Mr. Francis MacDonald reports

LIFT INTERSECTS 26 M AT 1.56% 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, Shorty and Big West pegmatites within the Yellowknife lithium project (YLP) located outside the city of Yellowknife, Northwest Territories. Drilling has intersected significant intervals of spodumene mineralization, with the following highlights:

• YLP-0117: 26 metres at 1.56 per cent Li2O (lithium oxide) (Big East);
• YLP-0129: 18 m at 0.95 per cent Li2O, (Big East), including:
  • Four m at 1.29 per cent Li2O; and
  • Five m at 1.13 per cent Li2O.
• YLP-0128: 10 m at 1.24 per cent Li2O (Echo) and 12 m at 0.69 per cent Li2O, including:
  • Five m at 1.20 per cent Li2O.
• YLP-0126: 10 m at 1 per cent Li2O (Shorty), including:
  • Four m at 1.55 per cent Li2O.

Francis MacDonald, chief executive officer of Li-FT, comments: "The continuity of high-grade spodumene mineralization at Big East is really shaping up. Also, we've intersected the Big East system in YLP-0129, which looks like a faulted offset of the pegmatite. This opens up additional strike length to the northeast. Drilling at Echo intersected two dikes more than 10 m width that are shallowly dipping -- we continue to be excited about the near-surface tonnage potential at Echo."

Discussion of results

This week's drill results are for eight holes drilled on four different pegmatite complexes, with three holes reported from Big East (YLP-0117, -0127 and -0129), two holes each from Shorty (YLP-0119 and -0126) and Big West (YLP-0131 and -0132), and one hole from Echo (YLP-0128). A table of composite calculations, general comments related to this discussion, and a table of collar headers are provided toward the end of this section.

Big East pegmatite

The Big East pegmatite complex comprises a corridor of parallel-trending dikes and dike swarms that are generally north-northeast-striking and dipping 55 degrees to 75 degrees to the west. The main dike swarm is exposed for at least 1,300 m of strike length and ranges from 10 m to 100 m wide, whereas a smaller swarm, with approximately 400 m of along-strike continuity, is stepped out 400 m to the north-northwest to form an en echelon-like array with the main swarm.

YLP-0117 was designed to test the main swarm in the Big East corridor, approximately 500 m from its southern mapped extent and 150 m vertically beneath the surface, as well as 100 m down dip of previously released YLP-0121 (cumulative 34 m of pegmatite averaging 1.57 per cent Li2O) and 150 m down dip of YLP-0043 (cumulative 39 m of pegmatite averaging 1.12 per cent Li2O). Drilling intersected a single, 36 m wide, pegmatite dike that returned an assay composite of 1.56 per cent Li2O over 26 m.

YLP-0127 was drilled on the north-northwest stepout, approximately 100 m from its northern mapped extent and 50 m vertically beneath the surface. Drilling intersected an 18 m wide pegmatite dike flanked by two one m to two m wide dikes to the west, with all dikes returning negligible grades.

YLP-0129 was also drilled on this north-northwest stepout, approximately 50 m south of YLP-0127, 100 m from its southern mapped extent, and 50 m vertically beneath the surface. Drilling intersected a single 21 m wide pegmatite dike that returned an assay composite of 0.95 per cent Li2O over 18 m with subintervals that include 1.29 per cent Li2O over four m and 1.13 per cent Li2O over five m (see the table entitled "Assay highlights for drill holes reported in this press release").

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 part of the complex comprising three parallel, oblique striking and gently dipping pegmatite intervals (upper, mid and lower) that all merge, to the southeast, into a wider, more northwesterly striking and more steeply dipping dike.

YLP-0128 tested the middle and lower dikes approximately 150 m from their northern mapped extent, as well as, respectively, less than 25 m and 50 m vertically beneath the surface. Drilling intersected a 10 m wide middle dike that returned an assay composite of 1.24 per cent Li2O over 10 m, as well as a 12 m wide lower dike that assayed 0.69 per cent Li2O over 12 m with a subinterval of 1.20 per cent Li2O over five m (see the table entitled "Assay highlights for drill holes reported in this press release").

Shorty pegmatite

The Shorty pegmatite is one of several dikes occurring within a north-northeast-striking corridor. Drill intercepts of Shorty show that it, in some places, it is formed by a single 10 m to 25 m wide dike, whereas elsewhere it comprises two to four dikes with a similar cumulative width spread over 40 m 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-0119 was designed to test the Shorty pegmatite approximately 300 m from its northern mapped extent and 200 m vertically beneath the surface, as well as 50 m down dip of YLP-0040 (1.26 per cent Li2O over eight m) and 150 m down dip of YLP-0048 (cumulative 22 m of pegmatite averaging 1.27 per cent Li2O). Drilling intersected a single 22 m wide pegmatite dike that returned negligible assays.

YLP-0126 was designed to test the Shorty pegmatite just 100 m from its southern mapped extent and 25 m vertically below the surface. Drilling intersected a 12 m wide pegmatite flanked by several four m wide dikes on either side, for cumulative pegmatite width of 28 m over 77 m of drill core. Assays from the thickest dike returned a composite of 1 per cent Li2O over 10 m, including 1.55 per cent Li2O over four m, whereas the flanking dikes returned negligible grade (see the table entitled "Assay highlights for drill holes reported in this press release").

Big West pegmatite

This news release provides results for the first two holes drilled on the Big West pegmatite complex, which comprises a northeast-trending corridor of parallel-trending dikes. This corridor is exposed for at least 1,500 m along strike and ranges from 70 m to 150 m in width.

YLP-0131 tested the Big West pegmatite approximately 150 m from its southern mapped extent and 150 m vertically below the surface. Drilling intersected a single seven m wide pegmatite dike that returned 0.50 per cent Li2O over seven m, including 1.26 per cent Li2O over two m.

YLP-0132 was collared 200 m due north of YLP-0131 to test the Big West pegmatite approximately 350 m from its southern mapped extent and 150 m to 200 m vertically beneath the surface. Drilling intersected two m and 15 m wide pegmatite dikes between 208 m and 232 m core depth, with both dikes returning negligible grades (see the table entitled "Assay highlights for drill holes reported in this press release").

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 132 out of 198 diamond drill holes (23,264 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 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.

Quality assurance/quality control (QA/QC) and core sampling protocols

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 millimetres (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 a 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 Ltd., and 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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