacity would be approximately 27,000 tpa of LMH, as Lithium Carbonate Equivalent (LCE). Supportive pilot plant work has been ongoing, processing samples from the Rose Project. It is expected that the results of the chemical plant engineering study will be released in the second quarter of 2022.

In the Press Release of February 17, 2022, Critical Elements announced the retention of Bumigeme Inc., WSP, and Golder Associates Ltd to prepare front-end engineering design work for the process plant and related infrastructure and the detailed design of the co-disposal facility for the waste rock and filtered tailings at the Rose Project. In addition, an update to the 2017 Feasibility Study for the Rose Project mine and concentrated will be completed. The Updated Feasibility Study will include a review of pricing for spodumene concentrates, and a review of the capital and operating costs. We expect results from the Updated Feasibility Study to be released in the second quarter of 2022.

Looking forward, Critical Elements recognizes the importance of a timely and positive recommendation from COMEX and the receipt of a Certificate of Authorization from the Québec Minister of the Environment and the Fight Against Climate Change. We expect that these events may catalyze long-standing discussions regarding offtake and concurrent strategic project and/or corporate investments, which may in turn catalyze completion of project financial engineering. Delivery in the second quarter of 2022 of the engineering studies referenced above, may support a Final Investment Decision by the Corporation and commencement of construction for the Rose Project mine and concentrator targeting commencement of production in 2024, based on the timeline outlined in the 2017 Feasibility Study.

Critical Elements is committed to communicating material events to the market in a timely manner. Through the first quarter of 2022, the Corporation has been actively participating in multiple face-to-face and virtual initiatives reaching thousands of shareholders and investors, highlighting the competitive advantages of the Rose Project and its home jurisdiction, Québec. Market participants also recognize the importance of the completion of the Québec permitting process and its potential as a market catalyst.

Paul Bonneville, Eng., is the qualified person that has 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 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. In 2017, the Corporation completed a feasibility study on Rose for the production of spodumene concentrate. The internal rate of return for the Project is estimated at 34.9% after tax, with a net present value estimated at C$726 million 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 93% 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; The Corporation is working to obtain similar 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 plaperriere@cecorp.ca www.cecorp.ca

Jean-Sébastien Lavallée, P. Géo. Chief Executive Officer 819-354-5146 jslavallee@cecorp.ca 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 include, without limitation, statements relating to the completion of the 2022 exploration program and its related objectives, 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 monohydrate, the preparation of the front-end engineering design work for the process plant and related infrastructure, the update to the 2017 Feasibility Study, off-take agreements and purchasers for the Corporation's products, securing sufficient financing on acceptable terms and continued positive discussions and relationships with local communities and stakeholders. Forward-looking information is based on assumptions 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 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, but are not limited to: results of the Corporation's 2022 exploration program and effects on the Corporation's stated objectives, results of the engineering study for a chemical 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 associated 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 respect to optimization opportunities for the Project, as 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 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.

SOURCE:Critical Elements Lithium Corporation

News Provided by ACCESSWIRE via QuoteMedia

Critical Elements Lithium Corporation's (TSXV:CRE,OTCQX:CRECF,FWB:F12) vision is to be a large, responsible supplier of lithium hydroxide to the emerging electric vehicle and energy storage industries. The company is well-positioned, wholly owning over 530 km² of prospective lands hosting one of the highest purity spodumene deposits globally. This deposit is in Quebec, one of the company's premier mining investment jurisdictions. The company aspires to achieve its goals with a minimal environmental footprint by drawing electricity from Quebec's established low-carbon power grid, and in cooperation with the Cree Nation and local First Nations communities, with whom relationships have been formalized.

The Rose lithium-tantalum deposit, one of the largest highest purity lithium deposits in the world, can supply multiple lithium markets because of its unique purity with low iron oxide and mica content. The Rose lithium-tantalum deposit has an updated NI 43-101 resource estimate that outlines an indicated resource of 31.9 million tonnes grading 1.04 percent lithium oxide equivalent or 0.93 percent lithium oxide and 148 ppm of tantalum pentoxide with an inferred resource of 2.8 million tonnes grading 0.92 percent lithium oxide equivalent or 0.82 percent lithium oxide and 145 ppm of tantalum pentoxide.

Following a positive feasibility study for spodumene mining and concentration, Critical Elements Lithium Corporation is now ready to advance to the next stage of development for Rose. The feasibility study was, in part, informed by the results of a bulk sampling and pilot plant study. The results demonstrated that the conversion of the resources from the Rose lithium-tantalum deposit into the spodumene crystalline phase is easily achievable, with lithium concentrate grades up to 6.56 percent. Extraction was achieved at high conversion rates for chemical and technical-grade spodumene, yielding 83.4 percent with a concentrate grade of 6.41 percent for Rose, and recovery averaged 81.9 percent with a concentrate grade of 6.56 percent for Rose South. The high yield confirms the low-impurity profile of the Rose ore, allowing for the production of battery-quality lithium carbonate at a competitive cost and without additional purification steps.

Most recent testing at the Rose lithium-tantalum pilot plant has resulted in the production of battery-quality lithium hydroxide. Critical Elements was able to demonstrate that its plant can achieve extraction rates of 93 percent, which is higher than the market benchmark of 70 percent to 75 percent. The plant's overall recovery rate from spodumene to battery-quality lithium hydroxide is 80 percent, which is again higher than the market benchmark of 65 percent.

Tantalum is used in a wide variety of applications across the electronics, medicine, engineering and energy-generation industries. Since 1995, the market for tantalum has experienced average yearly growth in demand of about 8 to 12 percent. End users are facing increasing market pressure to secure conflict-free sources of tantalum, further tightening global supply.

Critical Elements Lithium Corporation is focused on developing supply for these markets at its Rose lithium-tantalum project. The unique geological properties of this deposit give it the potential to supply multiple markets, including battery-grade materials, ceramics, glass and tantalum.

The Rose lithium-tantalum project is located in the James Bay area of Quebec, Canada, about 35 kilometres north of Nemiscau and 75 kilometres due south of Newmont Corporation's (NYSE:NEM) Eleonore gold deposit. Excellent infrastructure is in place locally and regionally, including 100 ton capacity road access, an airport, a mining camp and a power line directly on the project property.

Rose is located in the Quebec Plan Nord designated area, where the government is fast-tracking the construction of new infrastructure, accelerating permitting and assisting with project financing. The project covers about 109 square miles of active mining titles in the northeastern part of the Archean Superior Province of the Canadian Shield craton and within the southern portion of the Middle and Lower Eastmain greenstone belt.

The Rose deposit has an updated NI 43-101 resource estimate of 31.9 million tonnes of indicated resources containing 1.04 percent lithium oxide equivalent or 0.93 percent lithium oxide and 148 ppm of tantalum pentoxide, and an inferred resource of 2.8 million tonnes grading 0.92 percent lithium oxide equivalent or 0.82 percent lithium oxide and 145 ppm of tantalum pentoxide.

In November 2017, Critical Elements announced the completion of a positive Phase 1 feasibility study for the Rose project with a pre-tax NPV at 8 percent of C$1.257 billion and a pre-tax IRR of 48.2 percent. The study is based on a conventional truck and shovel open pit operation that is expected to process 1.61 million tonnes a year in a conventional milling process with the aim of producing technical and chemical grade spodumene concentrate and a tantalite concentrate. The mine is expected to excavate a total of 26.8 million tonnes of ore of an average grade of 0.85 percent lithium oxide and 133 parts per million of tantalum pentoxide. Critical Elements Lithium Corporation has submitted their environmental and social impact study to the federal and provincial environmental agencies.

Highlights from the Phase 1 Feasibility Study include:

Industry leading Primero Group recently completed the first phase of its Early Contractor Involvement agreement with the company and provided a guaranteed maximum price for the engineering, procurement and construction of the Rose project on a lump sum turnkey basis that is in line with the project's feasibility study. Critical Elements expects Primero to complete detailed engineering over the coming months.

Intensive metallurgical testing and flowsheet optimization work has shown that Critical Elements Lithium Corporation's Rose lithium-tantalum project demonstrates a significant advantage over other known lithium deposits based on its ability to produce premium-purity lithium carbonate at a low cost.

