Li-FT Closes Acquisition of 100% Interest in the DeStaffany, LDG & Mackay Lithium Projects, NWT, Canada
Li-FT Power (LIFFF) has completed the acquisition of a 100% interest in the DeStaffany, LDG, and Mackay Lithium Projects in Northwest Territories, Canada, from North Arrow Minerals. The transaction involved issuing 250,000 LIFT common shares and reimbursing approximately CAD $47,500 for reclamation bonds.
The DeStaffany Lithium Project spans 1,843 ha and features the Moose 1 and Moose 2 pegmatites, with historic samples showing up to 4.1% Li2O and 2.73% Li2O respectively. The LDG Project covers 8,600 hectares with 10 discovered spodumene pegmatite occurrences. The Mackay Project comprises 8,600 hectares with two significant spodumene occurrences, MK1 and MK3, showing samples up to 3.74% and 5.25% Li2O respectively.
The properties are subject to various royalties, including a 2% gross overriding royalty on DeStaffany and additional royalties on LDG, with buy-back provisions available.
Li-FT Power (LIFFF) ha completato l'acquisizione di una quota del 100% nei progetti litici DeStaffany, LDG e Mackay nei Territori del Nord Ovest, Canada, da North Arrow Minerals. La transazione ha comportato l'emissione di 250.000 azioni comuni LIFT e il rimborso di circa 47.500 CAD per le obbligazioni di bonifica.
Il Progetto Litico DeStaffany si estende per 1.843 ha e presenta i pegmatiti Moose 1 e Moose 2, con campioni storici che mostrano fino al 4,1% di Li2O e 2,73% di Li2O rispettivamente. Il Progetto LDG copre 8.600 ettari con 10 scoperte di pegmatiti di spodumene. Il Progetto Mackay comprende 8.600 ettari con due importanti occorrenze di spodumene, MK1 e MK3, che mostrano campioni fino al 3,74% e 5,25% di Li2O rispettivamente.
Le proprietà sono soggette a diverse royalty, inclusa una royalty del 2% sul reddito lordo per DeStaffany e ulteriori royalty su LDG, con disposizioni di riacquisto disponibili.
Li-FT Power (LIFFF) ha completado la adquisición de una participación del 100% en los proyectos de litio DeStaffany, LDG y Mackay en los Territorios del Noroeste, Canadá, de North Arrow Minerals. La transacción incluyó la emisión de 250,000 acciones comunes de LIFT y el reembolso de aproximadamente 47,500 CAD por garantías de restauración.
El Proyecto de Litio DeStaffany se extiende por 1,843 ha y cuenta con los pegmatitos Moose 1 y Moose 2, con muestras históricas que muestran hasta un 4.1% de Li2O y 2.73% de Li2O respectivamente. El Proyecto LDG cubre 8,600 hectáreas con 10 ocurrencias descubiertas de pegmatitos de espodumena. El Proyecto Mackay comprende 8,600 hectáreas con dos ocurrencias significativas de espodumena, MK1 y MK3, que muestran muestras de hasta el 3.74% y 5.25% de Li2O respectivamente.
Las propiedades están sujetas a varias regalías, incluida una regalía del 2% sobre el ingreso bruto de DeStaffany y regalías adicionales sobre LDG, con disposiciones de recompra disponibles.
Li-FT Power (LIFFF)는 North Arrow Minerals로부터 캐나다 노스웨스트 준주의 DeStaffany, LDG 및 Mackay 리튬 프로젝트에 대한 100% 지분을 인수 완료했습니다. 이 거래에는 250,000 LIFT 보통주 발행과 복구 보증금으로 약 47,500 캐나다 달러를 상환하는 것이 포함되었습니다.
DeStaffany 리튬 프로젝트는 1,843 헥타르에 걸쳐 있으며 Moose 1 및 Moose 2 페그마타이트를 특징으로 하며, 역사적인 샘플에서 각각 최대 4.1% Li2O와 2.73% Li2O를 나타냅니다. LDG 프로젝트는 8,600 헥타르를 커버하며 10개의 스포듐기 페그마타이트 발견이 있습니다. Mackay 프로젝트는 8,600 헥타르로 두 개의 중요한 스포듐기 발견, MK1 및 MK3를 포함하고 있으며 각각 최대 3.74% 및 5.25% Li2O 샘플이 있습니다.
