Critical Resources : Assays Confirm Copper & Deep Disseminated Sulphides-Gibsons

05 April 2022

Assays Confirm Copper and Deep Disseminated Sulphide

Mineralisation in Step Out Hole 11A at Gibsons

Critical Resources Limited (ASX:CRR) ("Critical Resources" or the "Company"), is pleased to advise assays have confirmed Copper and Deep Disseminated Sulphide mineralisation in its seventh diamond drill hole CRR21DD_11A (Hole 11A) of its drilling campaign at the Gibsons prospect, part of the broader Halls Peak project in New South Wales.

Highlights

•  7.63m @ 1.15% Cu, 0.23% Zn, 0.01% Pb, 73.15g/t Ag, 0.01g/t Au from 42.04-49.67m downhole

  • o Including 0.75m @ 5.41% Cu, 0.61% Zn, 0.01% Pb, 234.37g/t Ag, 0.01g/t Au from 47.92-48.67m downhole

•  The presence of deep disseminated base metal sulphides to a depth of 360m indicates potential for the discovery of further massive sulphide lodes both laterally and at depth

•  Hole 11A is a step-out hole and copper discovery represents a potentially new style of mineralisation in an area not previously drilled

•  Approval from the Resources Regulator has been received for an additional three holes at Gibsons for a total of 1,200m

•  Drilling designed to test the extent of copper mineralisation in Hole 11A and depth and extent of geophysical anomalies

•  Cores from completed Holes 02, 02A, 04, 07A are currently being assayed with results expected progressively in the short term

Figure 1: Detail of sample 539 from 47.92-48.30m @ 6.89% Cu, 0.63% Zn, 0.1% Pb, 262g/t Ag and 0.02g/t Au part of larger interval of 7.63 metres (42.04-49.67m) downhole @ 1.15% Cu, 0.23% Zn, 0.01% Pb, 73.15g/t Ag, 0.01g/t Au (Diamond drill hole CRR21DD_011A, Scale: NQ core 50mm diameter variety)

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Assays received from Hole 11A confirm copper mineralisation intersected in Hole 11A across 7.63 metres (42.04-49.67m) downhole @ 1.15% Cu, 0.23% Zn, 0.01% Pb, 73.15g/t Ag, 0.01g/t Au

1,200m of additional drilling aims to test the extent of the copper mineralisation seen in Hole 11A.

Holes are also designed to test the depth and extent of geophysical anomalies consistent with the current exploration strategy at Halls Peak.

Critical Resources Managing Director Alex Biggs said: "Extension of the drilling campaign at Gibsons is confirmation that we see huge potential in the Halls Peak project as a whole. These additional holes will allow us to further delineate the chalcopyrite mineralisation we intersected in Hole 11A and test geophysical anomalies at depth. We are excited to test the potential of the Gibsons prospect further and look forward to adding to the already impressive results we have seen so far".

Significantly there were intervals of highly anomalous base metal mineralisation to 360m downhole Including:

•  3.36 metres (194.54-197.90m) downhole @ 0.07% Cu, 0.44% Zn, 0.07% Pb, 1.83g/t Ag and 0.02g/t

  Au, that included 0.12 metres downhole @ 1.05% Cu, 2.06% Zn, 0.007% Pb, 16.7g/t Ag and 0.08g/t

  Au, and

•  3.40 metres (356.60-360.00m) downhole @ 0.1% Cu , 0.94% Zn, 0.42%Pb 8.63g/t Ag and 0.01g/t

  Au

The presence of base metal sulphides to a depth of 360m significantly extends the down hole depth of the known base metal exhalative system and indicates potential for the discovery of further massive sulphide lodes both laterally and at depth.

Drilling at Halls Peak continues to expand areas of known mineralisation. Hole 11A has intersected intervals of sheeted veins and stockwork mineralisation containing chalcopyrite and pyrite downhole from 42.00 - 50.72m. Petrographic and geochemical studies are being undertaken to identify the causative mineral system of this potentially new style of mineralisation. Geophysical reinterpretation post drilling demonstrates that the surveyed drill hole passed close to a geophysical anomaly as shown in Figure 2. The purposed of the newly planned drill holes is to retest this anomaly and depth potential. Further detail of this strategy is shown in Figures 10, 11 and 12.

Figure 2: Cross section of geophysical reinterpretation and Hole 11A drill hole survey

Figure 3: Detail of core (41.58 - 50.20m, core trays Trays 9 and 10,) with intervals of sheeted veins and stockwork mineralisation with visible chalcopyrite and pyrite. This core is part of the interval of 7.63 metres (42.04-49.67m) downhole @ 1.15% Cu, 0.23% Zn, 0.01% Pb, 73.15g/t Ag, 0.01g/t Au (Diamond drill hole CRR21DD_011A, Scale: NQ core 50mm diameter variety)

Figure 4: Detail of core with intervals of visible chalcopyrite and lesser pyrite, from first three rows of tray 10 in Figure 3 above that extend downhole from 46.2-48.7m. Top row RHS has portion of sample 536 (46.52-46.74m @ 3.30% Cu, 0.27%

Zn, 0.019% Pb, 199.0g/t Ag, 0.02g/t Au;) and bottom row LHS has sample 539 (47.92-48.30m @ 6.89% Cu, 0.63% Zn, 0.01% Pb, 262g/t Ag, 0.02g/t Au), (Diamond drill hole CRR21DD_011A, Scale: NQ core 50mm diameter variety)

Figure 5: Detail of core with intervals of sheeted veins and stockwork mineralisation with pyrite and lesser chalcopyrite, from first five rows of tray 9 in Figure 3 above (Diamond drill hole CRR21DD_011A, Scale: NQ core 50mm diameter variety)

Figure 6: Half core from third row of above Figure 5, Sample 530 from 43.04-43.86m @ 1.61% Cu, 0.51% Zn, 0.03% Pb, 149g/t Ag, 0.02g/t Au. Note RHS sheeted, parallel vein, chalcopyrite at times is present towards the central portion of the sheeted veins with more pyrite towards the margin, this could be indicative of a later stage vein parting event by more copper-rich fluids. Note: Core is sawn in half:- half core sent for assay and half core retained for study and future JORC validation (Diamond drill hole CRR21DD_011A, Scale: NQ core 50mm diameter variety)

Figure 7: Detail of core with intervals of sheeted veins and stockwork mineralisation with mostly pyrite and lesser chalcopyrite in the first two rows and chalcopyrite dominated wider vein in the 4th row; photo field part of downhole interval that extends from 43-47m (Diamond drill hole CRR21DD_011A, Scale: NQ core 50mm diameter variety)

Figure 8: Half core from RHS of second and third row of Figure 7 above. Top row RHS has portion of sample 532 (44.92-45.15m @ 0.90% Cu, 0.12% Zn, 0.03% Pb, 44.90g/t Ag, 0.01g/t Au) and bottom row LHS has portion of sample 534 (45.60-46.09m @ 1.30% Cu, 0.28% Zn, 0.01%Pb, 113g/t Ag, 0.01g/t Au). Note first row RHS sheeted, parallel vein (at the 45m downhole measurement) has chalcopyrite towards the central portion of the veins with more pyrite towards the margin; note third row RHS sheeted, parallel vein (at the 46m downhole measurement) is dominated by chalcopyrite. Note: Core is sawn in half:- half core sent for assay and half core retained for study and future JORC validation. (Diamond drill hole CRR21DD_011A, Scale: NQ core 50mm diameter variety

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