During flotation testing, recoveries reached up to 91.9 percent lithium with a concentration grade of 6.43 percent lithium; recoveries averaged 90.88 percent with a concentration grade of 6.2 percent lithium.

Results from recent hydrometallurgical testing for the conversion of spodumene to lithium carbonate have shown an overall recovery rate of up to 88.4 percent with an overall purity of 99.9 percent—surpassing the requirements for battery-grade lithium carbonate. The high purity percentage is due in large part to the low impurity profile of Critical Elements Lithium Corporation's spodumene in combination with the use of a sodium carbonate alkaline process rather than the industry-standard sulfuric acid process. The sodium carbonate alkaline process poses a much lower environmental risk and is much more successful in dissolving impurities at the leaching stage.

In late 2016, Critical Elements Lithium Corporation initiated a bulk sampling program of 50 tons of material from two different zones of the deposit, Rose and Rose South, for subsequent pilot plant testing. The results of the pilot project are expected to be used to decide the plant equipment for large-scale production.

The proposed plant design includes simple grinding and magnetic and gravity separation. Critical Elements Lithium Corporation innovates by introducing circulating fluid beds, common in many other industries, such as the aluminium industry. However, it is rare in lithium extraction, where rotary kilns are preferred. Fluid-bed calcination would cut down on energy use and modestly reduce capital costs, helping the company deliver high-quality lithium at low cost.

In April 2017, Critical Elements Lithium Corporation announced the successful completion of its pilot work with results in spodumene concentrates grading up to 6.56 percent lithium. From Rose, recovery rates averaged 83.4 percent with a concentrate grade of 6.41 percent, and from Rose South, recovery rates averaged 81.9 percent with a concentrate grade of 6.56 percent.

In May 2017, Critical Elements Lithium Corporation announced the subsequent completion of its pilot work for the thermal conversion of alpha to beta spodumene followed by the conversion to battery quality lithium carbonate achieving a high-quality product of 99.9 percent purity at superior recovery rates without the need to apply additional cost-intensive purification steps.

“The high yield we achieved during extraction confirms the low-impurity profile of our ore, which is what allows us to produce battery quality lithium carbonate at a competitive cost, without additional purification steps," Jean-Sébastien Lavallée said.

Mr. Lavallée also noted the pilot work achieved conversion rates for alpha spodumene of 97 percent or better, followed by the conversion to lithium carbonate of battery-grade quality with total recovery rates of 88.4 percent. This included modelling results done by Metso Outotec for the flotation process of spodumene, which returned recovery rates of 92 percent, well above the industry standard of 60 percent to 65 percent.

Further testing at the pilot stage was able to successfully convert spodumene concentrate into a battery-quality lithium hydroxide using a thermal leaching process, providing Critical Elements Lithium Corporation with the flexibility to meet the needs of battery and electric vehicle (EV) producers. Through the testing, Critical Elements Lithium Corporation was able to demonstrate that the pilot plant could achieve extraction rates of 93 percent, which is higher than the market benchmark of 70 percent to 75 percent. The plant's overall recovery from spodumene to battery-grade lithium hydroxide is 80 percent, again higher than the market benchmark of 65 percent.

“These pilot plant results support the low impurity profile of our feed, which facilitates the production of battery-grade lithium carbonate and lithium hydroxide at competitive costs without additional purification steps," said Mr.Lavallée. “Critical Elements Lithium Corporation is very pleased with providing the production of battery-grade lithium hydroxide for the Rose lithium-tantalum project. These test results demonstrate that the Rose lithium-tantalum project can responsibly deliver a range of EV products, including battery-quality lithium carbonate and hydroxide, to varied end-users for varying applications."

Most of the world's supply of lithium comes from deposits with a significant potash co-product. The Rose lithium-tantalum deposit, however, possesses a unique combination of tantalum and lithium mineralization. The tantalum found in the Rose lithium-tantalum deposit gives the project additional by-product diversification and makes it one of the few economic, conflict-free, industrial-scale tantalum sources in the world.

The most recently reported metallurgical results from pilot work for tantalum at the Rose deposit show tantalite magnetic recoveries as high as 69 percent with an average of 64 percent, up significantly from the 50 percent recoveries reported in the 2011 PEA. Recent tantalum mine closures in Canada, Mozambique and Australia are creating a major shortage of supply from which Critical Elements Lithium Corporation might benefit.

Mr. Jean-Sébastien Lavallée, P. Geo., has been the Chief Executive Officer of Critical Elements Lithium Corporation since 2009. From 2009 to 2017, he also served as President. Mr. Lavallée has been active in mining exploration since 1994. He was President and Chief Executive Officer of Quebec Precious Metals Corporation (TSXV:QPM) from 2012 to May 2017, and since June 2017, Mr. Lavallée has been Director and Vice President Exploration in this company. Mr. Lavallée has been on the Board of Directors of the Quebec Mineral Exploration Association “AEMQ" from 2017 to 2019, and he is also working with Consul-Teck Exploration Minière Inc., a Val-d'Or based consulting firm. Most of the firm's mandates involve the generation and execution of projects in remote areas. Mr. Lavallée has acted as a geologist for many companies, including Eloro Resources Ltd., Agnico-Eagle Mines Ltd., Noranda Minerals Inc. and Champion Minerals Inc. Having been responsible for the planning and execution of many exploration programs in recent years, Mr. Lavallée has acquired solid experience in exploration project development.

Dr. Haber is the President of Critical Elements Lithium Corporation since January 2017. He was President and Chief Executive Officer of Rockwood Lithium GmbH when Chemetall GmbH was legally split off in 2012. From 2011 to 2012, he was Managing Director of Chemetall and since 2007 President of Chemetall's lithium business. Prior to joining Chemetall GmbH, Dr. Haber worked in different executive positions for Sanofi-Aventis SA and its predecessor companies in France. Dr. Haber completed his doctorate in organic chemistry at the University of Kaiserslautern, Germany, in 1991, and added one year as a Post-Doc at Ecole Polytechnique in Paris. In 1997, Dr. Haber earned his Bachelor of Science in Management from the International School of Management in San Diego in the United States. Dr. Haber is a fellow of the International Directors Program of INSEAD.

Mr. Eric Zaunscherb is a Canadian geologist with over 32 years and six cycles of experience as a mining analyst. He most recently served as Managing Director, Research – Metals & Mining Analyst at Canaccord Genuity where he co-ordinated the firm's global mining equity research team. He has enjoyed working in Toronto, Vancouver and London, experiencing best practices in Capital Markets at several leading firms and conducting hundreds of exploration, development and mining project site visits globally. He embraces new technologies and industry initiatives in diversity and socially responsible investing, ensuring that local communities receive lasting benefits from mineral resource development.

Dr. Brune was Chief Financial Officer of Rockwood Lithium from 2011 until the acquisition by Albemarle in 2015. He left Albemarle in 2016 once the lithium business was successfully integrated into Albemarle's organizational structure. Prior to joining Rockwood Lithium, Dr. Brune had worked in different executive positions in corporate finance and M&A for Rockwood Holdings and its predecessor companies since 2004. Prior to that, he was with McKinsey as a strategy consultant for organizational development and management. Dr. Brune completed his doctorate in material sciences at the Technical University of Dortmund, Germany, after earning a physics degree.

Mrs. Nathalie Laurin has over 30 years of experience in administration and accounting. The experience gained through working in various roles with increasing responsibilities, primarily in the natural resources sector, has given her a solid mastery of finance and project management. Since 2006, she has acted as corporate secretary and/or chief financial officer for several companies, most notably mineral exploration companies, including Critical Elements Lithium Corporation, Delta Resources Limited, MPV Exploration Inc., Quebec Precious Metals Corporation and BlackRock Metals.

Mr. Jean-Raymond Lavallée has more than 30 years of experience in mining exploration, as contractor, consultant and manager for several mining companies, such as Louvem, Soquem, James-Bay Development Corporation, Sullivan Consolidated, Cache Explorations Inc., Parquet Resources, Dumont Nickel Corporation, Westminer Canada Ltd, Baribec Management Inc., Exploration Ojibway Inc. and others. He was also controller for Mines Expert Inc. during the construction of the Doyon Mine. Mr. Lavallee is currently president of Consul-Teck Exploration, a consulting firm of Val-d'Or founded in 2003 that specializes in mining exploration in northern areas.

