LIFT Intersects 11 m at 1.52% Li₂O at its Nite pegmatite, Yellowknife Lithium Project, NWT

Rhea-AI Summary

Li-FT Power Ltd. reports significant spodumene mineralization in Yellowknife Lithium Project with high-grade results at Nite and Ki pegmatites. CEO Francis MacDonald highlights the potential for further exploration. The Company concludes its 2023 drill program with positive results.

VANCOUVER, British Columbia, Feb. 13, 2024 (GLOBE NEWSWIRE) -- Li-FT Power Ltd. (“LIFT” or the “Company”) (TSXV: LIFT) (OTCQX: LIFFF) (Frankfurt: WS0) is pleased to report assays from 8 drill holes completed at the BIG West, Nite & Ki pegmatites within the Yellowknife Lithium Project (“YLP”) located outside the city of Yellowknife, Northwest Territories (Figure 1). Drilling intersected significant intervals of spodumene mineralization, with the following highlights:   

Highlights:

• YLP-0177: 11 m at 1.52% Li₂O, (Nite)
  and: 1 m at 1.19% Li₂O
  

• YLP-0179: 12 m at 0.64% Li₂O, (Ki)
  including: 3 m at 1.39% Li₂O
  and: 5 m at 0.56% Li₂O
  including: 2 m at 1.22% Li₂O

Discussion of Results

This week’s drill results are from 1,184 m drilled across eight holes on the Nite, Ki and BIG West pegmatite complexes. 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, “This week’s results show the high-grade nature of the Nite pegmatite. 11 meters at 1.52% Li₂O is an excellent result and shows that there is further potential along strike to the southwest and downdip at the Nite pegmatite.”

Figure 1 – Location of LIFT’s Yellowknife Lithium Project. Drilling has been thus far focused on the Near Field Group of pegmatites which are located to the east of the city of Yellowknife along a government-maintained paved highway, as well as the Echo target in the Further Afield Group.

Nite Pegmatite

The Nite pegmatite complex comprises a north-northeast trending corridor of parallel-trending dykes that is exposed for at least 1.4 km of strike length and dips approximately 50°-70° degrees to the east. The northern part of this complex consists of a main dyke flanked by one or more thinner dykes whereas the southern part comprises a fanning splay of 5-10 thinner dykes that is up to 200 m wide.

YLP-0174 explored the Nite pegmatite approximately 100 m from its northern end and 50 m beneath the surface. Drilling intersected three pegmatite dykes ranging from 2-5 m wide for cumulative pegmatite of 9 m over 27 m of core. The deepest of these three dykes returned 0.82% Li₂O over 3 m.

YLP-0177 was drilled to test the Nite pegmatite ~600 m from its southern mapped extent and 100-150 m beneath the surface. Two previously released holes drilled on the same section returned 1.40-1.50% Li₂O over 10-11 m from intersections located both 100 m up-dip (YLP-0142) and down-dip (YLP -0182) of YLP-0177. New drilling intersected a 16 m dyke preceded by four 1-7 m dykes for cumulative pegmatite of 31 m over 72 m of drill core. Assays returned a composite of 1.52% Li₂O over 11 m from the thick dyke as well as 1.19% Li₂O over 1 m from one of the thinner ones (Table 1 & 2, Figures 2 & 3).

Figure 2 – Plan view showing the surface expression of the Nite pegmatite with diamond drill holes reported in this press release.

Figure 3 – Cross-section illustrating YLP-0177 with results as shown in the Nite pegmatite dyke with a 11 m interval of 1.52% Li₂O.

Ki Pegmatite

The Ki pegmatite is a north-northwest trending corridor of dykes 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 dyke and several narrower flanking dykes that sum to a constant pegmatite width of around 25 m. The northern part consists of two relatively thick dykes that are between 50-150 m apart, with the western dyke comprising the northern extension of the large dyke to the south and the more eastern dyke referred to as the Perlis pegmatite.

YLP-0178 was drilled on the Ki dyke in the northern part of the corridor, 100 m along strike and northwest of YLP-0179 (see below), 100 m from the northern mapped extent of the dyke, and 50 m beneath the surface. Drilling intersected three dykes between 1-13 m in width for cumulative 24 m of pegmatite over 44 m of core. Assays returned no significant results.

YLP-0179 was also drilled to intersect the Ki dyke 50 m beneath the surface, with the hole collared in-between along-strike step-out holes drilled 100 m northwest (YLP-0178, see above) and to the southeast (YLP-0184; 1.11% Li₂O over 13 m). Drilling intersected a 15 m wide dyke flanked by several 1-6 m wide dykes, for cumulative pegmatite of 23 m over 60 m. The thick dyke returned an assay composite of 0.64% Li₂O over 12 m that includes 3 m of 1.39% Li₂O whereas the upper-most dyke returned 0.56% Li₂O over 5 m including a 2 m interval of 1.22% Li₂O (Table 1 & 2, Figures 4 & 5).

Figure 4 – Plan view showing the surface expression of the Ki pegmatite with diamond drill holes reported in this press release.

Figure 5 – Cross-section of YLP-0179 which intersected the Ki pegmatite dyke with a 12 m interval of 0.64% Li₂O.

BIG West Pegmatite

The BIG West pegmatite complex comprises a northeast-trending corridor of parallel-trending dykes 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 dyke structures that are 50-100 m apart in the northern half of the corridor and 150 m apart in the south. These dykes are here referred to as the east-bounding (EB) and west-bounding (WB) dykes. Descriptions below are ordered from southern- to northern-most.

