Mr. Francis MacDonald reports

LIFT INTERSECTS 23 M AT 1.25% LI2O AT ITS KI PEGMATITE, YELLOWKNIFE LITHIUM PROJECT, NWT

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

Highlights:

• YLP-0165: 23 metres at 1.25 per cent lithium oxide (Ki);
• YLP-0150: 13 m at 1.27 per cent Li2O (BIG West);
• YLP-0166: 9.5 m at 1.36 per cent Li2O (BIG West);
• YLP-0157: nine m at 1.10 per cent Li2O (Nite);
  • One m at 1.13 per cent Li2O;
  • Twp m at 0.85 per cent Li2O.
• YLP-0158: nine m at 1.02 per cent Li2O (BIG West);
  • Seven m at 1.09 per cent Li2O.

Discussion of results

This week's drill results are for eight holes drilled on three separate pegmatite complexes, including BIG West, Nite and Ki.

Francis MacDonald, chief executive officer of Li-FT, comments: "This week we have released an excellent result from the Ki pegmatite. Hole YLP-0165 is one of the better holes to date in terms of grade by thickness. The Ki pegmatite will be one of the focuses for the winter drill program and we plan to systematically step out from current drilling along untested spodumene-bearing outcrops to the northwest of drilling completed to date."

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

YLP-0165 tested the Ki pegmatite approximately 200 m from its southern mapped extent and 50 m vertically beneath the surface, as well as 50 m down dip of YLP-0118 (0.96 per cent Li2O over one m). Drilling intersected a 23 m wide pegmatite dike that returned 1.25 per cent Li2O over 23 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 50 to 100 m apart in the northern half of the corridor and 150 m apart in the south. To facilitate description, these dikes are here referred to as the east-bounding (EB) and west-bounding (WB) dikes. The holes described below are ordered from southernmost to northernmost.

YLP-0163 was drilled approximately 200 m from the southern mapped extent of the WB dike and designed to test a pierce point approximately 50 m vertically below the surface. Drilling intersected a single nine m wide pegmatite dike that returned 0.99 per cent Li2O over nine m.

YLP-0158 was collared 50 m north of YLP-0163 to test the WB dike approximately 250 m from its southern mapped extent and 50 m beneath the surface. Drilling intersected 16 m of pegmatite that is more or less split in half by a five m thick panel of country rock. The upper interval returned an assay composite of 1.09 per cent Li2O over seven m whereas the lower one ran 1.02 per cent Li2O over nine m.

YLP-0166 was drilled on the same section as YLP-0158 but aimed to intersect the WB dike at a shallower depth. Drilling intersected a single pegmatite dike, extending from the base of overburden to 13 m depth, that returned an assay composite of 1.36 per cent Li2O over 9.5 m.

YLP-0150 was collared 50 m north of YLP-0158/0166 to test the WB dike approximately 300 m from its southern mapped extent and 50 m vertically below the surface. Drilling intersected a single 14 m pegmatite dike that returned an assay composite of 1.27 per cent Li2O over 13 m.

YLP-0160 was collared 150 m north of YLP-0150 to test the WB dike approximately 450 m from its southern mapped extent and, again, 50 m vertically beneath the surface. Drilling intersected five pegmatite dikes over a 70 m interval of drill core that each range between one and six m in width and sum to 16 m. No significant assays were returned.

YLP-0159 was drilled 600-850 m north of the five holes described above, approximately 300 m from the northern mapped extent of the WB dike and 50 m below the surface. Drilling intersected four dikes over a 35 m interval of drill core that each range between one and seven m in width and sum to 14 m of pegmatite. The only notable assays were returned for the second dike, which ran 0.73 per cent Li2O over five m, including one metre at 1.48 per cent Li2O.

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-0157 was designed to test the Nite pegmatite approximately 500 m from its northern mapped extent and 100 m vertically beneath the surface, as well as 50 m down dip of YLP-0149 (1.04 per cent Li2O over five m and 0.78 per cent Li2O over 10 m) and 100 m down dip of YLP-0145 (1.28 per cent Li2O over 10 m). Drilling intersected three dikes over a 35 m interval of core, with dikes ranging from four to nine m in width and summing to 17 m of pegmatite. Assay composites, from uppermost to lowermost, include 1.13 per cent Li2O over one m, 1.10 per cent Li2O over nine m and 0.85 per cent Li2O over two m.

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 164 out of 198 diamond drill holes (28,903 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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