09:25:54 EDT Sat 15 Jun 2024
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Li-FT Power Ltd
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Close 2024-06-11 C$ 3.50
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Li-FT Power drills 25 m of 1.21% Li2O at Yellowknife

2024-06-11 09:25 ET - News Release

Mr. Francis MacDonald reports

LIFT INTERSECTS 25 M AT 1.21% LI2O AT ITS SHORTY PEGMATITE, YELLOWKNIFE LITHIUM PROJECT, NWT

Li-FT Power Ltd. has released assays from 13 drill holes completed at the Shorty, Ki, Echo, Big East, Fi SW, Nite and Big West pegmatites within the Yellowknife lithium project, located outside the city of Yellowknife, NWT. These drill results are the final batch of results from the winter 2024 drill program. Drilling intersected significant intervals of spodumene mineralization, with the following highlights:

Highlights:

  • YLP-0284: 25 m at 1.21 per cent Li2O, (Shorty)
    • and: 18 m at 1.41 per cent Li2O
    • and: 10 m at 1.00 per cent Li2O
    • and: 5 m at 1.76 per cent Li2O
  • YLP-0272: 13 m at 1.05 per cent Li2O, (Ki)
    • including: 8 m at 1.43 per cent Li2O

Discussion of Results

This news release provides results for 12 drill holes from LIFT's 2024 winter drilling program and one hole from the 2023 summer drilling. Holes are reported from seven different pegmatite complexes that include Shorty, Ki, Echo, BIG East, Fi SW, Nite, and BIG West. A table of composite calculations, general comments related to this discussion, and a table of collar headers are provided towards the end of this section. Francis MacDonald, CEO of LIFT comments, "With this being the last drill results press release for a while, I would like to commend the team for operating a successful winter drill program. LIFT has drilled approximately 50,000 meters in the last 12 months and has shown the scale of the Yellowknife Lithium Project. We look forward to reporting a maiden resource estimate in the next months and also metallurgical test work."

Shorty Pegmatite The Shorty pegmatite is formed by several sub-parallel dikes that, together, define a pegmatite-bearing corridor that is at least 1.4 km long, up to 100 m wide, north-northeast striking, and dips 50degree-70degree to the west. The corridor itself consists of both country rock and pegmatite, with pegmatite occurring in either a single 10-40 m wide dike or as 2-4 dikes with a similar cumulative width spread over 50-100 m.

YLP-0284 was collared within a few meters of the lease boundary to test one of the thicker dikes within the Shorty corridor on a center approximately 75 m below the surface and 25 m downdip of previously released YLP-0283 (1.32 per cent Li2O over 35 m). New drilling intersected 47 m of pegmatite split by 7 m of country rock as well as a 10 m wide dike ~30 m further down the hole. The thick pegmatite interval returned composites of 1.41 per cent Li2O over 18 m and 1.21 per cent Li2O over 25 m whereas the lower one returned a wall-to-wall composite of 1.00 per cent Li2O that includes 5 m of 1.76 per cent Li2O. These intersections indicate that spodumene mineralization widens in the down-dip direction from YLP-0283 to 0284 and is open below that as well as along strike to the north-northeast (Table 1 & 2, Figures 2 & 3).

Ki Pegmatite

The Ki pegmatite complex comprises a north-northwest trending corridor of dikes that extends for at least 1.3 km 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 m. The northern part consists of two relatively thick dikes that are between 50-150 m apart, with the western dike comprising the northern extension of the Ki dike and the more eastern dike referred to as Perlis.

YLP-0272 was drilled to test the western part of the Ki corridor at approximately 50 m below the surface and 75-100 m up-dip of previously released YLP-0278 (0.51 per cent Li2O over 5 m), as well as 50 m south and along strike of previously released YLP-0274 (1.16 per cent Li2O over 11 m). New drilling intersected the Ki dike (13 m wide) and several subsidiary dikes that are 1-3 m wide, with the Ki dike returning a wall-to-wall composite of 1.05 per cent Li2O that includes 8 m of 1.43 per cent Li2O. Together with YLP-0274, this result defines a new spodumene deposit in the western part of the Ki corridor that is open at depth and along strike to the north-northwest (Table 1 & 2, Figures 4 & 5).

