Critical Elements reveals Rose West discovery, as Rose project timeline slips

A winter drilling campaign at Critical Elements Lithium's (TSXV: CRE; US-OTC: CRECF) Rose lithium-tantalum project in Quebec has confirmed a discovery called Rose West.

The 2024 winter drill campaign at the Rose West site, first encountered during summer prospecting in 2023, drilled 3,670 metres across 31 holes targeting spodumene-bearing pegmatites. The results include an intersection of 40.4 metres grading 1.31% lithium oxide (Li₂O) in hole RD-24-20 and 20.3 metres at 2.22% Li₂O in hole RD-24-23A, among others.

“It is very satisfying that assay results continue to confirm the discovery at Rose West, as well as the efficacy of our exploration model,” CEO Jean-Sébastien Lavallée said in a press release Monday.

The Rose West discovery comes amid an ongoing, soft lithium market, with analysts revising the expected operational start date for the cornerstone Rose project to 2027, a year later than previously predicted.

At 70¢ per share during midday trading on the TSXV, the company’s shares were trading near a 12-month high just shy of 72¢ apiece, doing little to lift the equity out of its more than two-thirds decline over the past 12 months. It has a market capitalization of $152.5 million.