Mr. Francis MacDonald reports

LIFT INTERSECTS 23 M AT 1.40% LI2O AT ITS FI MAIN PEGMATITE, YELLOWKNIFE LITHIUM PROJECT, NWT

Li-FT Power Ltd. has released assays from eight drill holes completed at the Fi Main, BIG West, Nite and Ki pegmatites within the Yellowknife lithium project (YLP) located outside the city of Yellowknife, Northwest Territories. Drilling intersected significant intervals of spodumene mineralization, with the following highlights:

Highlights:

• YLP-0148: 23 metres at 1.40 per cent lithium oxide (Fi Main);
• YLP-0182: 11 m at 1.38 per cent Li2O (Nite);
• YLP-0145: 10 m at 1.28 per cent Li2O (Nite):
  • Three m at 1.26 per cent Li2O.
• YLP-0149: five m at 1.04 per cent Li2O (Nite):
  • One m at 1.04 per cent Li2O;
  • 10 m at 0.78 per cent Li2O;
  • Including five m at 1.15 per cent Li2O.

Discussion of results

This week's drill results are for eight holes drilled on four separate pegmatite complexes, including Fi Main, Nite, BIG West and Ki. A table of composite calculations and general comments related to this discussion are provided toward the end of this section.

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 1.5 kilometres on surface.

YLP-0148 tested the Fi Main pegmatite approximately 300 m from its northern mapped extent, 50 m vertically beneath the surface, and 250 m up dip from YLP-0020 (0.49 per cent Li2O over five m). Drilling at this site intersected a single 31 m wide pegmatite dike that returned an assay composite of 1.40 per cent Li2O over 23 m.

Nite pegmatite

The Nite pegmatite complex comprises a north-northeast-trending corridor of parallel-trending dikes that is exposed for at least 1.4 km of strike length, ranges from 10 to 200 m wide, and dips approximately 50 degrees to 70 degrees to the east.

YLP-0145 was designed to test the Nite pegmatite approximately 500 m from its northern mapped extent, less than 25 m vertically beneath the surface, and 50 m up dip from YLP-0149 (see next paragraph). Drilling intersected three pegmatite dikes from the base of overburden (B-OVB) to 40 m core depth, ranging from two to 13 m in width for cumulative pegmatite width of 18 m. The widest dike returned an assay composite of 1.28 per cent Li2O over 10 m whereas another dike, intersected from B-OVB to four m depth, returned 1.26 per cent Li2O over three m.

YLP-0149 was designed to test the Nite pegmatite on the same section as YLP-0145 but at 50 m farther down dip. Drilling intersected four pegmatite dikes ranging from one to 11 m in width for cumulative pegmatite width of 27 m over 43 m of core length. The three widest dikes, from uppermost to lowermost, returned assay composites of 1.04 per cent Li2O over five m, 1.04 per cent Li2O over one m and 0.78 per cent Li2O over 10 m, the latter including 1.15 per cent Li2O over five m.

YLP-0182 was designed to test the Nite pegmatite approximately 600 m from its southern mapped extent, 250 m vertically beneath the surface, and 200 m down dip of YLP-0142 (1.47 per cent Li2O over 10 m). Drilling intersected four pegmatite dikes over 39 m core width, ranging from two to 14 m in width for cumulative pegmatite width of 31 m. The widest dike returned an assay composite of 1.38 per cent Li2O over 11 m whereas the other three dikes averaged 0.1 to 0.3 per cent Li2O over core widths ranging from two to 10 m.

BIG West pegmatite

The BIG West pegmatite complex comprises a northeast-trending corridor of parallel-trending dikes that is exposed for at least 1.5 km along strike and is steeply west-dipping to subvertical. The complex is bound by two relatively continuous dikes that are approximately 50 to 100 m apart in the north half and just under 150 m apart in the southern part. To facilitate description, these dikes are here referred to as the east-bounding (EB) and west-bounding (WB) dikes.

YLP-0151 tested the BIG West EB dike approximately 150 m from its southern mapped extent, 150 m vertically below the surface, and 100 m down dip of YLP-0146 (0.52 per cent Li2O over 12 m). Drilling intersected five pegmatite dikes over 83 m of drill core, including a 15 m thick dike and four two to four m wide dikes for cumulative pegmatite width of 27 m. The 15 m wide dike returned a wall-to-wall composite of 0.18 per cent Li2O over 15 m that includes 0.62 per cent Li2O over one m. All other dikes averaged less than 0.1 per cent Li2O.

YLP-0153 was designed to test the WB dike approximately 350 m from its southern mapped extent and less than 25 m vertically beneath the surface, as well as 50 m up dip from YLP-0135 (1.04 per cent Li2O over 12 m) and 100 m up dip of YLP-0132 (no significant intercept). Drilling intersected a single 16 m wide pegmatite extending from the base of overburden (B-OVB) to 18 m depth that returned an assay composite of 0.99 per cent Li2O over nine m.

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 one km on surface and dips between 65 degrees and 80 degrees to the southwest.

YLP-0155 tested the Ki pegmatite approximately 300 m from its southern mapped extent and 100 m vertically beneath the surface, as well as 50 m down dip of YLP-0096 (1.38 per cent Li2O over 12 m) and 100 m down dip of YLP-0069 (0.96 per cent Li2O over 10 m). Drilling intersected seven pegmatite dikes over 96 m of core length, with individual dikes spaced approximately seven to 14 m from adjacent dikes and ranging from one to 15 m in width for cumulative pegmatite width of 31 m. All wall-to-wall assay composites returned less than or equal to 0.1 per cent Li2O.

YLP-0161 tested the Ki pegmatite approximately 400 m from its southern mapped extents, 150 m vertically beneath the surface, and 100 m down dip of YLP-0110 (1 per cent Li2O over seven m and 1.13 per cent Li2O over 10 m). Drilling intersected three swarms separated by 50 to 70 m core lengths, with each swarm comprising one to four m of pegmatite over one to 20 m. All wall-to-wall assay composites returned less than 0.1 per cent Li2O.

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 156 out of 198 diamond drill holes (27,493 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 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-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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