YLP-0269 was drilled on a section 50 m south of the section with YLP-0272/0278, to test the Ki corridor from 10-150 m vertically beneath the surface. Over 185 m of core length, drilling intersected the Ki dike (15 m wide) as well as 10 other dikes between 1-6 m wide and separated from each other by 3-67 m of country rock. The Ki dike returned composites of 0.55 per cent Li2O over 2 m and 0.50 per cent Li2O over 3 m whereas the other 10 dikes all returned assays <0.1 per cent Li2O (Table 1 & 2, Figure 4).

YLP-0265 was drilled on a section 50 m south of YLP-0269 to test the Ki corridor at 50-75 m below the surface as well as 50 m downdip of previously released YLP-0261 (0.56 per cent Li2O over 3 m) and 50-75 m up-dip of YLP-0276. New drilling intersected an 80 m wide corridor with seven pegmatite dikes between 1-12 m in width in addition to a 6 m wide dike a further 82 m down the hole that is likely the Perlis dike. Two of the wider dikes within the corridor returned composites of 0.45 per cent Li2O over 2 m and 0.45 per cent Li2O over 4 m whereas all other dikes, including Perlis, returned assays <0.2 per cent Li2O (Table 1 & 2, Figure 4).

YLP-0276 stepped back 125 m from YLP-0265 to test the Ki corridor on the same section down to 250 m below the surface. Drilling intersected five pegmatite corridors that are each separated by 40-60 m of country rock, with each interval hosting 2-17 m of pegmatite spread over 1-3 dikes and 2-20 m of drill core. The two intervals with the thickest pegmatite likely correspond to the Ki and Perlis dikes and returned, respectively, composites of 0.56 per cent Li2O over 8 m (including 1.17 per cent Li2O over 3 m) and 0.46 per cent Li2O over 2 m (Table 1 & 2, Figure 4).

Echo Pegmatite

The Echo pegmatite complex comprises a steeply dipping, northwest-trending, feeder dike ("Echo feeder") that splits into a fanning splay of moderate to gently dipping dikes for 0.5 km to the northwest ("Echo splay"). The dike complex has a total strike length of over 1.0 km. The feeder dike is 5-15 m wide whereas the gently dipping dikes in the splay are locally up to 25 m thick. Two of the three holes reported here were drilled on the splay and one was drilled in the zone where the splay merges with the feeder.

YLP-0277 was drilled on a section located 400 m from where the Echo splay merges with the feeder, testing the splay down to 150 m below the surface and in between previously released YLP-0281 (1.09 per cent Li2O over 33 m from three intervals spaced a total of 163 m apart) and YLP-0279 (no significant results). New drilling intersected a 32 m wide pegmatite dike that is centered at 75 m below the surface in addition to several thinner dikes. The thick dike returned a composite of 0.48 per cent Li2O over 26 m that includes three higher-grade subintervals averaging 0.9-1.2 per cent Li2O over 2-5 m (Table 1 & 2, Figures 6 & 7).

YLP-0270 was drilled to test the Echo splay approximately 200 m from where it merges with the feeder, down to 225 m vertically beneath the surface, and between previously released YLP-0120 (0.60 per cent Li2O over 24 m) to the southwest and YLP-0273 (no significant results), which was drilled from the same location as YLP-0270 but at a steeper inclination. New drilling intersected three intervals of pegmatite each separated by ~75 m country rock, with each interval comprising one to three dikes with a cumulative width of 2-14 m. All assays returned <0.1 per cent Li2O (Table 1 & 2, Figure 6).

YLP-0266 was drilled within the area where the Echo splay merges with the feeder, as well as on section with and stepped back 80 m from previously released YLP-0099 (0.62 per cent Li2O over 11 m). New drilling intersected three dikes within 100 m of the surface, all of which are just 2-3 m wide and returned negligible grades (Table 1 & 2, Figure 6).

Nite Pegmatite

The Nite pegmatite complex is exposed along 1.4 km of strike length as a swarm of parallel-trending dikes that occur within a north-northeast striking corridor dipping ~50degree-70degree degrees to the east. The northern part of this complex consists of a 5-15 m thick dike flanked by one or more 1-5 m dikes whereas the southern part comprises a fanning splay of 5-10 thin dikes within a 200 m wide corridor.