Mr. Marc Simpson is President and Chief Executive Officer of Vanadian Energy Corp. Mr. Simpson has worked in the mining and exploration industry for over 23 years, working for junior, mid-tier and senior mining companies on projects both in Canada and worldwide, including Bema Gold (sold to Kinross for C$3.5 billion in 2007), B2Gold and Echo Bay Mines. Mr. Simpson has been involved in exploration and mining projects from grass roots exploration through to mine development and production. Mr. Simpson obtained his B.Sc. in Geology from the University of Manitoba and is a member of Association of Professional Engineers and Geoscientists of British Columbia and Association of Professional Engineers and Geoscientists of the Province of Manitoba.

Mr. Matthew Lauriston Starnes is a lawyer with over 22 years of experience. Mr. Starnes is currently a Peerpoint lawyer with Allen & Overy in Tokyo specializing in mining law. Prior to this, he was legal counsel in Sumitomo Corporation's Mineral Resources Division in Tokyo, Japan. Among other things, he was responsible for legal aspects of Sumitomo's investment in the Sierra Gorda copper project in Chile and was also part of the team for the Ambatovy project in Madagascar. Prior to joining Sumitomo, he also was the General Counsel and Deputy CEO for the Ambatovy project. Mr. Starnes has also practiced as a corporate lawyer with major law firms in Montreal.

Mr. Main brings over 30 years of experience in the mining and finance industries, having most recently served as Executive Vice President, Finance and Chief Financial Officer of Yamana Gold Inc. from August 2003 to March 2017. He is currently an Independent Director and Chair of the Audit Committee with Wesdome Gold Mines Ltd. Mr. Main is a Chartered Professional Accountant and began his career with 10 years at PriceWaterhouseCoopers. Mr. Main has also held positions that include Director of Corporate Development with Newmont Capital Corporation, Vice President of Normandy Mining Limited and Outokumpu Mines Ltd. and Vice President, Finance of TVX Gold Inc. Mr. Main holds a Bachelor of Commerce from McGill University.

Mr. Baribeau has been closely involved in the community and territorial development issues, for both the private and public sectors. Throughout his career, he has participated in and led the negotiation and implementation of more than a dozen agreements related to labour relations and resource development. He has a well-established background in community and stakeholder relations, socio-economic impact assessments and economic development. From 2010 until 2015, he led the Cree Nation Government's mining files, after which was tasked with implementing the newly created Department of Commerce and Industry for the Cree Nation Government, where he continued to be responsible for files related to mining and other resource development issues.

Cantor Fitzgerald brings significant mining and minerals experience and a global full-service investment banking suite. Founded in 1945, Cantor Fitzgerald is an innovative global financial services firm that has offices and trading desks in all major financial centers throughout the world. Cantor Fitzgerald's Investment Banking Division is a leading provider of advisory and capital markets services to corporate and financial sponsor clients across the globe. Its advisory services involves mergers & acquisitions, divestitures, corporate restructuring, cross-border transactions, takeover defense, strategic partnerships and fairness opinions.

Markova is a senior executive and an award-winning portfolio manager with more than 15 years of experience investing in the mining and metals industry. She is currently a corporate director with Golden Star Resources and SilverCrest Mining. She is the Chair of the Safety, Environmental and Social Sustainability Committee at SilverCrest and a member of the Corporate Responsibility Committee at Golden Star. She also sits on their Audit and Governance and Compensation committees. She is the Founder and CEO of Investor View Advisory, which is engaged with public companies on Environmental, Social and Governance (ESG) reporting and integration. Mrs. Markova holds an MBA from George Washington University in Washington DC, Chartered Financial Analyst (CFA), Canadian Investment Management (CIM), and Corporate Board International (CDI.D) designations.

Patrick is an investment professional with over twenty years of experience in portfolio management and capital markets. Prior to joining Critical Elements Lithium Corporation, he was responsible for portfolios specializing in natural resources as well as Canadian and American small-cap public shares at la Caisse de dépôt et placement du Québec from 1998 to 2003. He then held roles at major brokerage firms, such as Canaccord, RBC, Industrial Alliance and Macquarie, where he developed close relationships with institutional asset managers. These experiences allowed him to acquire excellent knowledge of company analysis and investment portfolio structure. He graduated from the University of Montreal with a Bachelor's degree in Mathematics and a Certificate in Economics. He is also a CFA charter holder (Chartered Financial Analyst) from the CFA Institute.

Critical Elements Lithium Corporation (the "Company" or "Critical Elements") (TSXV:CRE)(OTCQX:CRECF)(FSE:F12) is pleased to announce that the Québec Minister of Energy and Natural Resources (the "Minister") has approved the rehabilitation and restoration plan concerning the Rose Lithium-Tantalum Mining Project (the "Rose Lithium-Tantalum Project" or the "Project

The approval of the rehabilitation and restoration plan is a prerequisite to the granting of the mining lease that will be necessary to move forward with the Project. The rehabilitation and restoration plan contains, in particular the description of the rehabilitation and restoration work relating to the Project and a detailed estimate of the expected costs to be incurred for completing the work. Now that the rehabilitation and restoration plan is approved, the Corporation must furnish a guarantee covering the anticipated cost of completing the work required under the rehabilitation and restoration plan, in accordance with the schedule of payments established pursuant to applicable laws.

"We are very pleased with the decision regarding the rehabilitation and restoration plan for the Rose Lithium-Tantalum Project, which is a necessary step toward securing the mining lease," stated Jean-Sébastien Lavallée, CEO of Critical Elements.

With the approval of the plan, the Company is making progress in the overall approval process for the Project. In August 2021, Critical Elements announced that the Federal Minister of Environment and Climate Change had rendered a favourable decision in respect of the proposed Rose Project. In a Decision Statement, which included the conditions to be complied with by the Company, the Minister confirmed that the Project is not likely to cause significant adverse environmental effects when mitigation measures are taken into account (see the Company's news release dated August 11, 2021, for more details). The final remaining step in the Project's approval is the completion of the provincial permitting process, which runs parallel to the federal process. Pursuant to the James Bay and Northern Quebec Agreement (JBNQA), the provincial environmental assessment is conducted jointly by the Cree Nation Government and the Government of Quebec under the Environmental and Social Impact Review Committee ("COMEX"). The provincial assessment is well advanced and has undergone several rounds of questions from COMEX that have been answered by Critical Elements in the normal course of the assessment process. At this time, Critical Elements has received no further questions from COMEX and remains confident in a positive outcome.

About Critical Elements Lithium Corporation

For further information, please contact:

Patrick Laperrière Director of Investor Relations and Corporate Development 514-817-1119 plaperriere@cecorp.ca www.cecorp.ca

Jean-Sébastien Lavallée, P. Géo Chief Executive Officer 819-354-5146 jslavallee@cecorp.ca www.cecorp.ca

Cautionary statement concerning forward-looking statements

SOURCE:Critical Elements Lithium Corporation

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MONTRÉAL, QC / ACCESSWIRE / 3 décembre 2021 / Corporation Lithium Éléments Critiques (TSXV:CRE)(FSE:F12) (« Critical Elements » ou la « Société ») annonce aujourd'hui la clôture de son financement par prise ferme (le « Placement ») précédemment annoncé. En vertu du Placement, Critical Elements a émis 17 152 250 unités de la Société (les « Unités ») au prix de 1,75 $ l'Unité (le « Prix d'émission ») pour un produit brut de 30 016 437,50 $. Ce total comprend 2 237 250 Unités émises dans le cadre de l'exercice complet de l'option de surallocation accordée aux Preneurs fermes (tels que définis ci-dessous) en vertu du Placement.

Chaque Unité comporte une action ordinaire du capital de la Société (une « Action ordinaire ») et un demi-bon de souscription d'Action ordinaire (chaque bon entier, un « Bon »). Chaque Bon confère à son détenteur le droit d'acquérir une action ordinaire au prix d'exercice de 2,50 $ pour une période de 24 mois suivant la clôture du Placement.

