Critical Elements Discovers Multiple New Mineralized Zones at Rose Grading Up to 806 ppm Ta2O5 and 2.27% Li2O
MONTREAL, QUEBEC -- (Marketwire) -- 10/27/11 -- Critical Elements Corporation (TSX VENTURE: CRE)(OTCQX: CRECF)(FRANKFURT: F12) ('Critical Elements') is pleased to announce the most recent results of summer exploration work on its Rose tantalum-lithium project. The work done during the brief 15-day prospecting program identified at least five new zones that returned grades of up to 806 ppm Ta2O5and 2.27% Li2O in grab samples. All samples were taken from an area of approximately 10 square kilometres, at spacings of from a few metres to a few kilometres. The most significant results are shown in the table below. (Grab samples are selective by nature and are unlikely to represent average grades of the deposits).
UPDATE
Prefeasibility Study:
The Company also wishes to provide an update on the ongoing prefeasibility study. A Lidar airborne topographic study is now underway. This survey will be very useful in the final assessment of where to locate the various elements of the mine site, as well as for the impact study. The Company has also retained Les services d'ingenierie Mine-Concept to carry out a geotechnical study on the entire deposit and mine site. Six oriented core holes (630 metres of drilling) have been drilled to carry out various geotechnical tests (constraints, fracture orientation, etc.). These tests will all be incorporated into the final prefeasibility study, scheduled for completion at the end of the fourth quarter.
Impact Study:
The Company confirms that it has filed a notice of project with the environment ministry and the COMEV regarding its intention to open and operate a mine producing 1,500,000 tonnes per year, with an initial resource of 26,500,000 tonnes, an expected mine life of 20 years and production of approximately 225,000 tonnes per year of spodumene (lithium oxide, Li2O) concentrate to produce 30,000 tonnes per year of lithium carbonate (Li2CO3). The final figures will be determined by under the prefeasibility study. The environmental impact study will be completed during the month of September 2012 under the supervision of Genivar, a Montreal-based engineering firm.
The best results obtained from the summer exploration program on the Rose tantalum-lithium project are:
Sample Li Li2O Sample Ta Ta205 Sample Ta Ta205
(ppm) (%) (ppm) (ppm) (ppm) (ppm)
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286213 10550 2.27 286420 660 806 286369 130 159
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286212 9780 2.11 286322 500 611 286206 120 147
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286361 8920 1.92 286320 370 452 286307 120 147
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286318 8840 1.90 286203 290 354 286404 120 147
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286359 8370 1.80 286205 290 354 286314 110 134
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286314 7770 1.67 286367 290 354 286372 99 121
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286215 7030 1.51 286212 280 342 286210 96 117
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286363 6690 1.44 286216 280 342 286315 96 117
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286201 6530 1.41 286218 270 330 286363 96 117
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286232 6190 1.33 286204 250 305 286311 95 116
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286364 6020 1.30 286309 240 293 286201 93 113
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286315 5840 1.26 286354 240 293 286365 91 112
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286202 5570 1.20 286208 220 269 286355 90 110
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286312 4320 0.93 286371 210 256 286209 90 110
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286204 4250 0.92 286202 200 244 286312 89 108
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286214 4100 0.88 286418 190 232 286214 83 101
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286305 3630 0.78 286419 190 232 286373 77 94
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286233 3540 0.76 286213 170 208 286313 76 93
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286206 3480 0.75 286230 170 208 286349 75 92
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286319 3390 0.73 286302 170 208
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286313 3260 0.70 286366 170 208
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286306 2980 0.64 286301 160 195
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286365 2280 0.49 286215 150 183
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286360 1720 0.37 286346 150 183
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286368 1500 0.32 286217 140 171
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286211 1240 0.27 286306 140 171
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286404 1200 0.26 286321 130 159
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286310 940 0.20 286341 130 159
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286205 860 0.19 286361 130 159
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286203 780 0.17
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- Grab samples are selective by nature and are unlikely to represent average
grades of the deposits.
'I am really very pleased, because these latest results once again show the strong potential for substantially increasing the tantalum and lithium resource at the Rose project,' said Jean-Sebastien Lavallee, President and Chief Executive Officer of Critical Elements Corporation.
ABOUT CRITICAL ELEMENTS CORPORATION
Critical Elements is actively developing its 100%-owned Rose lithium-Tantalum flagship project in Quebec. The project hosts a current new NI 43-101 compliant Indicated resource of 26.5 million tonnes of 1.30% Li2O Eq. or 0.98% Li2O and 163 ppm Ta2O5and Inferred resource of 10.7 million tonnes of 1.14% Li2O Eq. or 0.86% Li2O and 145 ppm Ta2O5.
Critical Elements has commissioned a prefeasibility study for the project from Genivar, one of the largest independent engineering firms in Canada. Genivar is also doing an environmental study, and Acme Metallurgical Ltd. of Vancouver is carrying out project metallurgy.
Critical Elements' portfolio also includes rare-earth and tantalum-niobium projects in the Rocky Mountains of British Columbia and in Quebec, as well as a 50% interest in the Croinor project, which is located in Quebec and hosts a current NI 43-101-compliant measured and indicated resource of 814,228 tonnes at 9.11 g/t Au, for 238,414 ounces of gold at a 5 g/t cut-off.
Jean-Sebastien Lavallee (OGQ #773), geologist, shareholder and president and chief executive officer of the Company and a Qualified Person under NI 43-101, has reviewed and approved the technical content of this release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Critical Elements Corporation shareholders:
Jean-Sebastien Lavallee, P.Geo.
President and CEO
819 824-2425
president@cecorp.ca
www.cecorp.ca
Paradox Public Relations
Jean-Francois Meilleur
514-341-0408