이 자산은 DeStaffany에 대해 2% 총 로열티를 포함하여 다양한 로열티의 적용을 받으며, LDG에 대해서도 추가 로열티가 있으며, 재구입 조항이 제공됩니다.
Li-FT Power (LIFFF) a finalisé l'acquisition d'un intérêt de 100 % dans les projets de lithium DeStaffany, LDG et Mackay dans les Territoires du Nord-Ouest, Canada, auprès de North Arrow Minerals. La transaction a impliqué l'émission de 250 000 actions ordinaires LIFT et le remboursement d'environ 47 500 CAD pour des garanties de remise en état.
Le Projet de Lithium DeStaffany s'étend sur 1 843 ha et comprend les pegmatites Moose 1 et Moose 2, avec des échantillons historiques montrant jusqu'à 4,1 % de Li2O et 2,73 % de Li2O respectivement. Le Projet LDG couvre 8 600 hectares avec 10 occurrences de pegmatites de spodumène découvertes. Le Projet Mackay comprend 8 600 hectares avec deux occurrences significatives de spodumène, MK1 et MK3, présentant des échantillons allant jusqu'à 3,74 % et 5,25 % de Li2O respectivement.
Les propriétés sont soumises à diverses redevances, y compris une redevance brute de 2 % sur DeStaffany et des redevances supplémentaires sur LDG, avec des dispositions de rachat disponibles.
Li-FT Power (LIFFF) hat den Erwerb von 100% der Anteile an den DeStaffany-, LDG- und Mackay-Lithiumprojekten in den Northwest Territories, Kanada, von North Arrow Minerals abgeschlossen. Die Transaktion umfasste die Ausgabe von 250.000 LIFT-Stammaktien und die Erstattung von etwa 47.500 CAD für Rekultivierungsanleihen.
Das DeStaffany-Lithiumprojekt erstreckt sich über 1.843 ha und umfasst die Pegmatite Moose 1 und Moose 2, wobei historische Proben bis zu 4,1% Li2O und 2,73% Li2O zeigen. Das LDG-Projekt erstreckt sich über 8.600 Hektar mit 10 entdeckten Spodumen-Pegmatitvorkommen. Das Mackay-Projekt umfasst 8.600 Hektar mit zwei bedeutenden Spodumen-Vorkommen, MK1 und MK3, wobei Proben von bis zu 3,74% und 5,25% Li2O vorliegen.
Die Liegenschaften unterliegen verschiedenen Royalties, einschließlich einer 2%igen Bruttoüberschussroyalty für DeStaffany und zusätzlichen Royalties für LDG, mit Rückkaufbestimmungen verfügbar.
- Acquisition expands lithium resource base with high-grade lithium deposits (up to 5.25% Li2O)
- Strategic location near existing infrastructure and transportation routes
- Multiple identified pegmatite occurrences across all three projects
- Properties include buy-back options for royalties
- Additional cash outlay of CAD $47,500 for reclamation bonds
- Multiple royalty obligations on the properties (2% on various claims)
- Properties require further exploration and drilling to determine economic viability
Vancouver, British Columbia--(Newsfile Corp. - January 23, 2025) - Li-FT Power Ltd. (TSXV: LIFT) (OTCQX: LIFFF) (FSE: WS0) ("LIFT" or the "Company") is pleased to announce that it has closed the previously announced definitive agreement with North Arrow Minerals Inc. (TSXV: NAR) to acquire a
Francis MacDonald, CEO and Director of LIFT, commented, "We are excited to close this acquisition with North Arrow and get on the ground this year to further evaluate the additional DeStaffany Lithium pegmatite dykes within our Yellowknife Lithium Project area with the intention of growing our Lithium resource base."