Le Placement a été réalisé par un syndicat de preneurs fermes, co-dirigé par Cantor Fitzgerald Canada Corporation et Stifel Nicolaus Canada Inc. en tant que co-chefs de file (les « Chefs de file »), Paradigm Capital Inc., Beacon Securities Limited et Red Cloud Securities Inc. (collectivement avec les Chefs de file, les « Preneurs fermes »).

En contrepartie des services fournis par les Preneurs fermes dans le cadre du Placement, les Preneurs fermes ont reçu ce qui suit : a) une commission en espèces de 1 699 923,75 $ correspondant à 6 % du produit brut tiré du Placement (réduite à 3 % pour certains souscripteurs figurant sur la « Liste du président »); et b) 1 029 135 bons de souscription de courtier (les « Bons de souscription de courtier ») qui correspond à 6 % du nombre d'Unités émises aux termes du Placement. Chaque Bon de souscription de courtier peut être exercé afin d'acquérir une Unité de la Société à un prix correspondant au Prix d'émission pendant une période de 24 mois suivant la clôture du Placement.

L'essentiel du produit net sera affecté par la Société au développement de son projet de lithium Rose, de même qu'à ses besoins généraux, tel que plus amplement détaillé dans le prospectus simplifié de la Société daté du 29 novembre 2021.

Les Unités ont été offertes par voie de prospectus simplifié dans chaque province du Canada, conformément au Règlement 44-101 - Placement de titres au moyen d'un prospectus simplifié. Les Unités, les Actions ordinaires et les Bons n'ont pas été et ne seront pas inscrits en vertu du United States Securities Act of 1933, telle que modifiée (le « U.S. Securities Act») ou de toute autre loi sur les valeurs mobilières d'un État américain et ne peuvent pas non plus être émis ou vendus pour le compte ou au profit de ressortissants des États-Unis ou aux « U.S. persons » (tels que les termes sont définis dans la Regulation S sous le U.S. Securities Act), en l'absence d'une inscription sous le U.S. Securities Act et toutes lois sur les valeurs mobilières dans un ou plusieurs de ces États ou le respect des exigences d'une exemption à cet égard. Ce communiqué de presse ne peut constituer une offre de vente ou une sollicitation pour l'achat de titres à des personnes ou pour le comte ou le bénéfice de personnes aux États-Unis ou aux « U.S. persons », et il n'y aura pas non plus de vente dans un territoire où une telle offre, sollicitation ou vente serait illégale.

À propos de Corporation Lithium Éléments Critiques

Critical Éléments aspire à devenir un fournisseur responsable de lithium aux industries florissantes des véhicules électriques et des systèmes de stockage d'énergie. À cette fin, Critical Elements fait progresser le projet de lithium de haute pureté Rose situé au Québec et détenu en propriété exclusive par la Société. Rose est le premier projet de lithium de la Société à être avancé dans un portefeuille de terrains de plus de 700 kilomètres carrés. En 2017, la Société a réalisé une étude de faisabilité sur Rose pour la production de concentré de spodumène. Le taux de rendement interne du projet est estimé à 34,9 % après impôts, avec une valeur actualisée nette estimée à 726 millions de dollars canadiens à un taux d'actualisation de 8 %. Du point de vue de la Société, le Québec est stratégiquement bien positionné pour les marchés des États-Unis et de l'UE et dispose d'excellentes infrastructures, notamment un réseau électrique à faible coût et à faible émission de carbone contenant 93 % d'hydroélectricité. Le projet a reçu l'approbation du ministre fédéral de l'Environnement et du Changement climatique sur la recommandation du Comité d'évaluation conjoint, composé de représentants de l'Agence d'évaluation d'impact du Canada et du gouvernement de la Nation Crie; la Société travaille à obtenir une approbation similaire dans le cadre du processus d'évaluation environnementale du Québec. La Société a aussi une bonne relation avec la Nation Crie.

Pour plus d'informations, veuillez contacter :

Jean-Sébastien Lavallée, P. Géo. Chef de la direction 819-354-5146 jslavallee@cecorp.ca www.cecorp.ca

Ni la Bourse de croissance TSX ni son fournisseur de services de réglementation (tel que ce terme est décrit dans les politiques de la Bourse de croissance TSX) n'acceptent la responsabilité de la pertinence ou de l'exactitude de ce communiqué.

Mise en garde concernant les déclarations prospectives

Le présent communiqué de presse contient des « informations prospectives » au sens de la législation sur les valeurs mobilières applicables, y compris des déclarations relatives à nos objectifs et aux stratégies pour les atteindre. Les informations prospectives comportent des risques et des incertitudes connus et inconnus, dont plusieurs échappent au contrôle de la Société, qui pourraient faire en sorte que les résultats réels diffèrent de façon marquée de ceux qui sont divulgués, de façon expresse ou implicite, dans ces informations prospectives. Les informations prospectives sont fondées sur les opinions et les hypothèses de la direction et sur les renseignements dont celle-ci dispose. Bien que les informations prospectives contenues dans le présent communiqué de presse soient fondées sur des hypothèses que la direction juge raisonnables, le lecteur est averti de ne pas se fier indûment à ces informations, car les résultats réels pourraient s'en écarter considérablement. Sauf avis contraire ou à moins que le contexte n'indique le contraire, les informations prospectives qui figurent dans le présent communiqué de presse sont fournies en date des présentes, et la Société ne s'engage pas à mettre à jour ou à modifier ces informations prospectives, que ce soit par suite de nouveaux renseignements, d'événements futurs ou d'autres facteurs, sauf dans la mesure où la loi applicable l'exige.

LA SOURCE: Corporation Lithium Éléments Critiques

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Critical Elements Lithium Corporation (TSXV:CRE)(FSE:F12) ("Critical Elements" or the "Corporation") announces that it has closed today its previously announced bought deal financing (the "Offering"). Pursuant to the Offering, Critical Elements issued 17,152,250 units of the Corporation (the "Units") at a price of $1.75 per Unit (the "Offering Price") for gross proceeds of $30,016,437.50. This includes 2,237,250 Units issued in connection with the exercise in full of the over-allotment option granted to the Underwriters (as defined below) under the Offering

Each Unit consists of one common share in the capital of the Corporation (a "Common Share") and one-half of one Common Share purchase warrant (each full warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $2.50 for a period of 24 months following the closing of the Offering.

The Offering was completed through a syndicate of underwriters co-led by Cantor Fitzgerald Canada Corporation and Stifel Nicolaus Canada Inc. (the "Lead Underwriters"), Paradigm Capital Inc., Beacon Securities Limited and Red Cloud Securities Inc. (collectively, with the Lead Underwriters, the "Underwriters").

As consideration for the services provided by the Underwriters in connection with the Offering, the Underwriters received: (a) a cash commission of $1,699,923.75 equal to 6% of the gross proceeds of the Offering (reduced to 3% for certain subscribers on the "President's List"); and (b) 1,029,135 broker warrants (the "Broker Warrants") equal to 6% of the number of Units issued under the Offering. Each Broker Warrant is exercisable to acquire one Unit of the Corporation at a price equal to the Offering Price for a period of two years after the closing of the Offering.

The vast majority of the net proceeds will be used by the Corporation to fund development of the Rose Property and also for general corporate purposes, as more fully described in the short form prospectus of the Corporation dated November 29, 2021.

The Units have been offered by way of short form prospectus in each of the provinces of Canada, pursuant to National Instrument 44-101 - Short Form Prospectus Distributions. The Units, Common Shares and Warrants have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the "United States" or "U.S. persons" (as such terms are defined in Regulation S under the U.S. Securities Act) absent registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an exemption therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities to, or for the account or benefit of, persons in the United States or U.S. persons, nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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 purity Rose lithium project in Quebec. Rose is the Corporation's first lithium project to be advanced within a land portfolio of over 700 square kilometers. In 2017, the Corporation completed a feasibility study on Rose for the production of spodumene concentrate. The internal rate of return for the Project is estimated at 34.9% after tax, with a net present value estimated at C$726 million at an 8% discount rate. In the Corporation's view, Quebec is strategically well-positioned for US and EU markets and boasts good infrastructure including a low-cost, low-carbon power grid featuring 93% 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; The Corporation is working to obtain similar approval under the Quebec environmental assessment process. The Corporation also has a good, formalized relationship with the Cree Nation.

