Mr. Francis MacDonald reports

LI-FT INITIATES 45,000 METRE DRILL PROGRAM AT THE YELLOWKNIFE LITHIUM PROJECT, NWT

Li-FT Power Ltd. has started a 45,000-metre drill program that began June 2, 2023, at its Yellowknife lithium project located to the east of Yellowknife, Northwest Territories. The current drill program is targeting seven outcropping spodumene-bearing pegmatite dike complexes that are within 10 kilometres of an all-season highway.

Drilling will begin by targeting areas that, based on historic trench sample results, returned the highest lithia grades from outcropping pegmatites. The Fi Southwest and Fi Main pegmatites will be the first targets to be drilled. The company plans to drill each pegmatite target at 100-metre by 100-metre centres to a vertical depth of 300 metres. This is expected to provide sufficient sample density to enable estimates for inferred resources by mid-2024.

Francis MacDonald, chief executive officer of Li-FT, comments: "We are thrilled to have started the drill program at our Yellowknife lithium project. This is one of the largest exploration drill programs for lithium globally, which we believe is justified by the impressive outcropping exposures of spodumene-bearing pegmatites across the portfolio that have been reported to have potentially economic grades at surface from work completed in the 1970s and 1980s. We believe that this drill program will show the scale and potential of the Yellowknife pegmatite province and put us well on our way to delivering a maiden resource estimate."

Fi Southwest and Fi Main pegmatite dike targets

Li-FT plans to drill 16,075 metres over 79 diamond drill holes to a vertical depth of 300 metres at the Fi targets.

The Fi area comrpsies two northeast-trending dikes that have a cumulative strike length of 3,300 metres. The Fi Southwest dike is the shorter and wider of the two dikes, with a total strike length of 1,100 metres and an average outcropping width of 21 metres. The dike has a 540-metre-long central segment that dips steeply to the southeast and contains 5 to 30 per cent spodumene. In 1975, 14 trenches were completed across the dike. The Fi Main dike is located 250 metres to the northeast of Fi Southwest and crops out over a total distance of 2,200 metres. The pegmatite dips steeply to the west-northwest and consists of two branching dike segments each averaging 10 metres in width. In the central part of the dike, where it branches, there is a 440 m long section with 5 to 30 per cent spodumene. Here, the dikes widen to 15 m. In 1956, 10 trenches were excavated in the area covering 440 m of the dike's strike length. The trenches returned up to 21.9 metres of 1.34 per cent lithium oxide (average of 1.3 per cent Li2O over 14.8 metres) (1).

A bulk sampling program for metallurgy was completed in 1987 by Equinox Resources. Five 230-kilogram samples were taken from the Fi area which returned an average head grade of 1.33 per cent Li2O (1).

Ki pegmatite dike target

Li-FT plans to drill 5,545 metres over 32 diamond drill holes to a vertical depth of 300 metres at the Ki pegmatite.

The Ki pegmatite is a steeply dipping set of dikes that trends on surface for 1,400 metres and has an average outcropping width of 12 metres. Spodumene is abundant where detailed mapping has occurred within a 350-metre-long segment. In 1978 two diamond drill holes tested the Ki dike to a depth of 50 metres below surface. Both holes intercepted spodumene-bearing dikes with an average grade of 1.58 per cent Li2O over 13.7 metres (1). The Ki dike extends to the northwest for another 600 metres; this portion has not received any systematic sampling, but recent mapping by Li-FT confirms the presence of spodumene within the dike for at least 400 metres.

Shorty pegmatite dike target

Li-FT plans to drill 4,445 metres over 25 diamond drill holes to a vertical depth of 300 metres at the Shorty pegmatite.

The Shorty pegmatite is a steeply dipping dike that is exposed for 800 metres and has an average outcropping width of 25 metres. Spodumene is most abundant over a 400 m segment of the central part of the pegmatite where it makes up to 30 per cent of the dike. In 1975, 10 closely spaced trenches along a 330-metre segment of the central part of the dike returned up to 7.8 m of 1.67 per cent Li2O (average of 1.1 per cent Li2O over 21 m). In 1987, diamond drilling below the trenches intercepted pegmatite dikes 170 m below surface with intersects of up to 25.85 metres at 1.15 per cent Li2O (1).

Big-East pegmatite dike target

Li-FT plans to drill 7,790 metres over 46 diamond drill holes to a vertical depth of 300 metres at the Big-East target.

