TORONTO, May 01, 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 been successful in tracking down and securing an extensive collection of historical records for exploration work carried out on the Howells Lake Antimony-Gold Project (“Howells Lake Project”) in the Thunder Bay Mining Division of Ontario, Canada. These historical exploration records include assay data from work dating back to the discovery of high-grade antimony and gold mineralization in 1979, more than 40 years ago.
“It is evident that the exploration work conducted during this period was of the highest quality,” said Duane Parnham, Executive Chairman and CEO. “It was systematically performed to evaluate the geological significance of their antimony and gold discoveries. With the newly recovered records, management has identified an opportunity to expand on other historical work at the project and assemble a high-value antimony-gold mining scenario rarely available today.”
Highlights Extracted from an Initial Review of Newly Acquired Historic Documentation:
High-grade antimony was first discovered in drill hole MW-79-2 in an intersection grading 0.18 ounces per ton (6.17 g/t) gold as well as 1.57% antimony over a core interval of 21.1 feet (6.43 metres). The same report notes that drill hole MC-79-V3-3 assayed 0.019 ounces per ton (0.65 g/t) gold in addition to 2.33% antimony over 18.3 feet (5.57 metres).1
An interpreted tonnage of antimony mineralization nearby but separate from the discovery noted above, referred to as the East Zone. The historic report indicated an interval of over 710 feet (216.4 metres) with the mineralization extrapolated to a depth of 1,000 feet (304.8 metres). The zone of stibnite (antimony) was interpreted to contain 1,700,000 tons of mineralization at a grade of 1.4% antimony (*see historical information disclosure below).
High-grade antimony, gold, and silver mineralization was discovered approximately 2.5 kilometres (km) to the northeast of the drill hole MW-79-2 antimony-gold discovery, with assays reported to be as high as 59.2% antimony, 0.414 ounces per ton (14.19 g/t) gold and 7.07 ounces per ton (242.4 g/t) silver.
Antimony, as the sulphide mineral stibnite, was noted on various maps and in some of the reports. In the historic documentation, antimony is indicated to occur over at least 6.0 km, and in this overburden-dominated area. This supports 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 zone of more than 6.0 km.
At the time of the work, 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 company (New Jersey Zinc) searched for significant gold mineralization. At that time, the price of gold was approximately US$459 per ounce.
New Jersey Zinc is reported to have spent around US$4 million in exploration at that time in the Howells Lake area, which is now almost entirely controlled by Critical One.
Initial reviews of some of the data indicate there are at least half a dozen priority targets that warrant further follow-up for both antimony and gold mineralization.
The newly recovered reports and data clearly indicate that the focus of the programs was base metal and gold exploration, and that the antimony mineralization discovered was very high-grade in places. The historic documentation also indicates that mineralization occurs at a number of locations on the project and virtually all the antimony and gold mineralized zones remain open to further expansion.
Based on recent reviews of the available information, there has been little effort focused on the definition of antimony mineralization occurring over an extensive area. The focus over the years was primarily on exploring for gold mineralization. The area is very prospective for finding significant gold mineralization.
The files and reports that were received from an exploration manager of those programs decades ago include some original drill logs and reports, geological reports, geological and geophysical survey maps, and some limited geochemical information and geophysical survey results. While it is known that some additional exploration work was completed beyond the time covered by the dates of the information obtained, the data includes a comprehensive interpretation of the results from some of the base metal and gold exploration programs carried out in 1979 and early 1980. Very little information was obtained for the ensuing work completed largely in the northeast part of the project in 1984 and 1986.
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 mineralization identified in the later programs.
*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. Drill intersections are reported as downhole intervals. No true width could be determined at this time. The information in the recovered data is considered to be of value and very relevant to the Company’s project.
Critical One notes that in the period from 1984 until now, 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 Company is continuing to review all of the various reports and data now in its possession and will be providing additional information as it becomes available. In addition, an entire database will be compiled and interpreted from the recovered data ahead of the upcoming field season, when it is anticipated crews will conduct geophysics, geological mapping, trenching and drilling in support of an antimony-gold mining scenario.
1Themistocleous, S.G., 1980. Miminiska Lake Project Northwestern Ontario Geological Report, New Jersey Zinc Exploration Company (Canada) Ltd.
Qualified Person
Bruce Durham, P.Geo., a qualified person under NI 43-101, 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. 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. +1 (416) 489-0092 ir@madisonmetals.ca
Media inquiries:
Adam Bello Manager, Media & Analyst Relations Primoris Group Inc. +1 (416) 489-0092 media@primorisgroup.com
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.