For further information, please contact:

Jean-Sébastien Lavallée, P. Géo. Chief Executive Officer 819-354-5146 jslavallee@cecorp.ca www.cecorp.ca

This press release contains "forward-looking information" within the meaning of applicable securities laws, including statements with regard to our objectives and the strategies to achieve these objectives. Forward-looking information involves known and unknown risks and uncertainties, many of which are beyond the Corporation's control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. Forward-looking information is based on management's beliefs and assumptions and on information currently available to management. Although the forward-looking information contained in this press release is based upon what management believes are reasonable assumptions, you are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained in this press release is provided as of the date of this press release, and the Corporation does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

SOURCE:Critical Elements Lithium Corporation

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Critical Elements Lithium Corporation (the "Corporation" or "Critical Elements") (TSXV:CRE)(FSE:F12) is pleased to announce that it has entered into an agreement with Cantor Fitzgerald Canada Corporation (the "Underwriter") pursuant to which the Underwriter has agreed to purchase on a "bought deal" basis pursuant to a short form prospectus for a total of 14,915,000 units (the "Units") of the Corporation at a price of C$1.75 per Unit (the "Offering Price") for gross proceeds of C$26,101,250 (the "Underwritten Offering"). Each Unit shall consist of one common share of the Corporation and one half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant shall be exercisable for one common share of the Corporation for a period of 24 months from the Closing Date (as herein defined) at an exercise price of C$2.50

In addition, the Corporation has granted the Underwriter an option (the "Over-Allotment Option" and together with the Underwritten Offering, the "Offering") to purchase additional Units at the Offering Price to raise additional gross proceeds of up to 15% of the Underwritten Offering, for a period of 30 days after and including the Closing Date to cover over-allotments, if any, and for market stabilization purposes.

The net proceeds from the Offering are expected to be used by the Corporation to fund the development of the Rose lithium project and for general working capital purposes.

Closing of the Offering is expected to take place on or about November 25, 2021 (the "Closing Date"), and is subject to certain conditions including, but not limited to the receipt of all applicable regulatory approvals including approval of the TSX Venture Exchange.

The Units to be issued under the Offering will be offered by way of a short form prospectus in each of the provinces of Canada. The Units to be issued under the Offering may also be offered in the United States on a private placement basis pursuant to exemptions from the registration requirements of the United States Securities Act of 1933 (the "U.S. Securities Act"), as amended, and certain other jurisdictions in accordance with applicable securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the U.S. Securities Act, or the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

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 purity Rose lithium project in Quebec. Rose is the Corporation's first lithium project to be advanced within a highly prospective land portfolio of over 700 square kilometers. In 2017, the Corporation completed a robust feasibility study on Rose Phase 1 for the production of high quality spodumene concentrate. The internal rate of return for the Project is estimated at 34.9% after tax, with a net present value estimated at C$726 million at an 8% discount rate. Capital cost parameters were confirmed in 2019 by Primero Group in the context of a Guaranteed Maximum Price under an Early Contractor Involvement agreement, as a prelude to an Engineering, Procurement and Construction process. Detailed engineering for Phase I is expected to conclude this year as the Corporation plans to deliver technical studies for Phase II; the conversion of spodumene concentrate to high quality lithium hydroxide. In the Corporation's view, Quebec is strategically well-positioned for US and EU markets and boasts exceptional infrastructure including a low-cost, low-carbon power grid featuring 93% 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; we await similar approval under the Quebec environmental assessment process near-term. The Corporation also has a strong, formalized relationship with the Cree Nation.

For further information, please contact:

Jean-Sébastien Lavallée, P.Geo. Chief Executive Officer 819-354-5146 jslavallee@cecorp.ca www.cecorp.ca

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 include, without limitation, statements relating to the completion of the Project's approval, the completion of the provincial permitting process, mineral reserve estimates, mineral resource estimates, realization of mineral reserve and resource estimates, capital and operating costs estimates, the timing and amount of future production, costs of production, success of mining operations, the ranking of the project in terms of cash cost and production, permitting, economic return estimates, power and storage facilities, life of mine, social, community and environmental impacts, lithium and tantalum markets and sales prices, off-take agreements and purchasers for the Corporation's products, environmental assessment and permitting, securing sufficient financing on acceptable terms, opportunities for short and long term optimization of the Project, and continued positive discussions and relationships with local communities and stakeholders. Forward-looking information is based on assumptions 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 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, but are not limited to: the completion of the Project's approval, the completion of the provincial permitting process, Critical Elements' ability to secure sufficient financing to advance and complete the Project, uncertainties associated 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 respect to optimization opportunities for the Project, as well as those risk factors set out in the Corporation's year-end Management Discussion and Analysis dated August 31, 2020, the Corporation's Annual Information Form dated August 3, 2021, 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.

SOURCE: Critical Elements Lithium Corporation

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GoldSpot Discoveries Corp. (TSXV: SPOT) (OTCQX: SPOFF) ("GoldSpot" or the "Company"), a leading technology services company leveraging machine learning to transform the mineral discovery process and Critical Elements Lithium Corporation (TSXV: CRE) (OTCQX: CRECF) (FSE: F12) ("Critical Elements"), are pleased to announce the results of a property-wide comprehensive target generation on Critical Element's Bourier property in the Nemiscau greenstone belt in James Bay, Québec. Critical Elements' Bourier project is under an option agreement by Lomiko Metals (TSXV: LMR.V).

GoldSpot works with leading exploration and mining clients across all commodities and deposit types, using cutting-edge technology and geoscientific expertise to mitigate exploration risks and significantly increase the efficiency and success rate of mineral exploration across resources. Preliminary Summer 2021 field exploration results from Critical Elements have revealed the discovery of five (5) new sectors of spodumene-rich (Li-rich) pegmatites within GoldSpot's provided targets, highlighting the potential of the Bourier project and the accuracy GoldSpot's Smart Targeting program.

Vincent Dubé-Bourgeois, CEO of GoldSpot Discoveries commented: "GoldSpot's proven A.I. methodology identified prospective Lithium targets on the Bourier project and we are thrilled to announce the results of our investigation and analysis. The new spodumene discoveries within GoldSpot Smart Targets are a great accomplishment for GoldSpot, Critical Elements and Lomiko and we look forward to working to validate additional findings."

Jean-Sébastien Lavallée, CEO of Critical Elements commented: "We are very pleased with the results of the Summer 2021 exploration program conducted on the Bourier project. The surface exploration program has confirmed that combined AI targeting and the outcrop detection conducted by GoldSpot succeeded in identifying new lithium-bearing pegmatites. These tools are extremely useful to reduce exploration cost and time, in particular the large portfolio of 700 square kilometers owned by Critical Elements."

The study hinged on digital extraction from an exhaustive compilation of assessment files, government data and academic studies. This dataset provided outcrop/sample descriptions, bedrock geology, geochemical analyses, and geophysical surveys. Original data was cleaned and combined to create a comprehensive data set for geological interpretation and machine learning processes.

GoldSpot generated lithium targets, using a "Smart Targeting" approach of knowledge- and AI data-driven methods.

1) a series of zones with relatively high probability of containing lithium; 2) a ranking of feature importance for each input feature.

Figure 1: GoldSpot Lithium Targets and location of discoveries of spodumene-rich pegmatite outcrops within Bourier claims.

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Field Work and Preliminary Results

In preparation for field work, GoldSpot provided a map of probable outcrop zones, resulting from the AI analysis on high-resolution satellite imagery. The machine learning-assisted outcrop detection allows for time- and cost-efficient field exploration.

An exploration crew composed of Critical Elements' and GoldSpot's geoscientists conducted a 20-day prospecting program at the Bourier project, with focus on the high- to moderate-confidence lithium targets generated by GoldSpot. The highlights of this program include the discovery of five (5) new sectors of spodumene-rich (Li) pegmatite (laboratory analysis results are pending; Figure 1). These discoveries were made within, or in the extension of GoldSpot's targets, demonstrating the accuracy of GoldSpot targeting process.

