Critical Resources Limited advised that it has received initial interpretation of the airborne geophysical survey flown over Mavis Lake in October 2021 which collated magnetic, radiometric and VLF electromagnetic data. The survey has provided data regarding geological trends and potential drill targets that demonstrate a significant mineralisation footprint at the Project. Interpretations of the magnetic data set from the geophysical survey have identified geological trends that demonstrate the potential for continuity between the Pegmatite 6 and Pegmatite 18 prospects over circa 3kms, as seen in Figure 1. This potential continuity has not previously been tested by drilling, providing a new exploration area within the Mavis Lake property.

Surface mapping will not only help identify drill targets, but act as a basis for further detailed geophysical interpretation. Further interpretation of the geophysical data set that may identify significant geological areas such as structural deformation resulting in favourable conditions for pegmatite development is continuing. The Mavis Lake Lithium Project is located approximately 20 kilometres east of the town of Dryden, Ontario.

The Project is in close vicinity to the Trans-Canada highway and railway, with major transportation arteries linking the project areas with larger cities such as Thunder Bay, Ontario, to the southeast and Winnipeg, Manitoba, to the west. The region boasts excellent infrastructure with hydro-power located a few kilometres to the south-west of the project. The region is a well-established lithium exploration and development province, with multiple projects located within the vicinity.

previous drill programs have yielded high-grade Li2O intercepts presenting significant exploration potential, including: 55.25m at 1.04% Li2O from 80.75m in drill hole MF18-53 and 26.30m at 1.70% Li2O from 111.9m. inc. 7.70m at 2.97% Li2O from 130.5m in drill hole MF17491. The purpose of the airborne survey was to gain detailed magnetic, radiometric and VLF electromagnetic data over the entire tenement package.

The survey was completed via light aircraft. Prior to this survey, detailed magnetic data only existed over ~25% of the tenement and there was no useful radiometric data. All data sets are being employed to build a detailed geological interpretation over the entire tenement package.

The radiometric data over known pegmatite occurrences will be assessed to see if a useful potassium radiometric signature is present to allow discrimination of pegmatite occurrences within the background mafic rocks. If this is the case, more detailed ground radiometric surveys will be considered over prospective areas going forward that will allow for the identification of pegmatite occurrences.