Critical One Discovers High-Grade Antimony Intervals in Howells Lake Project Historical Data

Business Upturn

14-05-2025

By GlobeNewswire Published on May 14, 2025, 23:52 IST
TORONTO, May 14, 2025 (GLOBE NEWSWIRE) — Critical One Energy Inc. (formerly Madison Metals Inc.) ('Critical One' or the 'Company') (CSE: CRTL) (OTCQB: MMTLF) (FSE: 4EF0) is pleased to announce that the Company has discovered significant antimony, including an interval in drill hole MC-V3-79-22 that assayed up to 75% antimony within core internal of 5.37% antimony over 8.35 metres, as well as gold assays in the extensive collection of historical records of the Howells Lake Antimony-Gold Project ('Howells Lake Project') announced in its May 1, 2025 press release.
The newly recovered reports and datasets clearly indicate that the historic exploration programs carried out in the project area from 1979 to 1984 focused on base metals and gold, and that the discovery of high-grade antimony mineralization in the V-3 grid area at the West and East zones was fortuitous. The extension of the antimony mineralized zones and various areas of gold mineralization remain open for further expansion both along strike and down-dip. Numerous other targets for both antimony and gold have been documented elsewhere outside the V-3 grid area on Critical One's extensive landholdings (Figures 1 and 2).
Photo: Historic drill core containing pure stibnite (antimony), Howells Lake Project.
Figure 1: Howells Lake Project property map.
Information Highlights From the New Dataset: High-grade antimony was first discovered in the project area in drill hole MW-79-2 in an intersection grading 6.17 grams per tonne gold and 1.57% antimony over a core interval of 6.31 metres*. This area of mineralization is recorded as the West zone in reports (Figure 2).
Reported as the East zone discovery, antimony was intersected along an interval of 216 metres in a number of core holes. With the mineralization extrapolated to a depth of 304 metres, the zone of stibnite (antimony) was interpreted to contain 1,700,000 tons (1,543,000 tonnes) of mineralization at a grade of 1.4% antimony (*see historical information disclosure below) (Figure 2).
Highlighted Drill Intersections Include: Hole Interval Core Length Assays MW-79-2 17.16-23.47m 6.31m 6.17 g/t gold, 1.57% antimony MC-V3-79-3 21.37-26.92m 5.58m 0.71 g/t gold, 3.33% antimony MC-V3-7-11 80.49-86.28m 5.79m 1.14% antimony MC-V3-79-18 39.94-50.61m 10.67m 2.01% antimony MC-V3-79-22 52.74-61.25m 8.35m 5.37% antimony MC-V3-79-25 78.96-103.65m 24.7m 0.955% antimony High-grade antimony and gold mineralization was discovered in surface samples approximately 2.5 kilometres (km) to the northeast of the drill hole MW-79-2 antimony-gold discovery, with assays reported as high as 59.2% antimony and 14.19 grams per ton gold* .
Antimony in the form of stibnite was noted on various maps, and in some of the reports, is indicated to be known to occur over at least 5.0 km. In this overburden-dominated area, there is excellent potential to find other antimony-rich or gold-rich areas of mineralization.
Geophysics, geology, notes and assay data show the presence of antimony mineralization over a total distance along a major alteration and deformation zone of more than 5.0 km, with the favourable geological units extending much further.
At the time of the work in the 1970s, antimony was valued at less than US$1.50 per pound and of little interest. It was merely noted as part of the alteration package as the owner at the time, New Jersey Zinc, searched for significant gold mineralization. Antimony is currently valued at more than US$25.00 per pound.
New Jersey Zinc is reported to have spent approximately US$4 million searching for significant gold or base metal mineralization in the 1980s in the Howells Lake area, which is now almost entirely controlled by Critical One. At that time, the price of gold was also much lower, at approximately US$459.00 per ounce.
'The timing of our acquisition of the land packages that comprise the Howells Lake Project could not have been better, and the project is turning out to be even more compelling than we initially thought,' said Duane Parnham, Executive Chairman and CEO of Critical One. 'With Western governments frantically looking to fast track critical mineral projects that are of vital importance, the antimony deposits at Howells Lake are a perfect fit for early development given its fundamentals, the critical need for antimony in North America and the fact that the project is south of the Ring of Fire, an area that is attracting a lot of government attention for critical mineral mining infrastructure development. With renewed government support for critical minerals project development, and armed with previous knowledge that is now combined with all this historic data, we are ready to get personnel on the property to start defining antimony and gold mineralization as soon as conditions permit.'