The main discovery, located about 11 km NE of Bourier Lake, consists of muscovite and garnet pegmatites with 1-5% of centimeter-sized spodumene crystals (Figure 2), exposed in an area of 40 x 30 m. Additional spodumene-rich pegmatites were sporadically found within a 1 km trend from this main discovery, highlighting the potential for a wider mineralization system. Four other spodumene-rich pegmatites zones were found elsewhere on the property.

Figure 2: Main 2021 discovery. Spodumene-rich pegmatite, with aureole of Li-mica.

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The technical information in this press release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 -- Standards of Disclosure for Mineral Projects, and reviewed and approved by Ludovic Bigot, professional geologist (OGQ - P.GEO No. 01655), a qualified person as defined by NI 43-101 guidelines.

About Critical Elements Lithium Corp.

Critical Elements Lithium Corporation aspires to become a large, responsible supplier of lithium to the flourishing electric vehicle and energy storage system industries. To this end, Critical Elements Lithium is advancing the wholly owned, high purity Rose lithium project in Quebec. Rose is our first lithium project to be advanced within a highly prospective land portfolio of over 700 square kilometers. In 2017, the Company completed a robust feasibility study on Rose Phase 1 for the production of high quality spodumene concentrate. The internal rate of return for the Project is estimated at 34.9% after tax, with a net present value estimated at C$726 million at an 8% discount rate. Capital cost parameters were confirmed in 2019 by Primero Group in the context of a Guaranteed Maximum Price under an Early Contractor Involvement agreement, as a prelude to an Engineering, Procurement and Construction process. Detailed engineering for Phase I is expected to conclude this year as we also deliver technical studies for Phase II, the conversion of spodumene concentrate to high quality lithium hydroxide. In our view, Quebec is strategically well-positioned for US and EU markets and boasts exceptional infrastructure including a low-cost, low-carbon power grid featuring 93% hydroelectricity. The project has received approval to proceed 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; we await similar approval under the Quebec environmental assessment process near-term. We have a strong, formalized relationship with the Cree Nation.

GoldSpot Discoveries Corp. (TSXV: SPOT) (OTCQX: SPOFF) is a technology services company in mineral exploration. GoldSpot is a leading team of expert scientists who merge geoscience and data science to deliver bespoke solutions that transform the mineral discovery process. In the race to make discoveries, GoldSpot produces Smart Targets and advanced geological modelling that saves time, reduces costs and provides accurate results.

For further information please contact:

Denis Laviolette Executive Chairman and President GoldSpot Discoveries Corp.Tel: 647-992-9837 Email: investors@goldspot.ca

Cautionary Statement on Forward -Looking Information

Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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Growing multi-asset West Australian lithium company, Global Lithium Resources Limited (ASX: GL1, Global Lithium or the Company) is pleased to report continued encouraging lithium assay results from its Q1/Q2 CY2022 Exploration Program at the Company’s wholly owned MBLP, located 150km southeast of Port Hedland in the Pilbara region of Western Australia.

Global Lithium Head of Geology, Stuart Peterson commented,

“Commencing in February 2022, our 60,000m exploration drilling program has continued to build momentum at the MBLP, with lithium intercepts continuing along the >6km strike of the mineralisation already identified within the project area. The results highlight the prospectivity of the area, particularly as the drilling moves to the southern and eastern areas of GL1’s tenement package.”

“The drilling program supports the targeting effort by the Global Lithium and CSA Global geology teams and provides a strong platform for future growth.”

“Our immediate exploration focus, to add shareholder value across our two assets, remains clearly defined. Firstly, deliver the ongoing CY2022 program at MBLP, including the highly prospective targets that remain untested and secondly, safely execute a 20,000m drilling and exploration campaign at the Manna Lithium Project in the Goldfields region. To our knowledge, we are the only lithium company to be drilling at two independent lithium project sites in the globally recognised, tier 1 lithium mining jurisdiction of Western Australia.”

The majority of MBLP drilling has been designed and targeted to test geochemical trends and mapped pegmatite targets, particularly along the greenstone belt and also several granite hosted pegmatite targets that are located between the Archer deposit and the area to the east near the major regional structural feature of the Brockman Zone.

The drilling intersection highlights reported above have been recorded from drilling to the south and to the east of the Archer pegmatite resource. The drill target locations with prospective mineralised zones are detailed in Figure 1. The target zones extend over distances from 500m to 1.2km with a majority of the drilling being undertaken on a nominal grid pattern with a line spacing of 160m and a hole spacing of 80m.

Figure 1 - Pegmatite Exploration Target Areas

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This article includes content from Global Lithium Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

Critical Resources Limited (ASX:CRR) (“Critical Resources” or the “Company”) is pleased to advise that it has received assay results from diamond drill hole CRR21_DD016 (Hole 16) at its 100% owned Gibsons prospect. Hole 16 has intersected zinc, lead, copper, and silver bearing zones of sulphide mineralisation. The mineralisation discovered in Hole 16 continues to expand the potential of the Halls Peak system.

The Company is pleased to have received assay results from Hole 16 of it’s drilling program at its 100% owned Halls Peak project in New South Wales. Hole 16 was drilled in a northerly direction, to test the mineralisation extent seen in previously announced Hole 141 . CRR21DD_15 (“Hole 15”) was also being drilled to test the extent of mineralisation, but was abandoned due to the inability of the diamond drill to advance through a puggy fault. Discovering further mineralisation in Hole 16 expands the known area of mineralisation at Gibsons, increasing the potential extent of mineralisation and supporting the extended drill campaign that is currently being undertaken.

Critical Resources Managing Director Alex Biggs said:

“Further expansion of drilling in the northerly direction at Gibsons with encouraging results is exciting. Delineating high grades at depth demonstrates the previously unknown potential of Halls Peak as a whole. We are consistently uncovering new mineralisation in multiple directions but are seeing a trend north-westerly from Gibsons. Drilling at Sunnyside will be commencing in the coming weeks which will further allow us to test scale and continuity of mineralisation along a 1.5km strike distance. We look forward to keeping the market updated as we progress”.

Summary of Key Polymetallic Intersections - Hole 16

Figure 1: CRR21DD_16, interval comprising samples 42781-42788 assaying 7.6m @ 5.9% Zn, 1.16% Pb, 0.19% Cu, 7.23g/t Ag, 0.03g/t Au from 62-69.6m downhole including 1.3m @ 13.47% Zn from 65.60-66.90m (NQ core, 50mm diameter)

Figure 2: CRR21DD_016, detail from above Figure 1 of Samples (42)784 top row and (42)785 bottom row (65.60-66.90m downhole) exhibiting extensive, coarse, yellowy-brown sphalerite that assayed 13.47% Zn (NQ core, 50mm diameter)

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This article includes content from Critical Resources (ASX:CRR), licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

Last week, the lithium market was shaken by a report from investment bank Goldman Sachs (NYSE:GS) saying that the bull market for battery metals is over for now.

According to analysts at the firm, prices for lithium, which have increased more than 400 percent in the past year, are expected to drop in the next two years, with a “sharp correction” happening by 2023.

They project that lithium prices will fall to an average of just under U$54,000 per tonne this year from an average of above U$60,000. By 2023, the bank's forecast is for an average of just over US$16,000.

There’s been “a surge in investor capital into supply investment tied to the long term electric vehicle (EV) demand story, essentially trading a spot driven commodity as a forward-looking equity,” the group said. “That fundamental mispricing has in turn generated an outsized supply response well ahead of the demand trend.”

Analysts at Goldman Sachs said investors are fully aware that battery metals will play a crucial role in the 21st century's global economy. “Yet despite this exponential demand profile, we see the battery metals bull market as over for now,” they commented, adding that the long-term prospects for the sector remain strong.

Following the report's release, lithium analysts and experts shared their concerns over a call that they say ignores the fundamentals of the battery metals market.

Commenting on the predictions from Goldman Sachs, Rodney Hooper of RK Equity told the Investing News Network (INN) he strongly disagrees with the analysts' findings on both supply and demand.

“My biggest issue with the report is that it will discourage upstream investment in mining,” he said. “We clearly haven't seen sufficient upstream investment to meet current and future demand.”