Under the terms of the agreement, LIFT acquired all rights, title, and interest in the, DeStaffany, LDG and Mackay Lithium Projects (represented by 14 mineral claims and six leases) in exchange for the issuance of 250,000 common shares of LIFT to North Arrow Minerals, which are subject to a statutory four month hold period expiring May 24, 2025. The acquisition also includes the transfer of associated reclamation bonds, ensuring responsible environmental stewardship as these projects are developed, of which LIFT will make a post-closing cash reimbursement of approximately CAD
Figure 1 - Location of NAR's DeStaffany, LDG & Mackay Lithium Projects along side LIFT's Yellowknife Lithium Project. The pegmatites are located to the east and the northeast of the city of Yellowknife.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8766/238226_b9cf595f04903bbb_001full.jpg
The DeStaffany mining claims are subject to a
The transaction received the approval of the TSX Venture.
DeStaffany Lithium Project
The DeStaffany lithium property covers 1,843 ha located on the north central shore of Great Slave Lake, approximately 18 km northeast of the Nechalacho mine and 115 km east of Yellowknife. The property hosts the Moose 1 and Moose 2 lithium-tantalum-niobium bearing pegmatites. The pegmatites were initially evaluated in the 1940's for tantalum and niobium but have never been subject to a focused evaluation of their lithium potential. New discoveries are possible within the property as highlighted by the identification of additional pegmatites by a predecessor company to North Arrow. At the time, these pegmatites were not described or evaluated for their lithium potential.
The Moose 1 pegmatite has never been drilled but has been traced over a 370 m strike, averaging 4.5 m to 6.0 m in width with a maximum width of approximately 11 m, and hosts spodumene mineralization that returned
The Moose 2 pegmatite has been mapped over a 450 m strike length and is up to 30 m wide. The pegmatite was bulk sampled, and test mined for its tantalum and niobium potential in the 1940's and 1950's, producing tantalum, niobium and lithium concentrates, but has never been evaluated or drilled for its lithium potential. Spodumene mineralization is common throughout the pegmatite, with elevated lithium analyses of up to
The Moose pegmatites are located within 1 km of Great Slave Lake, providing good year-round access to the property from both Yellowknife and Hay River on the south side of lake. Next steps for the property will include preparation for mapping, sampling and prospecting fieldwork ahead of initial drill testing of these mineralized spodumene pegmatites.
LDG Lithium Project
The LDG Project comprises 8,600 hectares of mineral claims and leases that are located 15 km southwest of Rio Tinto's Diavik diamond mine. To date, 10 spodumene pegmatite occurrences have been discovered by prospecting which have outcropping dimensions of up to 20 m in width and 400 m in length. The project area is covered by till which can be used as an exploration medium to discover buried deposits.
Mackay Lithium Project
The MacKay Project is comprised of 8,600 hectares of mineral claims approximately 30 km to the south of the Rio Tinto's Diavik diamond mine. To date, two spodumene occurrences have been discovered by prospecting. MK1 comprises a series of irregular sub-parallel pegmatite dykes ranging from 0.5 m to >10 m wide over a combined width of up to 150 m and traced over an interpreted strike extent of greater than 400 m; hand samples from four locations along a 120 m strike have returned
MK3 (located ~ 4.5 km east northeast of MK1) is a prominent 15 to 20 m wide, white pegmatite exposure traced near continuously along strike for approximately 130 m; five representative grab samples returned
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.
For further information, please contact:
Francis MacDonald
Chief Executive Officer
Tel: + 1.604.609.6185
Email: investors@li-ft.com
Daniel Gordon
Investor Relations
Tel: +1.604.609.6185
Email: investors@li-ft.com
Website: www.li-ft.com
Cautionary Statement Regarding Forward-Looking Information
Certain statements included in this press release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements relating to the closing of the Offering, the use of proceeds of the Offering, the timing of incurring the Qualifying Expenditures and the renunciation of the Qualifying Expenditures as well as the approval of the TSXV. These forward-looking statements and information reflect management's current beliefs and are based on assumptions made by and information currently available to the company with respect to the matter described in this new release.
Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors" in the Company's latest annual information form filed on March 27, 2024, which is available under the Company's SEDAR+ profile at www.sedarplus.ca, and in other filings that the Company has made and may make with applicable securities authorities in the future.
Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238226
FAQ
What is the purchase price for Li-FT Power's (LIFFF) acquisition of the DeStaffany, LDG, and Mackay projects?
What are the lithium grades reported in the DeStaffany project acquired by LIFFF?
What are the royalty terms for LIFFF's newly acquired lithium projects?
What are the highest lithium grades reported in LIFFF's Mackay Project?