YLP-0286 was the last hole drilled as part of the 2024 winter program, is the most southerly hole drilled on the Nite complex and is the hole nearest the structural transition from the narrower northern part to the wider southern part. This hole was designed to test the Nite corridor at 50-75 m below the surface as well as 50 m southwest and along strike of previously released YLP-0142 (1.47 per cent Li2O over 10 m). New drilling intersected a 63 m wide corridor with 30 m of pegmatite spread over six dikes between 1-17 m in width. The thickest two dikes returned wall-to-wall composites of 0.53 per cent Li2O over 17 m (including 4 m of 1.56 per cent Li2O) and 0.91 per cent Li2O over 6 m. This result indicates that the Nite complex is open at depth and along strike to the south-southwest (Table 1 & 2, Figures 8 & 9).

BIG East Pegmatite

The BIG East pegmatite complex comprises a north-northeast trending corridor of parallel-trending dikes that is exposed for at least 1.8 km of strike length, ranges from 10-100 m wide, and dips approximately 55degree-75degree degrees to the west.

YLP-0264 was drilled near the northern mapped extent of the BIG East pegmatite to test this corridor at 50 m below the surface and 25 m up-dip of previously released YLP-0267 (0.47 per cent Li2O over 12 m). New drilling intersected 10 m and 13 m wide pegmatite dikes separated by 24 m of country rock and with all assays returning <0.1 per cent Li2O (Table 1 & 2, Figure 10).

YLP-0268 is the northern-most hole drilled on the BIG East corridor and was collared on a section that is 50 m north and along strike of the section with YLP-0264/0267. Drilling intersected a 15 m wide pegmatite dike centered at approximately 65 m vertically beneath the surface as well as several flanking dikes between 1-5 m in width. The wider dike returned three 1 m assays grading between 0.3-0.5 per cent Li2O whereas the flanking dikes returned <0.1 per cent Li2O (Table 1 & 2, Figure 10).

Fi Southwest Pegmatite

The Fi Southwest (SW) pegmatite is exposed over at least 1.1 km on surface and occurs within a broader corridor that is 50-100 m wide and dips between 60degree-80degree to the east. The complex is cored by a 20-40 m wide main dike that is continuous for at least 800 m along strike, with numerous sub-parallel subsidiary dikes between 1-5 m in width. At its northern and southern ends, the main dike splays out into a broader corridor with more dikes that have narrower widths.

YLP-0209 was drilled to test the northern splay of the Fi SW complex down to 175 m vertically and in between previously released YLP-0201 and YLP-0215 (both no significant results). Drilling intersected a 90 m interval, centered on 125 m vertical depth, with 13 m of pegmatite spread over five between 1-4 m wide. All assays returned <0.2 per cent Li2O (Table 1 & 2, Figure 11).

BIG West Pegmatite

The BIG West pegmatite complex comprises a north-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 northern part of the complex consists of a single corridor approximately 50-75 m wide whereas in the south this single corridor splits into upper and lower pegmatite zones approximately 125 m apart.

YLP-0175 is the last hole reported from the 2023 summer program and was designed to test the southern part of the BIG West corridor at a vertical depth of 250 m below the surface as well as 75-100 m downdip of previously released YLP-0170 (0.76 per cent Li2O over 1 m). Drilling intersected the upper pegmatite as a single 7 m wide dike with all assays returning <0.2 per cent Li2O (Table 1 & 2, Figure 12).

Drilling Progress Update

The Company concluded its winter drill program at the Yellowknife Lithium Project with a combined total of 286 diamond drill holes (49,548 m) completed between the summer and winter programs.

General Statements

All 13 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 65-100% of the drilled widths. A collar header table is provided below.

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.

QA/QC & Core Sampling Protocols

All drill core samples were collected under the supervision of LIFT 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 LIFT's core logging facility to ALS Labs ("ALS") laboratory in Yellowknife, Northwest Territories.

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% passing through 2 mm (10 mesh) screen; a 1,000-gram sub-sample was riffle split (SPL-21) and then pulverized (PUL-32) such that 85% passed through 75-micron (200 mesh) screen. A 0.2-gram sub-sample of the pulverized material was then dissolved in a sodium peroxide solution and analysed for lithium according to ALS method ME-ICP82b. Another 0.2-gram sub-sample of the pulverized material was analysed 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 LIFT's mineral properties has been reviewed and approved by Ron Voordouw, Ph.D., P.Geo., Partner, Director Geoscience, Equity Exploration Consultants Ltd., and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) and member in good standing with the Northwest Territories and Nunavut Association of Professional Engineers and Geoscientists (NAPEG) (Geologist Registration number: L5245).

About LIFT

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. LIFT 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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