Also speaking with INN, Daniel Jimenez of iLi Markets agreed, saying that analysts at the investment bank are overestimating supply and underestimating demand — Goldman Sachs analysts are expecting global demand of around 1.2 million metric tons (MT) of lithium carbonate equivalent (LCE) by 2025.

“We think that lithium producers have better industry insights and truthful talks with most of the original equipment manufacturers (OEMs) they supply,” Jimenez said. Top lithium producer Albemarle (NYSE:ALB) is calling for around 1.5 million MT LCE, while Chinese giant Ganfeng Lithium (OTC Pink:GNENF,SZSE:002460) is expecting around 1.6 million MT during the same period.

“On the supply side they are extremely optimistic in terms of the lepidolite production that could come from China in the coming years, which is also not realistic,” Jimenez said. “Bottom line — we believe it will be just the contrary.”

Similarly, analysts at Benchmark Mineral Intelligence said the industry cannot rely on China’s feedstock to meet the needs of the market.

“Known domestic Chinese spodumene and other hard-rockresources are low quality, a key reason why there has been an increasing reliance by Chinese converters on Australia for supply instead,” analysts at the firm said in a note released soon after the comments from Goldman Sachs. “China’s deposits of lepidolite may have the potential to help bridge the deficit in coming years, but are unlikely to lead to oversupply.”

Goldman Sachs is not the first big bank to have its analysis called out by experts in the lithium field. Back in early 2018, when prices for the commodity had been on the rise for a couple of years, Morgan Stanley (NYSE:MS) predicted a decline by 2021, with escalating fears of oversupply in the market.

“We’ve seen this before, we will see it again. Goldman Sachs: you can’t just add up all the lithium mine level potential and make an oversupply call ... the speciality chemicals world is more nuanced than iron ore,” Benchmark Mineral Intelligence’s Simon Moores said in a tweet when the Goldman Sachs report came out. “It’s why the world doesn’t rely on investment banks for research any more.”

Predicting how the lithium market will perform in coming years is not an easy task. As a specialty chemical, not all lithium is created equal, and not all auto and battery makers have the same needs. There are countless constraints to bringing supply into the market, and as analysts often point out, delays are common for new projects, as well as for producers that are expanding their existing operations.

Hooper said some analysts tend to get both demand and supply wrong. “The best indicator of battery-grade demand is cathode production,” he said. “Historical analysis shows that demand linked to cathode production has the highest correlation to lithium prices — this indicator flagged a demand/supply deficit in late 2020.”

When assessing the supply side of the equation for lithium, Hooper does not consider projects until they are fully permitted, financed and under construction. And even then, he allows for a long ramp-up phase and qualification timeline, especially if he's looking at a greenfield project.

“What happens when you use these indicators is that cathode production brings demand forward six months, and supply adjustments push qualified material out six to 12 months,” he explained. “The net result is a structural deficit as analyst forecasts of the supply/demand balance in the market are out by 12 to 18 months.”

In a market like copper, that could mean a few percentage points worth of total demand, Hooper added, but in a market such as lithium the difference is “enormous.”

Commenting on the biggest challenge for analysts in determining what will happen in lithium, Jimenez, who before iLi Markets worked at top lithium-producing company SQM (NYSE:SQM), said it's clear there are excesses in terms of predicted capacity increases and production ramp-up times.

“Feasibility reports are, based on past experience, very optimistic,” he said. “Furthermore, the confidence that new technologies or resource types will be able to deliver are overly optimistic. In many cases, we are talking of unproven technologies that have not been scaled from lab to industrial yet.”

At the end of last year, INN talked to lithium market watchers about the outlook for the commodity, with most agreeing that demand will outpace supply on the back of EV sales.

What has changed since then? Experts say not much.

For Benchmark Mineral Intelligence analysts, the lithium market will remain in structural shortage until 2025.

“The lithium market will balance over the next few years, but it’s unlikely that an unprecedented ramp-up of marginal, unconventional feedstock will fill the deficit. It is also unlikely that demand will weaken significantly.”

Similarly, iLi Markets' Jimenez doesn’t think supply will be able to catch up with demand at least until 2026 to 2027, mainly because of the difficulty of bringing greenfield projects into production at full capacity.

“Over this period of time, lithium should be the limiting factor in EV sales,” he explained to INN. “Even with demand growing very strongly, the investments the industry is making today might yield additional capacity in six to 10 years from now that we are not able to see today.”

RK Equity’s Hooper echoed these thoughts. “Aggregate supply may match demand in the years to come; however, battery-grade supply qualified into the battery supply chain won't match EV demand,” he said.

“If OEMs continue to ignore battery raw material supply risks, they will pay the ultimate price soon enough. Signing meaningless binding (but not really binding) lithium offtake agreements with no associated capital flows or permitting assistance attached to them will lead to disappointment.”

As EV demand from around the world enters its rapid growth phase, lithium quality will be critical.

“We haven't seen sufficient upstream investment to cause oversupply for some time,” Hooper said. “The only way we see the market being balanced in the near future is if there is EV demand destruction, and that is unlikely.”

The lithium price rally has made news headlines around the world since 2021, with Evy Hambro of BlackRock (NYSE:BLK), the world's largest asset manager, talking about the essential need for lithium into the future as part of the group of metals needed for the green energy transition.

Lithium pricing is usually a common concern for investors new to the space, with experts generally reminding anyone interested in the battery metal that there’s no single lithium price. Lithium traded at spot prices only reflects a portion of the market; most is locked up in contracts, which in some cases include fixed pricing.

Combined with existing contracting arrangements set in 2022, prices are very unlikely to crash in 2023 and 2024, according to Benchmark Mineral Intelligence.

“Benchmark’s view is that contract prices are likely to continue to rise as a lagged effect of the major step-change in spot pricing over late 2021 and 2022 while spot prices will fall, with the two prices coming into more of an equilibrium than they are now,” analysts at the firm said.

Structurally, prices will remain high through 2025 to 2026, at least, iLi Markets' Jimenez said. “Now high means above US$40 per kilogram, which is significantly higher than the incentive price to develop a marginal-cost greenfield project,” he said. Whether the price will be U$40, U$60, U$80 or U$120 is a difficult call to make.

For the expert, each year the industry will need to grow supply by more than 200,000 MT of LCE per year, which was the total demand seen in 2017. “The possibility that greenfield projects suffer delays is high,” Jimenez said. “Probably lithium units will be the bottleneck of the lithium-ion battery supply chain.”

China’s measures to contain COVID-19 have recently hit EV sales, and as a result the need for lithium, although this pullback in lithium demand is seen as temporary. “When EV demand resumes in H2 2022, as China lifts restrictions, I expect spot and contract pricing to remain firm,” Hooper said.

Even for Wood Mackenzie analyst Allan Pedersen, who sees lithium prices declining by the end of 2022, a “sharp correction” like the one expected by Goldman Sachs is not coming. “We do not forecast a sharp correction, but more a 'softer landing' as demand remains strong, providing a cushion for prices,” he told INN.

The research firm is expecting additional supply to enter the market both from brine and mineral concentrates; this will increase supply beyond demand in the short term.

“It is worth noting the surplus is fragile and small changes in EV forecasts can have a significant impact on the demand for lithium, and therefore on the market balance,” he said. “We forecast that the supply surplus for battery-grade lithium chemicals will be less than the market in general, as producing high-quality, battery-grade lithium chemicals is difficult.”

Growth in the lithium industry is happening at a rapid pace, with changing market dynamics expected to emerge.

“As the market wrestles between long-term supply security to fuel the lithium-ion economy, and increasingly market-led pricing mechanisms to incentivise supply growth, the era of lithium market volatility is likely just beginning,” analysts at Benchmark Mineral Intelligence said.

Following last week’s Goldman Sachs report, the top lithium producers and other players saw their share prices plunge. Chile’s SQM was down 5 percent, while rival Albemarle declined more than 7 percent and Argentina-focused Livent (NYSE:LTHM) fell around 14 percent.

Despite the recent slump, looking at how lithium stocks have performed in the past year paints a different picture — many lithium stocks in the US, Canada and Australia are up year-on-year on the back of improved market conditions, as the price rally for the battery metal has brought many investors to the space.

