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Li-FT Power Ltd
Symbol LIFT
Shares Issued 39,240,732
Close 2023-07-25 C$ 8.26
Market Cap C$ 324,128,446
Recent Sedar Documents

Li-FT Power drills 79 m of 1.13% Li2O at Yellowknife

2023-07-25 07:17 ET - News Release

Mr. Francis MacDonald reports

LIFT INTERSECTS 79 METRES AT 1.13% LI2O AND 39 METRES AT 1.43% LI2O AT THE FI SOUTHWEST PEGMATITE, YELLOWKNIFE LITHIUM PROJECT, NWT, CANADA

Li-FT Power Ltd. has provided initial assays from the first five drill holes completed at the Fi Southwest pegmatite within its Yellowknife lithium project (YLP) located outside the city of Yellowknife, NWT. Drill results have confirmed spodumene mineralization over 320 metres of strike length, to a depth of approximately 150 m from surface at the Fi Southwest dike which remains open in all directions. Drilling is continuing on the remainder of the dike, which is currently testing a total of 1,100 metres of strike length to a depth of 250 metres.

Francis MacDonald, chief executive officer of Li-FT, comments: "We are very encouraged with these first drill results at the Yellowknife lithium project. The widths and grades of lithium and spodumene intersected in these holes are similar to what was historically reported in the 1950s to 1980s (1). Eight different pegmatites will be drilled this summer with 45,000 metres of drilling that will utilize six drill rigs. We look forward to reporting additional results in the coming weeks and month. We believe that these initial drill results show that the YLP has excellent potential to become one of the next destinations in North America to define significant spodumene resources."

Discussion of drill results

Holes YLP0001 to YLP0005 were targeting the Fi Southwest dike and have confirmed spodumene mineralization over 320 metres of strike length, to a depth of approximately 150 metres from surface. Drilling targeted extensions to depth below surface exposures of 5 to 30 per cent spodumene mapped and trenched in the 1970s (1). Results reported are for intercepts of pegmatite that were sampled at one metre intervals with assays for lithium averaged over the total intercept length. In some holes one-metre inclusions of host rock metasediments were included in the assayed intervals (for example, YLP0002: two intervals; YLP005: one interval). The mineralogy of the dike is quite simple, consisting of feldspar, quartz, spodumene and lesser primary muscovite. Spodumene in drill core ranges from 0.5 to five centimetres in size with the average crystal size being two centimetres. Drilling is continuing on the remainder of the dike, which is currently testing a total of 1,100 metres of strike length to a depth of 250 metres.

Operations update

Li-FT is pleased to report that the company has completed construction of a 49-person camp around the Hidden Lake area which is proximal to the Fi, Shorty and Ki mineral leases. With increased camp capacity the company is currently drilling with three diamond drill rigs out of the Hidden Lake camp and is drilling pegmatite targets on the Fi Southwest, Fi Main, Shorty, Ki and Ki extension onto the Perlis lease. Two drills have been deployed to the Big East pegmatite and are currently drilling this target. One additional drill rig will start drilling in August at the Echo target bringing the total drill rig count to six. To date, 9,246 metres of drilling have been completed over 56 drill holes.

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 logging 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 millimetres (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-micrometre (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 g 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.

References

(1) National Instrument 43-101 "Technical Report On the Yellowknife Lithium Project, Northwest Territories, Canada" (Dec. 30, 2022) -- Thomas Hawkins, PhD, PGeo. Filed on SEDAR on Jan. 13, 2023.

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 Carl Verley, PGeo, vice-president, exploration, of Li-FT Power, and a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). No QA/QC review is available in relation to historical sampling and drilling on the Yellowknife project and results have not been verified by a qualified person as defined by NI 43-101. Past sampling and drilling results are not necessarily indicative of future results or performance from the Yellowknife property.

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 field.

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