Critical Elements Lithium Corporation (CRE.V) is back on site at Rose West. The company announced on August 12, 2026 that its Phase 2 Summer 2026 drill program has resumed after a forest-fire-related interruption — and the 11 holes completed before the pause have already expanded the mineralized footprint by a 300 x 300 m block, extending the lateral reach of Pegmatites 2, 3, and 5.
Total meterage drilled to date stands at 2,073 metres from 11 holes, all collared in the northeast corner of the Main Target Area. Two rigs are now back at work to optimize the pace of what is a 10,000-metre program in total.
Pegmatite thicknesses in the expanded zone continue to range from 10 to 30 metres. The full program is designed to grow the mineralized footprint toward a potential 1,250 x 2,000 m target area and to confirm lateral continuity across at least two additional pegmatite bodies within the system.
Kenneth Williamson, Director of Exploration, put the multi-body ambition plainly in the August 12 release: "The summer program will help demonstrate the continuity of not just one, but several lithium- and tantalum-rich pegmatites, over a much larger area."
The benchmark for what Rose West can deliver is already on record. Winter 2024 and 2026 drilling through Pegmatite 4 — hole RD-24-07 specifically — returned 1.66% Li₂O and 180 ppm Ta₂O₅ over 12.20 metres. The tantalum co-product appears alongside lithium in Williamson's characterization of the system as hosting "lithium- and tantalum-rich pegmatites" — a dual-commodity description that distinguishes Rose West from single-commodity lithium targets, per the August 12 release.
The Rose West project sits within Critical Elements' broader Rose Lithium-Tantalum land package: 502 claims covering approximately 26,034 hectares plus a 157-hectare mining lease, located in Eeyou Istchee, Québec on the Traditional Lands of the Eastmain Community. The 100%-owned Rose West discovery is separate from the company's existing NI 43-101 resource on the main Rose deposit.
The stated objective of the Phase 2 program is to generate sufficient data for a maiden Mineral Resource Estimate at Rose West, targeted for Fall 2026. That timeline puts the company in parallel with at least one Canadian peer: Grid Metals Corp. announced on August 6, 2026 that it is proceeding with a maiden cesium and lithium resource estimate for the Lucy South pegmatite at its Falcon West Property in southeastern Manitoba, also expected this fall.
On the stock: CRE.V was quoted at CAD $0.2950, down 1.67%, as of 9:30 a.m. EDT on August 15, 2026 on the TSX-V. Market cap and cash position figures were not available from verified primary sources and are excluded here.
The broader small-cap backdrop for the week ended August 14 was constructive. The Russell 2000 led the major indexes with a 1.1% weekly gain, while the S&P 500 posted its third consecutive positive week, up 0.4%. Consumer sentiment, however, offered a counterweight: the University of Michigan's preliminary August index fell to 51, below the forecast of 55, and July retail sales dropped by the most in over a year.
With 2,073 metres drilled and 11 holes awaiting assay, the program's next milestones are the return of those assay results and completion of the remaining metres in the 10,000-metre Phase 2 program — work the company has said is designed to support a maiden Rose West resource estimate before year-end.