Lift Enters Into Agreement With North Arrow Minerals to Acquire 100% Interest in the DeStaffany, LDG & Mackay Lithium Projects, NWT, Canada
Li-FT Power (LIFFF) has entered into a definitive agreement with North Arrow Minerals to acquire a 100% interest in three lithium projects in Northwest Territories, Canada: DeStaffany, LDG, and Mackay. The acquisition involves issuing 250,000 LIFT common shares to North Arrow Minerals.
The DeStaffany Project features two significant pegmatites: Moose 1 (370m strike length, up to 11m width) and Moose 2 (450m strike length, up to 30m width), with samples showing up to 1.5% and 1.98% Li2O respectively. The LDG Project comprises 8,600 hectares near the Diavik diamond mine with 10 spodumene pegmatite occurrences. The Mackay Project spans 8,661 hectares with two spodumene occurrences, showing samples up to 5.25% Li2O.
Li-FT Power (LIFFF) ha stipulato un accordo definitivo con North Arrow Minerals per acquisire una partecipazione del 100% in tre progetti di litio nei Territori del Nord-Ovest, Canada: DeStaffany, LDG e Mackay. L'acquisizione prevede l'emissione di 250.000 azioni ordinarie LIFT a favore di North Arrow Minerals.
Il Progetto DeStaffany presenta due pegmatiti significative: Moose 1 (lunghezza di strike di 370m, larghezza fino a 11m) e Moose 2 (lunghezza di strike di 450m, larghezza fino a 30m), con campioni che mostrano fino all'1,5% e 1,98% di Li2O rispettivamente. Il Progetto LDG comprende 8.600 ettari vicino alla miniera di diamanti Diavik con 10 occorrenze di pegmatiti di spodumene. Il Progetto Mackay si estende su 8.661 ettari con due occorrenze di spodumene, mostrando campioni fino al 5,25% di Li2O.
Li-FT Power (LIFFF) ha firmado un acuerdo definitivo con North Arrow Minerals para adquirir un 100% de interés en tres proyectos de litio en los Territorios del Noroeste, Canadá: DeStaffany, LDG y Mackay. La adquisición implica la emisión de 250,000 acciones ordinarias de LIFT a North Arrow Minerals.
El Proyecto DeStaffany cuenta con dos pegmatitas significativas: Moose 1 (longitud de 370m, hasta 11m de ancho) y Moose 2 (longitud de 450m, hasta 30m de ancho), con muestras que muestran hasta un 1,5% y 1,98% de Li2O respectivamente. El Proyecto LDG abarca 8,600 hectáreas cerca de la mina de diamantes Diavik con 10 ocurrencias de pegmatitas de espodumena. El Proyecto Mackay se extiende sobre 8,661 hectáreas con dos ocurrencias de espodumena, mostrando muestras de hasta un 5,25% de Li2O.
Li-FT Power (LIFFF)는 North Arrow Minerals와 최종 계약을 체결하고 캐나다 북서부의 세 개의 리튬 프로젝트인 DeStaffany, LDG 및 Mackay에 대한 100%의 지분을 인수하기로 했습니다. 인수에는 North Arrow Minerals에 250,000개의 LIFT 보통주가 발행됩니다.
DeStaffany 프로젝트는 두 개의 주요 페그마타이트를 자랑합니다: Moose 1 (370m의 스트라이크 길이, 최대 11m 너비)와 Moose 2 (450m의 스트라이크 길이, 최대 30m 너비), 샘플은 각각 최대 1.5% 및 1.98%의 Li2O를 보여줍니다. LDG 프로젝트는 Diavik 다이아몬드 광산 근처에 위치한 8,600헥타르를 포함하고 있으며, 10개의 스포듐니트 페그마타이트 발생이 있습니다. Mackay 프로젝트는 8,661 헥타르에 걸쳐 두 개의 스포듐니트 발생을 포함하며, 샘플은 최대 5.25%의 Li2O를 나타냅니다.
Li-FT Power (LIFFF) a signé un accord définitif avec North Arrow Minerals pour acquérir un intérêt de 100% dans trois projets de lithium dans les Territoires du Nord-Ouest, Canada : DeStaffany, LDG et Mackay. L'acquisition implique l'émission de 250 000 actions ordinaires LIFT à North Arrow Minerals.
Le projet DeStaffany présente deux pegmatites significatives : Moose 1 (longueur de 370 m, large jusqu'à 11 m) et Moose 2 (longueur de 450 m, large jusqu'à 30 m), avec des échantillons affichant jusqu'à 1,5 % et 1,98 % de Li2O respectivement. Le projet LDG couvre 8 600 hectares près de la mine de diamants Diavik avec 10 occurrences de pegmatites de spodumène. Le projet Mackay s'étend sur 8 661 hectares avec deux occurrences de spodumène, affichant des échantillons allant jusqu'à 5,25 % de Li2O.
Li-FT Power (LIFFF) hat einen endgültigen Vertrag mit North Arrow Minerals unterzeichnet, um 100% an drei Lithiumprojekten in den Nordwest-Territorien, Kanada, zu erwerben: DeStaffany, LDG und Mackay. Der Erwerb beinhaltet die Ausgabe von 250.000 LIFT-Stammaktien an North Arrow Minerals.