YLP-0173 tested the WB dyke approximately 500 m from its southern mapped extent and 100 m beneath the surface. Drilling intersected three dykes separated by 40-65 m of country rock, with each interval comprising 5-8 m of pegmatite over 5-12 m of core. Assay composites for the lower-most dyke returned 1.20% Li₂O over 3 m.

YLP-0181 was drilled ~500 m from the northern mapped extent of the WB and EB dykes to, respectively, test pierce points at <25 m and 50 m below the surface. The WB dyke is 8 m wide and returned negligible grade. The EB dyke comprises a 10 m wide pegmatite flanked by at least three dykes between 1-5 m in width, for cumulative 19 m of pegmatite over 33 m of core. Assays were generally low but include 1.16% Li₂O over 1 m from the thick dyke and 0.91% Li₂O over 1 m from one of the thinner dykes.

YLP-0172 was collared just east of the WB dyke to test the EB dyke approximately 250 m from its northern mapped extent, 50 m below the surface, and 100 m up-dip of YLP-0176 (see below). Drilling intersected 14 m and 9 m wide dykes separated by 11 m of country rock, with the upper dyke returning an assay composite of 0.67% Li₂O over 7 m (including 1.38% Li₂O over 3 m) and the lower one returning 0.51% Li₂O over 9 m (including 0.99% Li₂O over 4 m).

YLP-0176 was drilled on the same section as YLP-0172 to intersect the WB dyke <25 m beneath the surface and the EB dyke at 150 m, 100 m downdip of YLP-0172 (see above). The WB dyke is 14 m wide and returned negligible grade. The EB dyke comprises a 16 m wide main dyke flanked by four dykes between 1-2 m in width. The thickest dyke returned an assay composite of 0.56% Li₂O over 10 m that includes a 1 m interval of 1.42% Li₂O. The thin dykes returned negligible grade (Table 1 & 2, Figure 6).

Figure 6 – Plan view showing the surface expression of the BIG West pegmatite with diamond drill holes reported in this press release.

Table 1 – Assay highlights for drill holes reported in this press release

Hole No.	From (m)	To (m)	Interval (m)	Li2O%	Dyke
YLP-0172	57	64	7	0.67	BIG West
inc	58	61	3	1.38
and	79	88	9	0.51
inc	83	87	4	0.99
YLP-0173	156	161	5	0.77	BIG West
inc	157	160	3	1.20
YLP-0174	72	75	3	0.82	Nite
YLP-0176	130	140	10	0.56	BIG West
inc	138	139	1	1.42
YLP-0177	188	189	1	1.19	Nite
and	200	211	11	1.52
YLP-0178	No significant results				Ki
YLP-0179	20	25	5	0.56	Ki
inc	20	22	2	1.22
and	61	73	12	0.64
inc	61	64	3	1.39
YLP-0181	71	72	1	0.91	BIG West
and	90	91	1	1.16

Drilling Progress Update

The Company has concluded its 2023 drill program at the Yellowknife Lithium Project with 34,238 m completed. Currently, LIFT has reported results from 182 out of 198 diamond drill holes (32,076 m).

General Statements

All eight holes described in this news release were drilled broadly perpendicular to the dyke 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.

Table 2 - Drill collars table of reported drill holes in this press release

Drill Hole	NAD83	Easting	Northing	Elevation (m)	Azimuth (°)	Dip (°)	Depth (m)	Dyke
YLP-0172	Zone 11	654,150	6,933,701	205	118	45	111	BIG West
YLP-0173	Zone 11	653,769	6,933,221	207	118	45	221	BIG West
YLP-0174	Zone 11	647,778	6,936,848	202	300	45	96	Nite
YLP-0176	Zone 11	654,120	6,933,716	201	115	71	210	BIG West
YLP-0177	Zone 11	647,541	6,936,179	216	298	50	228	Nite
YLP-0178	Zone 12	372,763	6,943,524	258	56	50	100	Ki
YLP-0179	Zone 12	372,838	6,943,459	259	56	45	111	Ki
YLP-0181	Zone 11	654,018	6,933,487	200	115	44	107	BIG West

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.

For further information, please contact:
Francis MacDonald	Daniel Gordon
Chief Executive Officer	Investor Relations
Tel: + 1.604.609.6185	Tel: +1.604.609.6185
Email: info@li-ft.com	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. 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 and Uncertainties" in the Company's latest annual information form filed on March 30, 2023, 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.

Photos accompanying this announcement are available at

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FAQ

What are the highlights of the recent drill results at the Yellowknife Lithium Project?

The highlights include 11 m at 1.52% Li2O at the Nite pegmatite and 12 m at 0.64% Li2O at the Ki pegmatite.

Who commented on the high-grade nature of the Nite pegmatite?

Francis MacDonald, the CEO of Li-FT Power Ltd., commented on the high-grade nature of the Nite pegmatite.

Where is the drilling focused within the Yellowknife Lithium Project?

Drilling has been focused on the Near Field Group of pegmatites to the east of Yellowknife and the Echo target in the Further Afield Group.

How many drill holes were completed in the 2023 drill program at the Yellowknife Lithium Project?

The Company completed 34,238 m in the 2023 drill program at the Yellowknife Lithium Project.

Who is the Qualified Person responsible for reviewing the scientific and technical information in the news release?

Ron Voordouw, Ph.D., P.Geo., Partner, Director Geoscience, Equity Exploration Consultants Ltd., is the Qualified Person responsible for reviewing the scientific and technical information.