12:30:47 EDT Sun 19 May 2024
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US Critical Metals Corp
Symbol USCM
Shares Issued 63,058,076
Close 2024-01-29 C$ 0.115
Market Cap C$ 7,251,679
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U.S. Critical drills 17.4 m of 724 ppm Li at Clayton

2024-01-30 12:27 ET - News Release

Mr. Darren Collins reports

USCM ANNOUNCES DRILLING RESULTS FROM CLAYTON RIDGE LITHIUM PROJECT

U.S. Critical Metals Corp. has received all the analytical results from previously announced drilling program completed at the Clayton Ridge lithium property located in Esmeralda county, Nevada. The Company has completed 1,455 meters (4,776 feet) of core drilling in 15 holes ranging in depth from 41.45m to 160.3m traversing the lithium-bearing claystone hosted in the south, central and northern sub-basins within the Clayton Ridge basin.

USCM has now fulfilled the contractually required drilling commitments, which fulfills the terms of the option agreement and will result in USCM holding a 100% interest in Clayton Ridge.

Program Results

This initial phase of drilling tested shallow, east-dipping lithium-bearing units with vertical to steeply inclined (-70o) holes to determine the thickness of the lithium-bearing units and depth to the floor of the basin. Lithium was identified in a variety of rock types including claystone (Figure 3), siltstone, conglomerate, airfall tuff, and lithic tuff. Based on the initial drill results, the claystone units produced the highest lithium values.

Although elevated lithium values were identified in 13 of the 15 holes drilled (Table 1), the highest values and corresponding widths were along the eastern fence of the holes as the Li-bearing sequence appears to thicken to the east and north where it dips beneath the volcanic tuffs into the basin's eastern margin. Along the eastern fence of holes shown in Figure 1, Hole No. CR09-23 intersected 17.4 meters of 724ppm Li (30.4 - 47.9 m) and in Hole No. CR10-23 intersected 14.4 meters of 768ppm Li (46.3 - 55.8 m). These thicker intervals (Table 1) along with locally higher-grade intercepts including 2.7 meters of 973ppm Li (34.9 - 37.6 m) in Holes No. CR11-23 indicate potential for increased lithium widths and grades to the east and north toward the basin's eastern margin (Figure 2).

Figure 1 below, reveals that this 2023 maiden drilling campaign at Clayton Ridge tested the western and central portions of the Clayton Ridge Basin, with much of the basin's potential toward the basin's eastern margin remains (Figure 2). The 2023 results provide USCM with vectors supporting additional drilling across the eastern part of the basin.

Management Commentary

Mr. Darren Collins, Chief Executive Officer and Director of USCM, comments: "Our maiden drill program at Clayton Ridge has increased our confidence about the lithium potential of the basin and provides valuable information in targeting the lithium-bearing beds to the east and north toward the basin's bounding structure. Our technical team is further evaluating the current results and will design a follow up drill program to further test the potential of Clayton Ridge. With the completion of this drill program, USCM has now completed the contractually required drilling under the Clayton Ridge option agreement to hold a 100% interest in Clayton Ridge".

About Falcon Drilling, Inc.

Falcon Drilling has over 33 years of experience providing versatile and reliable diamond drilling services, which enabled them to expand worldwide. Their ability to mobilize globally has proven to their client base that they are a committed supplier of diamond drilling services. Falcon Drilling's experienced leadership team builds valued and lasting relationships with all clients and the communities in which they operate.

QP Statement

Robert J. Johansing, BSc (geology), MSc (economic geology), who is a qualified person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects (the "QP"), has reviewed and approved the scientific and technical information contained in this news release. Robert J. Johansing is a consultant for the Company.

Quality Control and Quality Assurance

The QP was on-site and became familiar with the drill sites and drilling procedures for the Clayton Ridge Project and witnessed all components of the core logging and sampling procedures conducted at USCM's core storage facility in Tonopah, NV.

All samples were retrieved by representatives of American Assay Labs (AAL) and transported to their facility in Sparks, Nev., for the 28 element, 4 acid ICP-OES (inductively coupled plasma optical emission spectroscopy) analytical package. Both the Company and AAL have inserted standards, blanks and duplicates into the sample sequence for the reported results. AAL is located in Sparks, Nevada. AAL is an independent ISO 17025 certified laboratory.

Review of the logging, sampling and security procedures, along with the QA/QC data for sample preparation and chemical analyses has not identified any issues that would impact these results.

The Samples were analyzed at American Assay Laboratories (AAL) in Sparks, Nevada. AAL is an independent ISO 17025 certified laboratory. Additional information relating to AAL's analytical and testing procedures can be found at aallabs.com. Internal lithium standards, blanks and duplicate samples were inserted for QA/QC purposes.

Project Overview

The Project is a lithium claystone deposit located in Esmeralda County, Nevada on the east flank of the Clayton Valley, the only lithium producing region of the United States. The Project is located just 18 kilometers west of Goldfield, Nevada and roughly 17 km southeast of Silver Peak, Nevada, lying within a topographic swale between the Montezuma Range and Clayton Ridge. The Project is comprised of 180 unpatented lode mining claims, covering 3,600 acres, with easy driving access to all claims. The Project is one of several lithium projects in region. In addition to the only operating lithium producer in the US (Albemarle), the Clayton Valley and immediate surroundings host several lithium projects ranging from early- to late-stage exploration (including, but not limited to, Noram Lithium, Pure Energy, American Lithium, Ioneer Ltd., Century Lithium Corp. and Spearmint Resources).

About US Critical Metals Corp.

USCM is focused on mining projects that will further secure the US supply of critical metals and rare earth elements, which are essential to fueling the new age economy. Pursuant to option agreements with private Canadian and American companies, USCM's assets consist of four agreements, together providing USCM with the right to acquire interests in five discovery focused projects in the US. These projects include the Clayton Ridge Lithium Project located in Nevada, the Sheep Creek Rare Earth Project located in Montana, the Haynes Cobalt Project located in Idaho, the Lemhi Pass Rare Earth Project located in Idaho and the Long Canyon Uranium Project located in Idaho. A significant percentage of the world's critical metal and rare earth supply comes from nations with interests that are contrary to those of the US. USCM intends to explore and develop mineral resources with near- and long-term strategic value to the advancement of US interests.

We seek Safe Harbor.

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