Mr. Francis MacDonald reports

LIFT INTERSECTS 21 M AT 1.12% LI2O AT THE KI PEGMATITE, INCLUDING 11 M AT 1.70% LI2O AND 17 M AT 1.28% 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, BIG East and Fi-SW 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-0087: 21 metres at 1.12 per cent Li2O (lithium oxide) (Ki);
  • Including 11 m at 1.70 per cent Li2O.
• YLP-0091: 17 m at 1.28 per cent Li2O (Shorty);
  • 16 m at 1.01 per cent Li2O;
  • Including five m at 1.55 per cent Li2O.
• YLP-0085: 13 m at 1.34 per cent Li2O (BIG East);
  • Eight m at 0.86 per cent Li2O;
  • Four m at 1.47 per cent Li2O;
  • Three m at 1.09 per cent Li2O.
• YLP-0084: 10 m at 1.58 per cent Li2O (BIG East);
  • Four m at 1.44 per cent Li2O;
  • Six m at 1.19 per cent Li2O.

Francis MacDonald, chief executive officer of Li-FT, comments: "Drill intersects from this week's results at Ki are the widest to date with excellent grades. The northern portion of Shorty, where two arms of the pegmatite have been structurally juxtaposed, has benefits from an open-pit mining perspective. BIG East continues to deliver excellent widths in grades across the pegmatite dike system. We continue to be pleased with the consistency of excellent drill intersects produced across the YLP portfolio."

Discussion of results

This week's drill results are for five holes from four different pegmatite dikes, including BIG East (YLP-0084, 85), Ki (YLP-0087), Fi Southwest (YLP-0090) and Shorty (YLP-0091).

Ki pegmatite

The Ki pegmatite is one of several subparallel dikes that occur within a longer north-of-northwest-trending corridor. The Ki dike itself 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. Typically, the Ki pegmatite consists of a thick central dike flanked by one or more narrower (one to five m wide) dikes.

YLP-0087 was designed to test the Ki pegmatite approximately 400 m from its southeastern end and 50 m vertically beneath the surface. Drilling intersected a 21 m wide pegmatite flanked by one m wide dikes on either side, with the thicker central pegmatite returning an assay composite of 21 m at 1.12 per cent Li2O that includes 11 m at 1.70 per cent Li2O. The two flanking dikes returned negligible grade.

Shorty pegmatite

The Shorty pegmatite is one of several dikes occurring within a broader north-of-northeast-striking corridor. Shorty itself comprises a braided zone of dikes that dips 50 degrees 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 and 20 m wide occurring over 30 to 90 m of core length.

YLP-0091 was designed to test the northern end of the Shorty pegmatite where it comprises two thick en echelon dikes. The western dike was intersected approximately 100 m from its southern end and 50 m vertically below the surface whereas the eastern one was cut at 100 m from its northern mapped extent and 100 m beneath the surface. Drilling showed that these dikes are each 20 m in core width and separated by 54 m of country rock. Assay composites for the western dike returned 1.28 per cent Li2O over 17 m whereas the eastern one ran 1.01 per cent Li2O over 16 m with a subinterval of 1.55 per cent Li2O over five m.

BIG East

The BIG East pegmatite swarm comprises a 35 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-0084 was designed to test the BIG East swarm approximately 600 m from its southern mapped extent and 25 m vertically beneath the surface. Drilling intersected seven pegmatite dikes over 75 m of core length, with dikes ranging from one to 10 m in width for a cumulative total of 25 m. All seven dikes returned at least one assay greater than 0.6 per cent Li2O with some of the better composite intervals including 1.58 per cent Li2O over 10 m, 1.19 per cent Li2O over six m and 1.44 per cent Li2O over four m.

YLP-0085 was drilled on the same section as YLP-0084 but centred at 75 m vertically beneath the surface. Drilling intersected five pegmatite dikes over 66 m of core length, with dikes ranging from two to 13 m in width for cumulative core width of 26 m. All five dikes returned at least one assay greater than 1 per cent Li2O with some of the better composite intervals including 1.34 per cent Li2O over 13 m, 0.86 per cent Li2O over eight m and 1.47 per cent Li2O over four m.

Fi Southwest

The Fi Southwest (SW) pegmatite is one of several dikes occurring within a longer and wider north-of-northeast-striking dike corridor. The Fi SW dike comprises a single dike with a width of 25 to 40 m wide or two to three dikes within a 50 to 70 m wide corridor, and dips 60 degrees to 80 degrees to the east-southeast as well as extending for at least 1,100 m on surface and 200 m down dip.

YLP-0090 was drilled to test the Fi SW pegmatite just beyond its northernmost mapped extent and 50 m vertically below the surface. Drilling intersected three two to seven m wide, pegmatite dikes over 94 m of core length with cumulative pegmatite thickness of 13 m. No significant assay results were returned.

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 92 out of 198 diamond drill holes (16,214 m).

General statements

Four of the 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 and 100 per cent of the drilled widths. YLP-0090 was drilled parallel to the dip direction of the dike but returned negligible grade.

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

All drill core samples were collected under the supervision of Li-FT employees and contractors. 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 in order 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-millimetre (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 Dr. Ron Voordouw, PhD, PGeo, partner, director, geoscience, Equity Exploration Consultants Ltd., a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects 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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