Critical One Energy Inc. (“Critical One” or the “Company”), a leading Canadian mining exploration company focused on critical metals and minerals, is pleased to announce that the Ontario Ministry of Energy and Mines has issued an Exploration Permit, PR-24-000227, for its Howells Lake Antimony-Gold Project (“Howells Lake Project”) located in the Thunder Bay Mining District of Ontario. Located approximately 120 kilometres (km) west of the Ring of Fire, Ontario’s multi-billion-dollar infrastructure development, this project is strategically positioned to contribute to Canada's critical minerals strategy, reducing reliance on foreign supplies amid growing global demand and constrained supply.
The Howells Lake Project encompasses a promising mineral deposit with historical indications of high-grade antimony and antimony-gold mineralized zones, plus unlimited exploration upside for new discoveries. With the drilling permit now in hand, Critical One plans to commence an initial drilling program shortly to further delineate the resource potential proximal to the historic discovery and advance the project toward a feasibility study.
"We are thrilled with this approval, which underscores our commitment to responsible exploration and development," said Duane Parnham, Founder, Executive Chairman and CEO of Critical One. "This is a significant milestone that demonstrates the government's confidence in our project's viability and our team's expertise. We remain deeply respectful of the Eabametoong First Nation (EFN) and are grateful for their collaboration through the consultation process, which ensures that our activities align with community values, environmental stewardship and mutual partnership."
The Company has prioritized environmental sustainability and community engagement throughout the permitting process. The drilling program will incorporate best practices for minimal impact, including comprehensive monitoring and consultation with EFN in the spirit of the agreed terms.
The Howells Lake Project represents one of Canada's largest known undeveloped antimony systems, with a historical resource of 1.7 million tons at a grade of 1.4 % antimony with associated gold mineralization (Themistocleous, 1980)*. Historical drilling has returned grades that include individual assays up to 75 % antimony and over 14 g/t gold, as well as intervals such as 5.37 % antimony over 8.35 metres and associations with high-grade gold. The project spans an extensive land package of approximately 25,000 hectares across a 30 km strike in a proven greenstone belt, positioning it as a key asset in addressing North America's growing demand for critical minerals amid supply chain constraints and elevated antimony prices.
*Note: All geological and assay information contained in this document is historical in nature and the Qualified Person (“QP”) responsible for the technical disclosure in this release is unable to determine if any of that data would meet current NI 43-101 regulations regarding disclosure of scientific and technical information. Additionally, the QP has not done sufficient work to make the resource current. The historical resource uses "Inferred + Speculated" categories which are not comparable to or compliant with CIM definitions of resources. Drill intersections in the historical report are reported as downhole intervals and no true width could be determined at this time. Historical grades will need to be replicated and expanded upon with new drilling where uniform and dense drill intercepts, a defined orientation and size to the ore body, and cut-off grades, are to be established to meet modern resource standards. The information in the data recovered is considered of value and relevant to the Company’s project. However, the Issuer is not treating the estimate as current.