Mr. Francis MacDonald reports

LIFT INTERSECTS 22 M AT 1.05% LI2O AT ITS FI SOUTHWEST PEGMATITE, YELLOWKNIFE LITHIUM PROJECT, NWT

Li-FT Power Ltd. has released assays from eight drill holes completed at the Fi Southwest, BIG West, Nite and Fi Boye 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-0199: 22 metres at 1.05 per cent lithium oxide (Fi Southwest);
  • Including: nine m at 1.87 per cent Li2O.
• YLP-0195: 15 m at 1.0 per cent Li2O (Nite);
  • Including: two m at 1.42 per cent Li2O;
  • Including: eight m at 1.26 per cent Li2O.
• YLP-0189: four m at 1.11 per cent Li2O (Fi Boye).

Discussion of results

This week's drill results are from 1,325 m drilled across eight holes, including the first hole of the 2024 winter program at Fi Southwest as well as 2023 results from the Nite, BIG West and Fi Boye pegmatites.

David Smithson, senior vice-president, geology, of Li-FT, comments: "Results from the deep drilling at Nite this week continue to impress with hole 195 intercepting 15 m at 1 per cent Li2O at 250 m from the surface. This is the second deep hole we have drilled on the Nite structure following on from 10 m at 1.4 per cent Li2O drilled at the same level in 2023. The Fi Southwest dike was similarly impressive this week returning 22 m at 1 per cent Li2O near to the surface. Drilling to date on the Fi Southwest dike has defined over 900 m of good shallow mineralization so we are very excited to test the rest of the structure to depth in the 2024 drill program currently under way in the field."

The Fi-SW dike strikes over at least 1.1 kilometres on surface with an average outcropping width of approximately 20 m. The dike dips between 60 degrees and 80 degrees to the east-southeast and trends toward the north-northeast. Drilling of Fi SW shows that it ranges from a single 20 to 40 m wide dike to two to three dikes of similar cumulative width within a 50 to 70 m wide corridor.

YLP-0199 is the first hole drilled in the 2024 winter program and was collared to test the Fi SW pegmatite approximately 150 m from its northern mapped extent and 50 m beneath the surface. Drilling intersected four m and 15 m wide pegmatites separated by three m of country rock with assays returning a wall-to-wall composite of 1.05 per cent Li2O over 22 m that includes nine m of 1.87 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 and dips approximately 50 degrees to 70 degrees 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 that is up to 200 m wide.

YLP-0192 explored the Nite pegmatite approximately 400 m from its northern end, 150 m beneath the surface and 100 m down dip of previously released YLP-0152 (1.24 per cent Li2O over five m). Drilling intersected five pegmatite dikes ranging from one to seven m wide for cumulative pegmatite of 19 m over 45 m of core. The deepest of these three dikes returned 0.87 per cent Li2O over six m that includes two m of 1.99 per cent Li2O.

YLP-0195 was drilled on a section 300 m south of YLP-0192 to test the Nite pegmatite 700 m from its northern end, 250 m beneath the surface and 200 m down dip of YLP-0138 (1.51 per cent Li2O over 12 m). New drilling intersected a 17 m wide dike flanked by several one to eight m dikes for cumulative 28 m of pegmatite over 59 m of core. Sampling of the thick dike returned an assay composite of 1 per cent Li2O over 15 m that includes subintervals of 1.42 per cent Li2O over two m and 1.26 per cent Li2O over eight 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- (EB) and west-bounding (WB) dikes. This week's results are described from southernmost to northernmost.

YLP-0180 tested the WB dike approximately 450 m from its southern mapped extent and less than 25 m beneath the surface, as well as 50 m and 100 m up dip of previously released holes (YLP-0160, 0164) that both returned negligible grades. Drilling intersected a single 11 m wide pegmatite dike that returned an assay composite of 0.54 per cent Li2O over five m, which includes one m of 1.60 per cent Li2O.

YLP-0185 was collared just west of the EB dike and 200 m from the northern mapped extent of the BIG West complex to target the WB dike approximately 50 m beneath the surface and 100 m up dip of YLP-0191 (see below). Drilling intersected a single one-metre-wide pegmatite dike that returned negligible grade.

YLP-0191 was drilled on the same section as YLP-0185 but was collared just east of the EB dike, so that it tested this dike within 25 to 50 m of the surface and the WB dike at 150 m depth. Drilling shows that these bounding dikes are separated by approximately 100 m of country rock, with the EB dike comprising two 11 to 12 m dikes flanked by two to three m wide dikes for cumulative 28 m of pegmatite over 70 m of drill core whereas WB comprises a single 27 m wide dike. Significant assays were returned only from the EB dike and includes composites of 0.74 per cent Li2O over 11 m (including 1.48 per cent Li2O over four m) and 0.54 per cent Li2O over 12 m (with 1.44 per cent Li2O over three m).

YLP-0183 is the most northerly hole drilled on the BIG West complex in 2023, just 150 m from its northern mapped extent and targeting the EB dike within 25 m of the surface. Drilling intersected a 13 m wide dike flanked by several one to seven m wide dikes for 33 m of pegmatite over 69 m of drill core. Assays from the thick dike returned a composite of 0.51 per cent Li2O over six m that includes a one m interval of 1.16 per cent Li2O whereas the flanking dikes returned negligible grade.

Fi Boye pegmatite

The Fi Boye pegmatite comprises a corridor of mostly north-south-striking, steeply east-dipping dikes that run parallel to, and lie 500 to 700 m west of, the Fi Main complex. The Fi Boye corridor has at least 1.7 km of striking length, contains between one and five dikes, and ranges from approximately 10 to 200 m in width. The two holes reported below comprise all the drilling done on Fi Boye in 2023.

YLP-0189 was drilled to test the Fi Boye dike approximately 200 m from its northern mapped extent and 50 m beneath the surface. Drilling intersected a 14 m wide dike flanked by several one to two m wide dikes for cumulative pegmatite of 16 m over 31 m. The thick dike returned an assay composite of 1.11 per cent Li2O over four 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 189 out of 198 diamond drill holes (33,309 m).

General statements

Six of the 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.

Two of the three holes drilled at the north end of the BIG West complex (YLP-0185, 0191) were drilled broadly down dip because collar locations for drilling perpendicular to dike orientation fall within Big Hill Lake. The true thickness of these downdip intercepts will range between 40 and 50 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 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., 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.

LIFT 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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