Mr. Francis MacDonald reports

LIFT INTERSECTS 14 M AT 1.50% LI2O AT THE KI PEGMATITE AND 10 M AT 1.75% LI2O AT THE SHORTY PEGMATITE, YELLOWKNIFE LITHIUM PROJECT, NWT

Li-FT Power Ltd. has released assays from five drill holes completed at the Ki, Shorty and Big East pegmatites within the Yellowknife lithium project (YLP) located outside the city of Yellowknife, NWT. Drilling has intersected significant intervals of spodumene mineralization, with the following highlights:

Highlights:

• YLP-0080: 14 metres at 1.50 per cent Li2O (lithium oxide) (Ki);
• YLP-0089: 10 m at 1.75 per cent Li2O (Shorty), and:
  • Five m at 1.15 per cent Li2O;
  • Three m at 1.51 per cent Li2O.
• YLP-0086: 14 m at 1.16 per cent Li2O (Big East), and:
  • 10 m at 1.45 per cent Li2O.
• YLP-0082: 15 m at 1.07 per cent Li2O (Shorty).

Francis MacDonald, chief executive officer of Li-FT, comments: "We are pleased with the high-grade intersection of 14 metres at 1.50 per cent Li2O returned from the Ki pegmatite in this release. Previous drilling at Ki was returning grades averaging around 0.90 per cent Li2O, so this increase in grade is a welcome surprise. Big East and Shorty continue to deliver excellent results as well."

Discussion of results

This week's drill results are for five holes from three different pegmatite dikes, including Ki (YLP-0080), Shorty (YLP-0082, 83 and 89) and Big East (YLP-0086). A table of composite calculations and some general comments related to this discussion are provided in this section.

Shorty pegmatite

The Shorty pegmatite is one of several dikes occurring within broader corridor that is north-northeast striking. The Shorty pegmatite itself comprises a braided zone of dikes that dips 50 degree to 70 degrees to the west-northwest, and extends for at least 700 m on surface and 200 m down dip. Li-FT drilling shows that this pegmatite may comprise a single dike up to 25 m wide, or two to four dikes between one m and 15 m wide that occur over 30 m to 40 m of core length.

YLP-0082 was designed to test the Shorty dike 50 m from its northern end and 25 m vertically beneath the surface. Drilling intersected a single, 17 m wide pegmatite dike that returned an assay composite of 1.07 per cent Li2O over 15 m.

YLP-0083 was drilled 100 m north of YLP-0082, and therefore 50 m past the northern-most mapped extent of the Shorty pegmatite, with the aim of testing the northward extension of this dike at 25 m vertically beneath the surface. Drilling intersected two dikes: an upper, one m wide, pegmatite and a lower, 10 m wide, dike that includes a two m panel of country rock. Assays for both dikes returned insignificant grades.

YLP-0089 likewise tested a 50 m northward extension of the Shorty pegmatite but at 50 m vertically beneath the surface. Results from this hole were significantly better than YLP-0083, with drilling cutting five one m to 12 m wide dikes over a 49 m interval of drill collar, followed by a sixth, nine m wide dike that starts 33 m further down the hole. Notable assay composites include 1.15 per cent Li2O over five m and 1.75 per cent Li2O over 10 m for the two upper-most dikes, as well as 1.51 per cent Li2O over three m for the lower-most one. The three narrowest dikes, each of which ranges between one m and two m thick, returned negligible grades. The results of this hole are important in confirming that mineralization extends beyond the currently mapped extent of the Shorty pegmatite (see the table entitled "Assay highlights for drill holes reported in this press release").

Ki pegmatite

The Ki pegmatite is one of several dikes occurring within a longer corridor that is broadly north-northwest striking. The Ki dike itself trends parallel to this corridor, and extends for at least 1,000 m on surface and 100 m down dip, is around 20 m thick, and dips between 65 degrees and 80 degrees to the southwest. The thicker dike is here referred to as the main dike and is typically flanked by one or more narrower (one m to five m wide) dikes.

YLP-0080 was designed to test the Ki pegmatite 150 m from its northwestern end and 25 m vertically beneath the surface. Drilling intersected a single pegmatite that is 14 m thick and returned a wall-to-wall assay composite of 1.50 per cent Li2O over 14 m (see the table entitled "Assay highlights for drill holes reported in this press release").

Big East pegmatite

The Big East pegmatite swarm comprises a 35 m to 90 m wide corridor of parallel-trending dikes that dips around 55 degrees to 75 degrees west, and extends for at least 1,300 m along surface and 200 m down dip.

YLP-0086 was designed to test the Big East swarm 450 m from its northern end and approximately 70 m vertically beneath the surface. Drilling intersected two pegmatite dikes that are 11 m and 19 m in core length, and separated from each other by six m of metasedimentary country rock. The upper dike returned an assay composite of 1.45 per cent Li2O over 10 m, whereas the lower dike returned 1.16 per cent Li2O over 14 m (see the table entitled "Assay highlights for drill holes reported in this press release").

Drilling progress update

The company has now concluded its 2023 drill program at the Yellowknife lithium project with 34,238 m completed. Currently, Li-FT has reported results from 87 out of 198 diamond drill holes (15,333 m).

General statements

All five holes described in this news release were drilled broadly perpendicular to the dike orientation so that the true thickness of reported intercepts will range somewhere between 65 per cent and 100 per cent of the drilled widths.

Mineralogical characterization for the YLP pegmatites is in progress through hyperspectral core scanning and X-ray diffraction work. Visual core logging indicates that the predominant host mineral is spodumene, whereas other significant non-lithium-bearing phases include quartz and feldspar.

Quality assurance/quality control (QA/QC)

Drill core was transported from the drill platform to the core processing facility where it was logged, photographed and split by diamond saw prior to being sampled. Samples were then bagged, and blanks and certified reference materials were inserted at regular intervals. Field duplicates consisting of quarter-cut core samples were also included in the sample runs. Groups of samples were placed in large bags, sealed with numbered tags to maintain a chain of custody and transported from Li-FT's core logging facility to ALS Labs laboratory in Yellowknife, NWT.

Sample preparation and analytical work for this drill program were carried out by ALS. Samples were prepared for analysis according to ALS method CRU31: individual samples were crushed to 70 per cent passing through two millimetres (mm) (10 mesh) screen; a 1,000-gram subsample was riffle split (SPL-21) and then pulverized (PUL-32) such that 85 per cent passed through 75-micron (200 mesh) screen. A 0.2-gram subsample of the pulverized material was then dissolved in a sodium peroxide solution and analyzed for lithium according to ALS method ME-ICP82b. Another 0.2-gram subsample of the pulverized material was analyzed for 53 elements according to ALS method ME-MS89L. All results passed the QA/QC screening at the lab, all inserted standards and blanks returned results that were within acceptable limits.

Qualified person

The disclosure in this news release of scientific and technical information regarding Li-FT's mineral properties has been reviewed and approved by Ron Voordouw, PhD, PGeo, partner, director geoscience, Equity Exploration Consultants, a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects (NI 43-101), and member in good standing with the Northwest Territories and Nunavut Association of Professional Engineers and Geoscientists (NAPEG) (geologist registration No. L5245).

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 group.

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