Figure 2: Antimony zones at Howells Lake Project.
Assay data recovered, while incomplete (and historical in nature), is for the 1979 drilling program only. While other gold-focused core drilling programs are covered in the summary reports, little or no information is mentioned relating to the amount or distribution of antimony or gold mineralization encountered in the later programs.
Critical One notes that in the period from 1984 to the present, no other company has held the entire land position that the Company now holds in the Howells Lake area, and no entity has mounted a significant exploration effort on the property in the past 40 years. Further, no exploration drilling programs have been carried out on the property focusing on defining antimony mineralization.
The antimony and gold mineralization occurs in broad zones of strong shearing, carbonate and sericite alteration that includes green mica. Other associates are pyrite, quartz veining arsenopyrite, chalcopyrite and sphalerite.
The Company is continuing to search for additional historic data relating to the historic work on the extensive Howells Lake property position that covers 13,990.90 hectares. The Howells Lake Antimony Gold Project ('Howells Lake Project') is located east of Pickle Lake, Ontario, in the Miminiska Lake area in the Thunder Bay Mining Division of Ontario, Canada. The acquisition of 100% interest in the Howells Lake Project was completed in January 2025 (January 13, 2025 press release).
* Note: All geological and assay information contained in this document is historical in nature and the Qualified Person responsible for the technical disclosure in this release is unable to determine if that data would meet current NI 43-101 regulations regarding disclosure of scientific and technical information for mineral exploration properties. Drill intersections are reported as downhole intervals. No true width could be determined. The information in the recovered data is considered of value and deemed to be very relevant to the Company's project.
1 Themistocleous, S.G., 1980. Miminiska Lake Project Northwestern Ontario Geological Report, New Jersey Zinc Exploration Company (Canada) Ltd. and MIMINISKA LAKE PROJECT Northwestern Ontario Geological Report NTS52/P
Qualified Person
Bruce Durham, P.Geo., a qualified person under NI 43-101, independent to the Company, has reviewed and approved the technical content of this news release as it pertains to the Howells Lake Project.
About Critical One
Critical One Energy Inc. (formerly Madison Metals Inc.) is a forward-focused critical minerals and upstream energy company, powering the future of clean energy and advanced technologies. The addition of the Howells Lake antimony gold project broadens the Company's exposure to antimony, one of the most in-demand critical minerals. Backed by seasoned management expertise and prime resource assets, Critical One is strategically positioned to meet the rising global demand for critical minerals and metals. Its mine exploration portfolio is led by antimony-gold exploration potential in Canada and uranium in Namibia, Africa. By leveraging its technical, managerial, and financial expertise, the Company upgrades and creates high-value projects, thereby driving growth and delivering value to its shareholders.
Additional information about Critical One Energy Inc. can be found at madisonmetals.ca and on the Company's SEDAR+ profile at sedarplus.ca.
For further information, please contact:
Duane Parnham
Executive Chairman & CEO Critical One Energy Inc. [phone]
[email protected]
Media inquiries:
Adam Bello
Manager, Media & Analyst Relations Primoris Group Inc.+1 [phone]
[email protected]
Neither the Canadian Securities Exchange nor CIRO accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements
This news release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. Such forward-looking statements concern the Company's strategic plans, and completion of the proposed transaction described herein. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. The actual results could differ materially from those anticipated in this forward-looking information as a result of certain risk factors. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
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