Mr. Francis MacDonald reports

LIFT INTERSECTS 13 M AT 1.11% LI2O AT ITS KI PEGMATITE, YELLOWKNIFE LITHIUM PROJECT, NWT

Li-FT Power Ltd. has released assays from 10 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-0184: 13 metres at 1.11 per cent lithium oxide (Ki);
• YLP-0171: 12 m at 1.21 per cent Li2O (Ki);
• YLP-0152: five m at 1.24 per cent Li2O (Nite).

Discussion of results

This week's drill results are for 10 holes drilled on the Ki, BIG West and Nite pegmatite complexes.

Francis MacDonald, chief executive officer of Li-FT, comments: "Hole YLP-0184 at the Ki pegmatite is located 500 m to the northwest of any drilling completed to date. This hole confirms that spodumene mineralization is present in drilling over 900 m of strike length at Ki. We look forward to drilling additional metres at Ki in the winter 2024 drill program to keep stepping out along strike and down dip of mineralization intersected to date."

Ki pegmatite

The Ki pegmatite is a north-northwest-trending corridor of dikes that extends for at least 1.3 kilometres on surface and dips steeply to the southwest. The corridor consists of between one to five dikes with a similar total pegmatite thickness of up to 25 m.

YLP-0168 tested the Ki pegmatite approximately 300 m from its southern mapped extent and 200 to 250 m beneath the surface. Three previously released holes are on section with this hole and returned 1 to 1.40 per cent Li2O over 10 to 12 m widths at depths of 50 m (YLP-0069) and 100 m (YLP-0096) but no significant grades at 150 m depth (YLP-0155). New drilling intersected five widely dispersed pegmatite dikes over 360 m of core length, with each dike between one and five m in width and returning less than 0.10 per cent Li2O.

YLP-0171 was drilled to test the Ki pegmatite approximately 400 m from its southern mapped extent and 150 m below the surface. Two previously released holes fall on the same drill section, with YLP-0110 returning a cumulative 17 m of pegmatite averaging 1.08 per cent Li2O at 50 m beneath the surface and YLP-0161 returning no significant results from 200 m depth. New drilling intersected a single 21 m wide pegmatite dike that returned an assay composite of 1.21 per cent Li2O over 12 m.

YLP-0184 is the first hole reported from the northernmost part of this corridor and was collared 750 to 850 m north of holes YLP-0168 and -0171. Hole YLP-0184 tested approximately 300 m from the northern mapped extent of the Ki corridor and 50 m beneath the surface. Drilling intersected an 18 m pegmatite dike flanked by two one-metre-wide dikes, with assays from the thicker dike returning a composite of 1.11 per cent Li2O over 13 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-0152 was designed to test the Nite pegmatite approximately 400 m from its northern mapped extent and 50 m beneath the surface. Drilling returned a 20 m wide interval bookended by five m and eight m pegmatite intervals that are split by a seven m panel of country rock. Assay composites from the upper interval returned 1.24 per cent Li2O over five m whereas the lower dike returned negligible grade.

YLP-0162 was drilled to test the Nite pegmatite approximately 500 m from its northern mapped extent and 200 to 250 m beneath the surface. Three previously released holes (YLP-0145, -0148, -0157) drilled on the same section returned two to three closely spaced dikes with cumulative 12 to 16 m of pegmatite averaging 0.90 to 1.30 per cent Li2O at depths of 12.5, 50 and 150 m below the surface. Drilling of YLP-0162 intersected a 23 m interval bookended by six and 11 m wide pegmatite intervals split by a six m panel of country rock. Assays for both intervals returned cross-pegmatite composites averaging around 0.20 per cent Li2O.

YLP-0169 explored the Nite pegmatite approximately 200 m from its northern end and 50 m beneath the surface. Drilling intersected a single 13 m wide pegmatite dike that returned an assay composite of 0.59 per cent Li2O over 10 m that includes 0.92 per cent Li2O over five 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 dike structures that are 50 to 100 m apart in the northern half of the corridor and 150 m apart in the south. These dikes are here referred to as the east-bounding (EB) and west-bounding (WB) dikes. Descriptions below are ordered from southernmost to northernmost.

YLP-0170 tested the WB dike 250 m from its southern extent and 150 m below the surface. Two previously released holes drilled on the same section (YLP-0158, -0166) returned intersections of 1.10 to 1.40 per cent Li2O over 10 to 16 m at depths of five m and 50 m below the surface. New drilling cut a 13 m interval bookended by four and five m wide pegmatites split by a four m panel of country rock. Assays were generally negligible besides a one m interval in the lower pegmatite that ran 0.76 per cent Li2O.

YLP-0164 tested the WB dike approximately 450 m from its southern mapped extent, 150 m beneath the surface and 100 m down dip of YLP-0160 (no significant results). Drilling intersected an 11 m pegmatite flanked by one and four m wide dikes, for total 16 m of pegmatite over 28 m of core. Cross-dike assay composites returned less than 0.10 per cent Li2O for all three pegmatite intervals.

YLP-0154 was drilled approximately 450 m from the northern mapped extent of the WB and EB dikes to test pierce points at around 150 m below the surface. Drilling intersected four clusters of one to four dikes spaced 25 to 40 m apart. Individual dike widths range from one to nine m and sum to 34 m of pegmatite over 166 m of drill core, with all returning cross-dike composites of less than or equal to 0.10 per cent Li2O.

YLP-0167 was collared on a section approximately 150 m north of YLP-0154 to test the WB and EB dikes approximately 300 m from their northern mapped extent, 50 m below the surface and 50 m down dip of previously released YLP-0159 (0.73 per cent Li2O over five m). Drilling intersected nine and 14 m wide pegmatite dikes that are separated by 86 m of country rock and flanked by one or two one-to-four-metre-wide dikes. Assay composites returned 0.78 per cent Li2O over 10 m from the lower of the two thick dikes whereas all other dikes returned cross-dike composites of less than or equal to 0.10 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 174 out of 198 diamond drill holes (30,666 m).

General statements

All 10 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.

We seek Safe Harbor.