LIFT Intersects 14 m at 1.50% Li2O at the BIG East Pegmatite, Including 12 m at 1.73% Li2O, Yellowknife Lithium Project, NWT

Rhea-AI Summary

Li-FT Power Ltd. reports significant intervals of spodumene mineralization in drill holes at the Yellowknife Lithium Project, with highlights including 14m at 1.50% Li2O and 12m at 1.73% Li2O at BIG East, and 12m at 1.11% Li2O and 10m at 1.23% Li2O at Shorty. The CEO is impressed with the size of the pegmatite dyke system and the potential for future drilling. A total of 50 drill holes have been reported so far.

Positive

• Significant intervals of spodumene mineralization in drill holes
• Impressive size of pegmatite dyke system
• Potential for future drilling

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - October 4, 2023) - Li-FT Power Ltd. (CSE: LIFT) (OTCQX: LIFFF) (FSE: WS0) ("LIFT" or the "Company") is pleased to report assays from 5 drill holes completed at the Fi Southwest, Shorty, and BIG East pegmatites within the Yellowknife Lithium Project ("YLP") located outside the city of Yellowknife, Northwest Territories (Figure 1). Drilling has intersected significant intervals of spodumene mineralization, with the following highlights:

Highlights:

• YLP0049: 14 m at 1.50% Li₂O, including 12 m at 1.73% Li₂O, (BIG East)

and: 9 m at 0.66% Li₂O,

and: 12.3 m at 1.28% Li₂O.

• YLP0048: 12 m at 1.11% Li₂O, including 10 m at 1.23% Li₂O (Shorty)

and: 10 m at 1.46% Li2O, including 8 m at 1.71 % Li₂O.

• YLP0051: 15 m at 1.03% Li₂O, including 10 m at 1.34% Li₂O and (Fi SW)

and: 9 m at 1.03% Li₂O, including 6 m at 1.28% Li₂O.

Francis MacDonald, CEO of LIFT, comments, "We continue to be impressed with the amount of spodumene pegmatite being intersected at depth at BIG East. The pegmatite dyke system is much larger than we anticipated based on the surface expression. YLP0049 intersected more than 35 meters of pegmatite with an aggregate grade of 1.20% Li₂O.

"At Fi Southwest, we have constrained the southwestern portion of spodumene within the pegmatite dyke, but also we have opened up a new zone towards the northeast with YLP0051 that intersected two zones for a total width of 24 meters. We believe mineralization is plunging towards the northeast, which opens up an exciting new area to be drilled in the future which has little to no spodumene pegmatite on surface."

Discussion of Drill Results

Drill hole YLP0042 intercepted 22 metres of 0.98% Li₂O from 60 metres. The hole is located near the north end of Fi Southwest dyke. Hole YLP0051, also located at the north end of outcropping Fi Southwest dyke, intercepted 15 metres of 1.03% Li₂O from 74 metres, including 10 metes of 1.34% Li₂O from 78 metres, as well as 9 metres of 1.03% Li₂O in a second dyke from 113 metres, including 6 metres of 1.28% Li₂O from 115 metes. Hole YLP0044, collared near the southern terminus of Fi Southwest exposure intersected two intervals of pegmatite for 7 metres from 62 metres and 43 metres from 88 metres that averaged 0.04% Li₂O and 0.03% Li₂O, respectively (Table 1 and Figures 2 and 3).

Hole YLP0048 was collared in the center of the Shorty pegmatite dyke where it intersected three intervals of the Shorty pegmatite dyke, two of which were spodumene-bearing. The hole intercepted 12 metres of 1.11% Li₂O from 45 metres, including 10 metres of 1.26% Li₂O from 46 metres, and 10 metres of 1.46% Li₂O from 65 metres, including 8 metres of 1.71% Li₂O from 65 metres (Table 1 and Figures 4 and 5).

The BIG East pegmatite was tested by hole YLP0049, which also had three pegmatite intervals. The hole collared in pegmatite at 0.7 metres for 12.3 metres of 1.28% Li₂O, and 9 metres of 0.66% Li₂O from 24 metres, as well as 14 metres of 1.50% Li₂O from 38 metres, including 12 metres of 1.73% Li₂O from 39 metres (Table 1, Figures 6 and 7).

Spodumene is the primary lithium mineral constituent of the dykes and occurs with varying amounts of quartz, feldspar, and muscovite. All the dykes are in amphibolite-grade Burwash Formation metasediments.

Drilling Progress Update

Currently, LIFT has reported results from 50 drill holes (8,812 meters). To date, 139 diamond drill holes have been completed (24,500 meters).

 
Figure 1 - Location of LIFT's Yellowknife Lithium Project. Drilling is focused on the Road Access 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.
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8766/182713_9812209a94e8c852_001full.jpg
 

 
Figure 2 - Plan view showing the surface expression of the Fi SW pegmatite with diamond drill hole reported in this press release.
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8766/182713_9812209a94e8c852_002full.jpg
 

 

Figure 3 - Cross-section of YLP0051 which intersected the Fi SW dyke with a 15 m interval of 1.03% Li₂O and 9 m of 1.03% Li₂O.
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8766/182713_9812209a94e8c852_003full.jpg
 

 
Figure 4 - Plan view showing the surface expression of the Shorty pegmatite with diamond drill holes reported in this press release.
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8766/182713_9812209a94e8c852_004full.jpg
 

 

Figure 5 - Cross-section of YLP0048 which intersected 12 metres at 1.11% Li₂O in the Shorty pegmatite dyke.
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8766/182713_9812209a94e8c852_005full.jpg
 

 
Figure 6 - Plan view showing the surface expression of the BIG East pegmatite with diamond drill holes reported in this press release.
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8766/182713_9812209a94e8c852_006full.jpg
 

 
Figure 7 - Cross-section of YLP0049 which intersected 12.3 metres at 1.28% Li₂O, 14 m at 1.50% Li₂O, and 9 m at 0.66% Li₂O.
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8766/182713_9812209a94e8c852_007full.jpg
 

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

Hole No.	From (m)	To (m)	Interval (m)	Li2O%	Dyke
YLP0042	60	82	22	0.98	Fi-SW
inc	61	65	4	1.12
inc	70	81	11	1.36
YLP0044	62	69	7	0.04	Fi-SW
and	88	131	43	0.03
YLP0048	45	57	12	1.11	Shorty
inc	46	56	10	1.26
and	65	75	10	1.46
inc	65	73	8	1.71
YLP0049	0.7	13	12.3	1.28	BIG-E
and	24	33	9	0.66
and	38	52	14	1.50
inc	39	51	12	1.73
YLP0051	74	89	15	1.03	Fi-SW
inc	78	88	10	1.34
and	113	122	9	1.03
inc	115	121	6	1.28

 

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

Hole No.	Easting1	Northing1	Elevation (m)	Length (m)	Azimuth	Dip	Dyke
YLP0042	371,397	6,940,913	250.0	111.0	300	45	Fi SW
YLP0044	371,014	6,940,326	250.9	141.0	299	45	Fi SW
YLP0048	372,837	6,938,093	252.7	97	120	45	Hi
YLP0049	346,036	6,932,989	212.9	82	120	44	Big-E
YLP0051	371,391	6,941,122	251.2	138	116	45	Fi SW

 
¹UTM NAD83 zone 12
 

QA/QC and 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 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 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 Carl Verley, P.Geo., Vice-President, Exploration of LIFT and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

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: info@li-ft.com
Website: www.li-ft.com

Daniel Gordon
Investor Relations
Tel: +1.604.609.6185
Email: daniel@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 Canadian Securities Exchange (the "CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/182713