The Big-East dike swarm is 1,200 metres long within a corridor that is 120 metres wide. It consists of two principal dikes that average six m in width (1). The pegmatite has a 350 m long central section where spodumene makes up 5 to 30 per cent of the dike. In 1956 to 1957, 33 trenches covering this section returned up to 12.7 m of 1.72 per cent Li2O (average of 1.4 per cent Li2O over 7.3 m for each of the dikes). In 1978, three holes were drilled across the dike swarm to confirm the mineral potential estimate from the 1950s.

Although there are no surviving assay data, the logs show that wide spodumene-bearing dikes (up to 14.5 m) are present to 122 m below surface (1). The drilling has been prioritized to start in areas where dikes are widest and highest grade on surface. The drill plan is designed to test the continuity of the dikes over 1,000 m, and to a vertical depth of 300 m below the surface.

Big-West pegmatite dike

Li-FT plans to drill 6,240 metres over 45 diamond drill holes to a vertical depth of 300 metres at the Big-West target.

The Big-West dike swarm is 1,300 metres long within a corridor that is 120 metres wide. It is made up of two principal subparallel dikes each averaging six m in thickness.

The best spodumene percentages are observed at the northeast and southwest ends of the swarm, where spodumene constitutes 5 to 30 per cent of the dikes. In 1956 and 1957, 39 trenches were cut at intervals along the entire strike length of the dike swarm, returning up to 4.8 m of 2.2 per cent Li2O (average 4.4 m of 1.1 per cent Li2O for each of the two dikes). In the same year, nine diamond drill holes were drilled across the dike swarm at its southwest end. Only fragments of the historical drill data remain, but logs show that pegmatite dikes extend as far as 150 metres below surface with an average width of seven metres. Although assay data are lost, the 1950s, drilling indicates that wide, spodumene-bearing pegmatites are present 150 metres below surface (1). Li-FT's drilling program will test a total of 1,300 m of strike length to a depth of 300 m.

Nite pegmatite dike target

Li-FT plans to drill 4,560 metres over 26 diamond drill holes to a vertical depth of 300 metres at the Nite pegmatite.

The Nite pegmatite is northeast trending and dips steeply to the southeast. The dike has a total strike length of 1,300 m with an average outcropping thickness of seven metres. The dike has three, 150 m long segments where spodumene constitutes 5 to 30 per cent of the dike. Closely spaced historical trenching over the central segment of the dike returned up to 12.2 m of 1.36 Li2O (average of 1.57 per cent Li2O over 7.1 m). In 1981 a single diamond drill hole was drilled below the trenches intersecting nine metres of 1.83 per cent Li2O in a pegmatite dike at 58 metres below surface (1).

Road Access group and Further Afield group exploration

Li-FT has recently conducted a 50-metre line spaced airborne magnetics and versatile time domain electromagnetic (VTEM) survey over the Road Access pegmatite group. These data will be combined with detailed ground-based induced polarization and ground penetrating radar surveys planned for the summer. These data will in turn be used to understand the dikes' geophysical properties for enhanced brownfield targeting of resource dike extensions in three dimensions. Li-FT will also recommence exploration activities at the Further Afield pegmatite group, with trenching, mapping and sampling planned for summer of 2023.

Exploration agreement with Yellowknives Dene First Nation

Li-FT is pleased to announce it has entered into a definitive exploration agreement with the Yellowknives Dene First Nation.

Performance share units grant

The company will, effective June 6, 2023, grant certain consultants a total of 75,000 performance share units (PSUs). The PSUs will vest on a significant sale of the Yellowknife lithium project.

References

(1) National Instrument 43-101 technical report on the Yellowknife lithium project, Northwest Territories, Canada (Dec. 30, 2022) -- Thomas Hawkins, PhD, PGeo. Filed on SEDAR on Jan. 13, 2022.

Qualified person

The disclosure in this news release of scientific and technical information regarding Li-FT Power's mineral properties has been reviewed and approved by Carl Verley, PGeo, vice-president, exploration, of Li-FT Power and a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). No quality assurance/quality control review is available in relation to historical sampling and drilling on the Yellowknife project and results have not been verified by a qualified person as defined by NI 43-101. Past sampling and drilling results are not necessarily indicative of future results or performance from the Yellowknife property.

About Li-FT Power Ltd.

Li-FT is a mineral exploration company engaged in the acquisition, exploration and development of lithium pegmatite projects located in Canada. The company's flagship project is the Yellowknife lithium project located in Northwest Territories, Canada. Li-FT also holds three early-stage exploration properties in Quebec, Canada, with excellent potential for the discovery of buried lithium pegmatites, as well as the Cali project in Northwest Territories within the Little Nahanni pegmatite field.

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