- Critical Elements Lithium (TSXV:CRE), a highly prospective junior lithium stock, is detailing a major discovery on its 100-per-cent-owned Rose West property stemming from new assay results from a 31-hole, 3,670-metre winter drilling program
- Highlights include 1.31 per cent lithium oxide and 235 ppm tantalum pentoxide over 40.40 m, including 1.64 per cent lithium oxide and 219 ppm tantalum pentoxide over 22.50 m in hole RD-24-20
- Critical Elements Lithium’s flagship Rose lithium-tantalum project in Quebec is estimated to yield an internal rate of return of 65.7 per cent, a payback period of only 1.8 years, and a net present value of US$2.2 billion at an 8 per cent discount rate
- The Canadian lithium stock has given back 66.36 per cent year-over-year, but has gained 44 per cent over the past five years
Critical Elements Lithium (TSXV:CRE), a highly prospective junior lithium stock, is detailing a major discovery on its 100-per-cent-owned Rose West property stemming from new assay results from a 31-hole, 3,670-metre winter drilling program.
The company encountered multiple wide intersections of lithium-rich pegmatites from the latest 14 drill holes, which follow up on the spodumene-bearing pegmatite showings discovered during summer 2023 prospecting. Highlights include:
- 1.31 per cent lithium oxide (Li2O) and 235 ppm tantalum pentoxide (Ta2O5) over 40.40 m, including 1.64 per cent Li2O and 219 ppm Ta2O5 over 22.50 m in hole RD-24-20
- 2.22 per cent Li2O and 95 ppm Ta2O5 over 20.30 m, including 2.78 per cent Li2O and 92 ppm Ta2O5 over 10.50 m in hole RD-24-23A
- 1.30 per cent Li2O and 142 ppm Ta2O5 over 31.60 m, including 1.59 per cent Li2O and 130 ppm Ta2O5 over 25.50 m in hole RD-24-22
- 1.43 per cent Li2O and 178 ppm Ta2O5 over 24.95 m, including 1.91 per cent Li2O and 145 ppm Ta2O5 over 13.50 m in hole RD-24-16A
- 1.16 per cent Li2O and 145 ppm Ta2O5 over 24.30 m, including 1.41 per cent Li2O and 159 ppm Ta2O5 over 10.50 m in hole RD-24-21
- 1.66 per cent Li2O and 180 ppm Ta2O5 over 12.20 m, including 2.34 per cent Li2O and 153 ppm Ta2O5 over 7.50 m in hole RD-24-07
- 2.16 per cent Li2O and 81 ppm Ta2O5 over 6.70 m in hole RD-24-06
- 1.55 per cent Li2O and 105 ppm Ta2O5 over 9 m, including 2.41 per cent Li2O and 90 ppm Ta2O5 over 4.50 m in hole RD-24-08
Drilling to date on Rose West demonstrates continuity of a mineralized pegmatite body over 450 m in strike, extending 370 m down dip and to a vertical depth of 140 m. The body’s western portion houses multiple near-surface mineralized pegmatites up to 12.40 m thick, which appear to coalesce into a significant spodumene-bearing pegmatite in the east up to 40.40 m wide. The body remains open in all directions.
The drilling program also discovered mineralization associated with an aplite dyke with high-grade tantalum values, including 2,009 ppm Ta2O5 over 0.70 m in hole RD-24-07.
Critical Elements Lithium will release final assay results over the next few weeks.
Rose West is within the Rose and Rose South property blocks, which comprise 395 square km or only 38 per cent of the lithium explorer’s 1,050 square km land package in Quebec.
Management insights
“It is very satisfying that assay results continue to confirm the discovery at Rose West, as well as the efficacy of our exploration model,” Jean-Sébastien Lavallée, Critical Elements Lithium’s chief executive officer, said in a statement. “We look forward to launching follow-up drill programs to extend Rose West, Rose lithium-tantalum, and the mineralization at Lemare and Duval, not to mention applying our proven exploration model to test new targets identified on Critical Elements’ extensive land package. Management continues to work diligently to deliver a financing package for the Rose lithium-tantalum project that minimizes shareholder dilution.”
About Critical Elements Lithium
Critical Elements Lithium is focused on becoming a large lithium supplier for electric vehicles and energy storage systems. The junior lithium stock’s flagship Rose lithium-tantalum project in Quebec boasts a feasibility study estimating an internal rate of return of 65.7 per cent, a payback period of only 1.8 years, and a net present value of US$2.2 billion at an 8 per cent discount rate.
Critical Elements Lithium stock (TSXV:CRE) is up by 9.09 per cent, trading at C$0.72 per share as of 10:41 am ET. The stock has given back 66.36 per cent year-over-year, but has gained 44 per cent over the past five years.
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