For RK Equity’s Hooper, there is still value in the current market. “My suggestion would be to look at current or near-term producers that have been hit in the latest downturn,” he said. “Shares that are pricing in spodumene or chemical prices that align with Goldman Sachs outlook — which by 2023 sees spodumene concentrate at US$1,100 and lithium carbonate ex-VAT at US$15.6k/t. We see 2023 average pricing well above those levels.”

Giving his best suggestion for generalist investors who have jumped to the lithium market in recent months, Hooper said they would do well to look at history and decide for themselves how supply and demand will evolve.

“Will internal combustion engine vehicles sell in any great volumes after 2025 to 2027 given legislation and consumer preferences?” he said. “Then load in a realistic long-term price for lithium chemicals and decide if the company has a low enough valuation multiple and some room for error.”

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Lithium-ion batteries power everything from cell phones to laptops to electric vehicles (EV), and demand for the metal continues to rise.

Companies and investors are continually being drawn in by news of Elon Musk and Tesla’s (NASDAQ:TSLA) gigafactories, as well as emerging lithium-ion battery megafactories from other companies.

However, there’s more to lithium and the lithium market than EV batteries. Investors new to the lithium space will want to get a handle on a few basic facts about lithium before jumping in.

Here’s a look at five basic lithium facts investors should know.

The first lithium fact that might come as a surprise is that lithium is the lightest metal on the periodic table. Lithium is almost half as dense as water and is part of the alkali metals group.

The metal also has a high specific heat, making it useful in the production of heat-resistant glass, while its electrochemical potential makes it useful in batteries.

Another lithium fact is that the element is found all over the world, in both hard-rock deposits and evaporated brines. The Greenbushes mine in Australia is a key hard-rock deposit, while most of the world’s lithium brine production comes from salars or salt flats in Chile and Argentina. Along with Bolivia, those South American countries make up the prolific Lithium Triangle.

It is worth noting that several companies are also looking to develop clay-based lithium deposits.

There are various types of lithium products, and many different applications for the mineral. After lithium is extracted from a deposit, it is often processed into lithium carbonate, lithium hydroxide or lithium metal. Battery-grade lithium carbonate and lithium hydroxide can be used to make cathode material for lithium-ion batteries. Most contaminants must be removed in order for either material to be considered battery grade.

Hydroxide tends to be more expensive, but can produce cathode material more efficiently. It is also necessary for some lithium-ion battery cathodes, such as nickel-cobalt-aluminum oxide and nickel-manganese-cobalt oxide.

On the other hand, lithium metal can be used to produce anode material for high-energy-density batteries. Lithium metal is produced by the electrolysis of lithium chloride and potassium chloride. The popularity of lithium metal is increasing due to its use in solid-state batteries, which could become an alternative to conventional lithium-ion battery technology as the energy storage revolution unfolds.

There is also a market for technical-grade lithium. Technical-grade lithium products, such as technical-grade lithium concentrate, sell for a cheaper price than battery-grade products, and are used in applications such as glass and ceramics. Technical-grade lithium products must have very low concentrations of iron.

While batteries have been getting most of the attention in the lithium space lately — and while demand for lithium from the battery and energy storage sectors is certainly on the rise — other industries continue to account for a healthy proportion of lithium demand.

Citing data from Roskill, a report from Stormcrow Capital notes that in 2013, rechargeable batteries made up 29 percent of lithium demand, while the remainder of the market mostly consisted of various industrial end uses. In 2021, that proportion increased to 74 percent, as per the US Geological Survey, but sizeable portions of the market were still accounted for by ceramics and glass (14 percent), lubricating greases (3 percent) and other industrial uses. Lithium is also used in pharmaceuticals, lubricants and heat-resistant glass.

Last on this lithium facts list is the price challenge — as experts often point out, there's no single lithium price. Lithium traded at spot prices only reflects a portion of the market, and investors should keep in mind that most lithium is locked up in contracts, which in some cases include fixed pricing.

Following initial concerns from lithium market participants, the London Metal Exchange launched its lithium contract last year. CME Group also kicked off a similar contract for the battery metal in 2021.

Investors interested in learning more about prices can look to research firms dedicated to price reporting and assessment of different lithium products, or to experts in the lithium space for market reports and forecasts.

This is an updated version of an article originally published by the Investing News Network in 2015.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

Charger Metals NL (ASX: CHR, “Charger” or the “Company”) is pleased to provide an update for its Lake Johnston Lithium Project, which includes proposed drilling at the Medcalf Prospect. This program will follow the completion of drilling campaigns at the Company’s Coates and Bynoe Projects where drilling approvals are expected in the near term. The Lake Johnston Lithium Project’s ownership is predominately 70% Charger and 30% Lithium Australia NL (ASX: LIT) (see Schedule 1).

Charger’s Managing Director, David Crook commented:

“Charger has commenced the statutory approvals process required before the commencement of drilling of the spodumene-pegmatite target at the Medcalf Spodumene Prospect, which has mineralised outcrops extending over at least 500m of strike and where rock chip samples returned between 1.51% and 5.13% Li2O.

“Charger has successfully delivered new, priority drill targets at each of the Company’s three projects, and despite delays out of our control, we continue to work proactively with Western Australian and Northern Territory regulatory bodies and other stakeholders to commence drilling on each project as soon as permitting is finalised.”

The region hosting the Lake Johnston Project has attracted considerable interest in LCT pegmatite mineralisation due to its proximity to the large Mount Holland Lithium Project under development by Covalent Lithium Pty Ltd (a joint venture between subsidiaries of Sociedad Química y Minera de Chile S.A. and Wesfarmers Limited) located approximately 70km west of the Lake Johnston Project. Mt Holland is understood to be one of the largest undeveloped hard-rock lithium projects in Australia with Ore Reserves for the Earl Grey Deposit estimated at 94.2 Mt at 1.5% Li2O1.

The DMIRS2 has flagged delays processing “Program of Work” approvals for ground disturbing activities in Western Australia, which has impacted the start date for drilling at the Company’s Coates Ni Cu Co PGE Project. Similarly, the Company is working through the Northern Territory “Mine Management Plan” process prior to drilling commencing at its Bynoe Lithium Project. The Company is prepared for an immediate start at either of these projects on receipt of the respective statutory approvals.

Drilling planned for the Medcalf Spodumene Prospect

A program of approximately 40 RC holes is proposed to test the Medcalf Spodumene Prospect pegmatites.

The Medcalf Spodumene Prospect was discovered by reconnaissance fieldwork in 2018 and 20193, which included soil geochemistry, mapping and rock chip analysis centred on an area northeast of Lake Medcalf4, WA. Previously, the GSWA5 1:250,000 Lake Johnston map indicated a pegmatite outcrop at this location.

The fieldwork identified a spodumene-pegmatite swarm, comprising about 20 anastomosing pegmatite dykes that outcrop in an area between 500m and 800m long within a corridor 300m wide. The strike direction of the pegmatite dykes is approximately northwest and dip is to the southwest.

Charger’s 2022 soil geochemistry program extended the halo of the lithium-in-soil geochemical anomaly at Medcalf further north into an area where pegmatite-derived sands and minor outcrops suggest a possibly sub-parallel zone just northeast of the main Medcalf pegmatite swarm.

Figure 1: Medcalf Lithium Prospect showing mapped pegmatites, soil sample and rock chip locations. Assays shown are of spodumene-bearing rock chips. The central black rectangle aligns with the geochemical image in Figure 2 below. The large width of the outcropping pegmatite cluster will be drill tes

Figure 2: Shows image processed Li assay values from soil geochemistry (background), overlain by graduated point Li2O assay values. The area of the Medcalf pegmatite cluster is indicated by the central black rectangle with a soil geochemistry anomaly over covering approximately 800m by 600m

Click here for the full ASX Release

This article includes content from Lithium Australia NL, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

Charger’s Managing Director, David Crook commented:

Drilling planned for the Medcalf Spodumene Prospect

A program of approximately 40 RC holes is proposed to test the Medcalf Spodumene Prospect pegmatites.

Click here for the full ASX Release

This article includes content from Charger Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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