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Critical Elements Lithium Corp V.CRE

Alternate Symbol(s):  CRECF

Critical Elements Lithium Corporation is a Canada-based lithium exploration company. The Company is engaged in the acquisition, exploration, development and processing of critical minerals mining properties in Canada. Its projects include Rose Lithium-Tantalum, Rose North, Rose South, Arques, Bourier, Dumulon, Duval, Nisk, Lemare, Caumont, and Valiquette. The Rose Lithium-Tantalum property consists of over 473 claims covering a total area of over 24.99 square kilometers (km2). It lies in the northeastern part of Superior Province, within the Eastmain greenstone belt. The Rose North property consists of about 31 claims covering a total area of over 16.14 km2. The Arques Property is composed of one block totaling around 136 claims covering an area of 6,840.93 hectares (ha) over 18 kilometers (kms) in length in a Southwest-Northeast direction. Bourier Property is comprised of over 304 claims with an area of 15,616.47 ha for over 30 kms. Rose South property consists of over 280 claims.


TSXV:CRE - Post by User

Post by dakine555on Sep 29, 2010 9:39am
545 Views
Post# 17505734

news

news

First Gold Drills the Best Hole to Date and Receives a Positive 43-101 Property Report

LAVAL, QUEBEC--(Marketwire - Sept. 29, 2010) - First Gold Exploration Inc.(TSX VENTURE:EFG) (FRANKFURT:F12) (OTCQX:FGEXF) is pleased to reportthe most recent drill results for the Lac Pivert/Rose project. Thetable below shows the results for holes LR-10-91 to LR-10-104, drilledto test the extension of the zones to the east. All the holesintersected mineralized zones over consistent thicknesses.

The drilling program is still ongoing and continues to intersect the mineralized zones with sustained thickness.

Amap showing the location of the holes is posted under Pivert/RoseLithium Project in the Projects section of the Company's website, at www.firstgoldexploration.com.

New results are as follows:

HOLE FROM TO TRUE WIDTH Li20 Rb Ta2O5 Be Cs Ga
# (m ) (m ) (m ) (% ) ppm (g/t ) ppm (g/t ) ppm (g/t ) ppm (g/t ) ppm (g/t )
LR-10-91 68.40 82.15 13.75 1.38 2726 166 166 83 78
LR-10-92 60.15 65.50 5.35 1.21 3493 202 158 117 79
LR-10-93 44.70 53.50 8.80 1.07 2394 229 140 111 79
LR-10-94 24.05 33.40 9.35 1.01 2364 191 136 75 79
LR-10-95 11.20 16.85 5.65 0.34 3334 209 88 87 53
LR-10-96 18.75 30.00 11.25 1.28 3638 202 260 126 67
LR-10-97 75.20 81.40 6.20 1.13 3170 154 167 119 64
LR-10-98 83.85 97.20 13.35 PENDING
LR-10-99 81.00 96.90 15.90 1.64 2540 113 145 75 68
LR-10-100 78.70 97.50 18.80 1.74 2561 169 141 70 75
LR-10-101 87.05 103.45 16.40 PENDING
LR-10-102 99.70 118.30 18.60 1.70 1973 151 158 65 72
LR-10-103 123.05 138.00 14.95 1.25 2389 145 117 82 74
LR-10-104 121.75 140.00 18.25 1.57 2238 152 160 77 79
* 1 ppm = 1 g/t

Allthe samples were sent for analysis in sealed containers to the Chemexlaboratory in Val-d'Or by employees of the Company. Chemex is thelaboratory used for analysis of all samples from programs on the LacPivert/Rose property. The samples are weighed and identified prior tosample preparation. The samples are crushed to 70% minus 2 mm, thenseparated and pulverized to 85% passing 75 um. All samples are analyzedusing ICP-MS, with full analysis for 47 elements.

"We are very pleased to be receiving up to 1.74% Li2Oresults from the lab on wider true-width intercepts of up to 18.8metres for this ongoing drilling, this being nearly twice the width andgrade of our first holes," said Eric Leboeuf, President of First Gold.

Highlights Of the 43-101 Property report

InnovExplo, independent consulting firm conclusions:

  • The character of the Pivert/Rose property is of sufficient merit to justify additional exploration works;
  • Consistent results over a very broad area;
  • Possibility of increasing the size of the current structures with more drilling;
  • Possibility of developing and finding other targets on the property;
  • The work that began in November 2009 is very well done and the results are accurate;
  • InnovExplo recommend conducting a pre-feasibility study in order to determine the potential economic viability of the Mineral Resources. The Mineral Resources Estimate is due in November 2010.

43-101 author, Pierre-Luc Richard, P.Geo of InnovExplo, report comments:

TheRose showing is clearly an advanced stage exploration project hostingsignificant mineralization in lithium and rare-elements.

Outof 65 drill holes, 62 reported significant mineralization in either Li,Ta, Rb, Cs, Ga, Be or, in most of the case, in more than one of theseelements.

"The grades versus sample lengths show a veryhomogeneous distribution for every elements considered (Li, Rb, Cs, Be,Ta, Ga) and no bias is seen due to small sampling interval".

InnovExplo'spreliminary data compilation and review of historical reportsconcerning the Pivert/Rose property revealed significant potential forthe discovery of new lithium and rare-elements pegmatites over theentire property. The property is strategically positioned in an areawhich is known to be associated with such mineralization. The Roseshowing is at an advance stage exploration, but considering the size ofthe mostly unexplored Pivert/Rose property, InnovExplo consider theproperty to be at an early-stage of exploration and to potential todiscover other mineralization remains high.

First Goldexploration works and drilling program conducted since 2009 has addednumerous significant drill holes intercepts allowing a bettergeological interpretation of the Rose showing and confirming thepotential of the entire area for new discoveries.

Thefact that the pegmatite dykes found at Rose are shallow andsub-parallel to the surface is a significant advantage for this projectand should be taking into account when evaluating its furthereconomical potential.

Although the Rose showing iscurrently the most advanced area of the property in term ofexploration, three other identified showings on Block A (Pivert, JR andHydro) seem very promising and should be investigated more by eithertrenching or drilling as they show similarities to the Rose showing interm of mineralogy, grades and thickness (according to surfaceobservations). Surface observations also show that these three showingsfavorably dip gently sub-parallel to the surface as it is the case forRose.

The final report will be filed within 40 days.

Also,based on the highlights of this InnovExplo report, First Gold isnegotiating the acquisition of the other 15% ownership of Pivert/Roserare metal property. The negotiations are going well and will be basedon the fair market value of Pivert/Rose within First Gold's balancesheet assets and its related stock price. The Company will do anaccretive deal for its shareholders.

Jean-SebastienLavallee (OGQ #773), a geologist, shareholder and director of theCompany and a Qualified Person under NI 43-101, has reviewed andapproved the technical content of this release.

Neither the TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this release.

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