Das DeStaffany-Projekt umfasst zwei bedeutende Pegmatite: Moose 1 (370m Streichenlänge, bis zu 11m Breite) und Moose 2 (450m Streichenlänge, bis zu 30m Breite), wobei Proben bis zu 1,5% und 1,98% Li2O zeigen. Das LDG-Projekt umfasst 8.600 Hektar in der Nähe der Diavik-Diamantenmine mit 10 Spodumen-Pegmatit-Vorkommen. Das Mackay-Projekt erstreckt sich über 8.661 Hektar mit zwei Spodumen-Vorkommen, die Proben von bis zu 5,25% Li2O zeigen.
- Strategic expansion of lithium portfolio in Northwest Territories
- DeStaffany Project shows promising Li2O grades: up to 1.98%
- Mackay Project samples revealed high-grade Li2O content up to 5.25%
- Logistical synergies with existing LIFT operations
- Year-round access to DeStaffany Project via Great Slave Lake
- Share dilution through issuance of 250,000 common shares
- Projects require significant exploration work as they've never been drilled for lithium
- Transaction subject to regulatory approvals
VANCOUVER, BC / ACCESSWIRE / December 19, 2024 / Li-FT Power Ltd. ("LIFT" or the "Company") (TSXV:LIFT)(OTCQX:LIFFF)(Frankfurt:WS0) is pleased to announce that it has entered into a definitive agreement with North Arrow Minerals Inc.(TSXV:NAR) to acquire a
Francis MacDonald, CEO and Director of LIFT, commented, "The acquisition of North Arrow's lithium portfolio further positions LIFT as the leading lithium exploration company in the Northwest Territories. The DeStaffany Project is located close to our BET and Echo pegmatites which creates synergies from a logistical standpoint, as well as increases the overall resource base for the eastern sector of the Yellowknife Pegmatite Province. The LDG and Mackay properties give LIFT a foothold in an emerging spodumene district located near the Diavik and Ekati diamond mines and provide long-term upside for the Company. We will continue to seek out accretive acquisitions within the Northwest Territories, especially around our existing resource base."
Under the terms of the agreement, LIFT will acquire all rights, title, and interest in the, DeStaffany, LDG and Mackay Lithium Projects in exchange for an issuance of 250,000 common shares of LIFT to North Arrow Minerals. The agreement also includes provisions for the transfer of associated reclamation bonds, ensuring responsible environmental stewardship as these projects are developed.
The transaction is subject to customary closing conditions, including regulatory approvals.
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 North Arrow.
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, is up to 30 m wide. The pegmatite was bulk sampled for its tantalum and niobium potential in the 1940's and 1950's, producing tantalum and niobium 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 kilometers southwest of Rio Tinto's Diavik diamond mine. To date, 10 spodumene pegmatite occurrences have been discovered by prospecting, including at least two undrilled spodumene pegmatites, each with outcropping dimensions estimated up to 20 meters in width and can be traced along 400 meters of strike length. The project area is covered by till which can be used an as exploration medium to discover buried deposits.
Mackay Lithium Project
The MacKay Project comprises 8,661 hectares of mineral claims approximately 30 kilometers to the south of the Rio Tinto's Diavik diamond mine. To date, two spodumene occurrences have been discovered by prospecting. MK1 consists of 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 120 m of 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 grab samples returned
LIFT Announces DSU Grant
LIFT announces that it has granted a total of 7,432 Deferred Share Units ("DSU") to certain independent directors of the Company in lieu of director fees for the fourth quarter, at a fair market value of C
Each DSU represents the right to receive one common share in the share capital of the Company. The DSUs vest one year from the grant date and are settled in accordance with the terms of the Company's Share Incentive Plan, a copy of which is available on the Company's SEDAR+ profile.
Stock Options Grant
The Company announces that it has granted stock options (the "Options") to its directors, officers, employees and consultants to acquire a total of 499,500 common shares of the Company at an exercise price of C
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.
About NAR
North Arrow is a Vancouver, BC-based exploration company focused on the evaluation of the Kraaipan Gold Project in Botswana. North Arrow's management, board of directors and advisors have significant successful experience in the global exploration and mining industry. North Arrow continues to maintain its diamond interests in the Naujaat (NU), Pikoo (SK), and Loki (NWT) Projects. North Arrow's exploration programs are conducted under the direction of Kenneth Armstrong, P.Geo. (NWT/NU, ON), President and CEO of North Arrow and a Qualified Person under NI 43-101.
For further information, please contact:
Francis MacDonald
Chief Executive Officer
Tel: + 1.604.609.6185
Email: investors@li-ft.com
Website: www.li-ft.com
Daniel Gordon
Investor Relations
Tel: +1.604.609.6185
Email: investors@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.
SOURCE: Li-FT Power Ltd.
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FAQ
What lithium projects did LIFFF acquire from North Arrow Minerals?
What are the key features of the DeStaffany lithium project acquired by LIFFF?
How large are the LDG and Mackay lithium projects acquired by LIFFF?
What are the highest lithium grades reported in the Mackay Project acquired by LIFFF?
