Mr. Francis MacDonald reports

LIFT INTERSECTS 11 M AT 1.52% LI2O AT ITS NITE 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-0177: 11 metres at 1.52 per cent Li2O (lithium dioxide) (Nite):
  • And one metre at 1.19 per cent Li2O;
• YLP-0179: 12 metres at 0.64 per cent Li2O (Ki):
  • Including three metres at 1.39 per cent Li2O;
  • And five metres at 0.56 per cent Li2O;
  • Including two metres at 1.22 per cent Li2O.

Discussion of results

This week's drill results are from 1,184 metres drilled across eight holes on the Nite, Ki and Big West pegmatite complexes. A table of composite calculations and general comments related to this discussion are provided herein.

Francis MacDonald, chief executive officer of Li-FT, commented: "This week's results show the high-grade nature of the Nite pegmatite. Eleven metres at 1.52 per cent Li2O is an excellent result and shows that there is further potential along strike to the southwest and down dip at the Nite pegmatite."

Nite pegmatite

The Nite pegmatite complex comprises a north-northeast-trending corridor of parallel-trending dikes that is exposed for at least 1.4 kilometres of strike length and dips approximately 50 degrees to 70 degrees to the east. The northern part of this complex consists of a main dike flanked by one or more thinner dikes, whereas the southern part comprises a fanning splay of five to 10 thinner dikes, which is up to 200 metres wide.

YLP-0174 explored the Nite pegmatite approximately 100 metres from its northern end and 50 metres beneath the surface. Drilling intersected three pegmatite dikes ranging from two to five metres wide for cumulative nine metres of pegmatite over 27 metres of core. The deepest of these three dikes returned 0.82 per cent Li2O over three metres.

YLP-0177 was drilled to test the Nite pegmatite approximately 600 metres from its southern mapped extent and 100 to 150 metres beneath the surface. Two previously released holes drilled on the same section returned 1.40 per cent to 1.50 per cent Li2O over 10 to 11 metres from intersections located both 100 metres up dip (YLP-0142) and down dip (YLP-0182) of YLP-0177. New drilling intersected a 16-metre dike preceded by four one-to-seven-metre dikes for cumulative pegmatite of 31 metres over 72 metres of drill core. Assays returned a composite of 1.52 per cent Li2O over 11 metres from the thick dike as well as 1.19 per cent Li2O over one metre from one of the thinner ones (see attached table).

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 southern part of the corridor consists mostly of one large dike and several narrower flanking dikes that sum to a constant pegmatite width of around 25 metres. The northern part consists of two relatively thick dikes that are between 50 metres and 150 metres apart, with the western dike comprising the northern extension of the large dike to the south and the more eastern dike referred to as the Perlis pegmatite.

YLP-0178 was drilled on the Ki dike in the northern part of the corridor, 100 metres along strike and northwest of YLP-0179, 100 metres from the northern mapped extent of the dike, and 50 metres beneath the surface. Drilling intersected three dikes between one metre and 13 metres in width for cumulative 24 metres of pegmatite over 44 metres of core. Assays returned no significant results.

YLP-0179 was also drilled to intersect the Ki dike 50 metres beneath the surface, with the hole collared in between along-strike stepout holes drilled 100 metres northwest (YLP-0178) and to the southeast (YLP-0184; 1.11 per cent Li2O over 13 metres). Drilling intersected a 15-metre-wide dike flanked by several one-metre-to-six-metre wide dikes for cumulative pegmatite of 23 metres over 60 metres. The thick dike returned an assay composite of 0.64 per cent Li2O over 12 metres, including three metres of 1.39 per cent Li2O, whereas the uppermost dike returned 0.56 per cent Li2O over five metres, including a two-metre interval of 1.22 per cent Li2O (see attached table).

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 kilometres along strike and is steeply west dipping to subvertical. The complex is bound by two relatively continuous dike structures that are 50 to 100 metres apart in the northern half of the corridor and 150 metres apart in the south. These dikes are here referred to as the east-bounding (EB) and west-bounding (WB) dikes. Descriptions as follows are ordered from southernmost to northernmost.

YLP-0173 tested the WB dike approximately 500 metres from its southern mapped extent and 100 metres beneath the surface. Drilling intersected three dikes separated by 40 to 65 metres of country rock, with each interval comprising five to eight metres of pegmatite over five to 12 metres of core. Assay composites for the lowermost dike returned 1.20 per cent Li2O over three metres.

YLP-0181 was drilled approximately 500 metres from the northern mapped extent of the WB and EB dikes to, respectively, test pierce points at less than 25 metres and 50 metres below the surface. The WB dike is eight metres wide and returned negligible grade. The EB dike comprises a 10-metre-wide pegmatite flanked by at least three dikes between one metre and five metres in width, for cumulative 19 metres of pegmatite over 33 metres of core. Assays were generally low but include 1.16 per cent Li2O over one metre from the thick dike and 0.91 per cent Li2O over one metre from one of the thinner dikes.

YLP-0172 was collared just east of the WB dike to test the EB dike approximately 250 metres from its northern mapped extent, 50 metres below the surface and 100 metres up dip of YLP-0176. Drilling intersected 14-metre-wide and nine-metre-wide dikes separated by 11 metres of country rock, with the upper dike returning an assay composite of 0.67 per cent Li2O over seven metres (including 1.38 per cent Li2O over three metres) and the lower one returning 0.51 per cent Li2O over nine metres (including 0.99 per cent Li2O over four metres).

YLP-0176 was drilled on the same section as YLP-0172 to intersect the WB dike less than 25 metres beneath the surface and the EB dike at 150 metres and 100 metres down dip of YLP-0172. The WB dike is 14 metres wide and returned negligible grade. The EB dike comprises a 16-metre-wide main dike flanked by four dikes between one metre and two metres in width. The thickest dike returned an assay composite of 0.56 per cent Li2O over 10 metres, including a one-metre interval of 1.42 per cent Li2O. The thin dikes returned negligible grade (see attached table).

Drilling progress update

The company has concluded its 2023 drill program at the Yellowknife lithium project with 34,238 metres completed. Currently, Li-FT has reported results from 182 out of 198 diamond drill holes (32,076 metres).

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 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's 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 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 quality assurance/quality control 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 and director of geoscience at Equity Exploration Consultants Ltd.; a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects; and a 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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