Mr. Francis MacDonald reports

LIFT INTERSECTS 28 M AT 0.99% LI2O AT ITS BIG EAST PEGMATITE, YELLOWKNIFE LITHIUM PROJECT, NWT

Li-FT Power Ltd. has released assays from eight drill holes completed at the BIG East, Echo, Fi Main, Ki and Shorty 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-0115: 28 metres (m) at 0.99 per cent Li2O (lithium oxide) (BIG East);
  • Including eight m at 1.43 per cent Li2O.
• YLP-0120: 23 m at 0.61 per cent Li2O (Echo);
  • Including six m at 1.06 per cent Li2O;
• YLP-0111: 11 m at 0.52 per cent Li2O (Shorty);
  • Including two m at 1.24 per cent.
• Li2O YLP-0124: six m at 1.07 per cent Li2O (BIG East).

Discussion of results

This week's drill results are for eight holes drilled on five different pegmatite complexes, with two holes each from BIG East (YLP-0115, -0123), Shorty (YLP-0070, -0111) and Fi Main (YLP-0071, -0137) as well as one hole each from Echo (YLP-00120) and Ki (YLP-0118).

BIG East pegmatite

The BIG East pegmatite complex comprises a corridor of parallel-trending dikes that is exposed for at least 1,300 m of strike length, ranges from 10 to 100 m wide, and dips approximately 55 degrees to 75 degrees to the west. The northernmost approximately 300 to 400 m of this corridor is stepped over 300 m to the west to form an en echelon-like array with the southern bulk of the complex.

YLP-0115 was drilled to test the BIG East swarm approximately 600 m from its southern end and 200 m vertically beneath the surface, as well as 50 m down dip of previously released YLP-0092 (combined 25 m of pegmatite averaging 1.73 per cent Li2O), 150 m down dip of YLP-0085 (combined 28 m at 1.19 per cent Li2O) and 200 m down dip of YLP-0084 (combined 20 m at 1.44 per cent Li2O). Drilling intersected a single 31 m wide pegmatite dike that returned an assay composite of 0.99 per cent Li2O over 28 m, including a subinterval of 1.43 per cent Li2O over eight m.

YLP-0123 was drilled on northern en echelon stepout, approximately 100 m from its northern mapped extent, 50 m vertically beneath the surface and 50 to 100 m up dip of previously released YLP-0122 (no pegmatite). Drilling intersected a nine m wide and eight m wide pegmatite separated by 17 m of country rock, with the upper one returning a composite of 1.07 per cent Li2O over six m.

Echo pegmatite

The Echo pegmatite complex comprises a north-northwest-trending corridor, at least 1,000 m in length and 450 m in width, with numerous trend-parallel and oblique (mostly northwest-trending) dikes. Individual dikes range from gently to steeply east-dipping and are up to 25 m wide. The hole described below was collared into a pegmatite swarm formed by three parallel, oblique-striking and gently dipping pegmatite intervals (upper, mid, lower) that all merge, to the southeast, into a wider, more northwesterly striking, and more steeply dipping dike.

YLP-0120 tested the merged portion of the upper and middle dikes as well as the lower dike, approximately 100 m from its northern mapped extent and, respectively, less than 25 m and 100 m vertically beneath the surface. This hole also falls 50 m down dip of previously released YLP-0107 (1.24 per cent Li2O over 13 m from middle pegmatite) and 100 m down dip of YLP-0106 (1.41 per cent Li2O over 10 m from middle). Drilling of YLP-0120 intersected a 29 m wide merged upper-middle dike that returned an assay composite of 0.61 per cent Li2O over 23 m, including 1.06 per cent Li2O over six m, as well as a three m wide lower dike with negligible grade.

Shorty pegmatite

The Shorty pegmatite is one of several dikes occurring within a north-of-northeast-striking corridor. Drill intercepts of Shorty show that in some places it is formed by a single 10 to 25 m wide dike whereas elsewhere it comprises two to four dikes with a similar cumulative width spread over 40 to 95 m of core length. The pegmatite is visible for at least 700 m on surface and dips 50 degrees to 70 degrees to the west-northwest.

YLP-0070 was designed to test the Shorty pegmatite approximately 150 m from its southern mapped extent and 150 m vertically beneath the surface. Drilling intersected 31 m of pegmatite from three dikes spread over 70 m of drill core, with each dike ranging between nine and 13 m wide and returning negligible grade.

YLP-0111 was designed to test the Shorty pegmatite approximately 200 m from its northern mapped extent and 225 m vertically below the surface, as well as 100 m down dip of YLP-0103 (0.67 per cent Li2O over 18 m) and 200 m down dip from YLP-0033 (1.13 per cent Li2O over 25 m). Drilling intersected a 65 m interval with two thick (16 to 22 m wide) and two thin (one to two m) dikes accumulating to 41 m of pegmatite. The lowermost of these dikes returned an assay composite of 0.52 per cent Li2O over 11 m, including 1.24 per cent Li2O over two m, whereas the other dikes returned negligible grade.

Ki pegmatite

The Ki pegmatite is one of several subparallel dikes occurring within a north-of-northwest-trending corridor. Drill intercepts typically comprise a thick main dike flanked by one or more narrower (one to five m wide) dikes although, in places, it is formed by two to six dikes of similar cumulative thickness spread over up to 80 m of core length. The Ki dike is visible for at least 1,000 m on surface and dips between 65 degrees and 80 degrees to the southwest.

YLP-0118 tested the Ki pegmatite approximately 200 m from its southern mapped extents and 150 m vertically beneath the surface. Drilling intersected an 18 m wide main dike flanked by a couple of two m wide dikes to the southwest, with the main dike returning just one noteworthy assay of 0.96 per cent Li2O over one m.

Fi Main pegmatite

The Fi Main pegmatite comprises a 10 to 100 m wide corridor of one to five dikes that dip between 70 degrees and 85 degrees to the west-northwest and extends for at least 1,500 m on surface.

YLP-0071 tested the Fi Main pegmatite just 100 m from its southern mapped extent and 50 m vertically below the surface. Drilling intersected a single 17 m wide pegmatite dike that returned negligible grade.

YLP-0137 tested the Fi Main pegmatite approximately 650 m from its northern mapped extent and 200 m vertically beneath the surface, as well as 100 m down dip of YLP-0018 (combined 31 m of pegmatite averaging 0.54 per cent Li2O) and 50 m up dip of YLP-0019 (negligible grade). Drilling intersected three separate pegmatite swarms comprising summed totals of 24 m of pegmatite between 28 and 65 m core depth, 21 m between 226 and 252 m depth, and another 21 m between 311 and 346 m depth. All pegmatite returned negligible grade.

Drilling progress update

The company has concluded its 2023 drill program at the Yellowknife lithium project with 34,238 m completed. Currently, Li-FT has reported results from 124 out of 198 diamond drill holes (21,853 m).

General statements

All eight 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.

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.

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., and 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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