LIFT Intersects 17 m at 1.28% Li2O at the Shorty Pegmatite and 21 m at 1.08% Li2O at the BIG East Pegmatite, Yellowknife Lithium Project, NWT

Rhea-AI Summary

Li-FT Power reports significant intervals of spodumene mineralization in drill results from Yellowknife Lithium Project

Positive

• Drilling at the Shorty and BIG East pegmatites within the Yellowknife Lithium Project has intersected significant intervals of spodumene mineralization.
• Highlights include YLP0050 with 17m at 1.28% Li2O, YLP0055 with 17m at 1.14% Li2O, YLP0052 with 15m at 1.27% Li2O, and YLP0053 with 10m at 0.76% Li2O.
• To date, 58 drill holes (10,222 meters) have been reported, and a total of 8,933 kilograms of rock has been collected for metallurgical testing.

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - October 12, 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 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:

• YLP0050: 17 m at 1.28% Li₂O, including 6 m at 1.76% Li₂O (Shorty)
• YLP0055: 17 m at 1.14% Li₂O, including 14 m at 1.36% Li₂O (Shorty)
• YLP0052: 15 m at 1.27% Li₂O, including 9 m at 1.74% Li₂O (BIG East)
• YLP0053: 10 m at 0.76% Li₂O, including 5 m at 1.39% Li₂O (BIG East)
     and: 21 m at 1.08% Li₂O, including 4 m at 2.09% Li₂O
     and: 8 m at 1.26% Li₂O.

Discussion of Drill Results

Shorty Pegmatite: Drill Hole YLP0050 was collared just to the south of the center of the Shorty dyke. It intercepted 17 metres of 1.28% Li₂O from 42 metres, including within that interval 8 metres of 1.21% Li₂O and 6 metres of 1.76% Li₂O. Drill hole YLP0055 was collared 52 metres to the southwest of YLP0050, where it also intercepted 17 metres of pegmatite that assayed 1.14% Li₂O from 48 metres, including 14 metres of 1.36% Li₂O (Table 1and 2, Figures 2, 3, and 4).

BIG East Pegmatite: Drill hole YLP0052 was collared just southwest of the center of the dyke, where it intercepted 15 metres of 1.27% Li₂O from 29 metres, including 9 metes of 1.74% Li₂O from 31 metres. Drill hole YLP0053 was collared approximately 180 metres north of YLP0052. YLP0053 intersected a series of four dykes that are interpreted to be either parallel dykes and/or branches off a main dyke separated by screens or inclusions of metasediments. The first intercept is 10 metres of 0.76% Li₂O from 71 metres, including 5 metres of 1.39% Li₂O from 73 metres, followed by 5 metres of 0.90% Li₂O from 96 metres, and then 8 metres of 0.24% Li₂O from 103 metres, and finally 21 metres of 1.08% Li₂O from 117 metres, including 4 metres of 2.09% Li₂O from 118 metres and 8 metres of 1.26% Li₂O from 126 metres. Hole YLP0056 is on in line and at the same azimuth and dip as YLP0053, but 80 metres southeast of YLP0053 and collared within the BIG East dyke system. YLP0056 intersected two dykes with 8 metres of 1.07% Li₂O from 21 metres, including 5 metres of 1.54% Li₂O from 22 metres, as well as 9 metres of 1.36% Li₂O from 58 metres, including 7 metres of 1.61% Li₂O from 59 metres (Table 1 and 2, Figures 5 and 6).

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 and Bulk Sampling Progress Update

Currently, LIFT has reported results from 58 drill holes (10,222 metres). To date, 179 diamond drill holes have been completed (28,376 metres). A total of 8,933 kilograms of rock has been collected from eight pegmatites in saw-cut channels for metallurgical testing (approximately 1,000 kilograms at each pegmatite). Bulk samples have been shipped to SGS Lakefield for preliminary metallurgical testing.

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/8766/183694_60ae903594fcb863_001full.jpg

Figure 2 - Plan view showing the surface expression of the Shorty 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/8766/183694_60ae903594fcb863_002full.jpg

Figure 3 - Cross-section of YLP0050 which intersected the Shorty pegmatite dyke with a 17 m interval of 1.28% Li₂O including 8 m of 1.21% Li₂O and 6 m of 1.76% Li₂O.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8766/183694_60ae903594fcb863_003full.jpg

Figure 4 - Cross-section of YLP0055 which intersected 17 metres at 1.14% Li₂O in the Shorty pegmatite dyke.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8766/183694_60ae903594fcb863_004full.jpg

Figure 5 - 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/8766/183694_60ae903594fcb863_005full.jpg

Figure 6 - Cross-section illustrating YLP0053 and YLP0056 with results as shown in the BIG-E pegmatite dyke.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8766/183694_60ae903594fcb863_006full.jpg

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

Hole No.	From (m)	To (m)	Interval (m)	Li2O%	Dyke
YLP0050	42	59	17	1.28	Shorty
inc	42	50	8	1.21
inc	53	59	6	1.76
YLP0052	29	44	15	1.27	BIG-E
inc	31	40	9	1.74
YLP0053	71	81	10	0.76	BIG-E
inc	73	78	5	1.39
and	96	101	5	0.90
and	103	111	8	0.24
and	117	138	21	1.08
inc	118	122	4	2.09
inc	126	134	8	1.26
YLP0055	48	65	17	1.14	Shorty
inc	50	64	14	1.36
YLP0056	21	29	8	1.07	BIG-E
inc	22	27	5	1.54
and	58	67	9	1.36
inc	59	66	7	1.61

 

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

Drill Hole	Easting1	Northing1	Elevation (m)	Azimuth	Depth (m)	Dip	Dyke
YLP0050	372,784	6,938,010	256	127	92	47	Shorty
YLP0052	346,059	6,933,031	208	123	86	48	BIG-E
YLP0053	346,064	6,933,211	210	123	191	44	BIG-E
YLP0055	372,754	6,937,967	257	127	80	50	Shorty
YLP0056	346,135	6,933,169	212	123	101	45	BIG-E

 

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).

LIFT Engages Winning Media

LIFT is pleased to announce that it has engaged Winning Media LLC ("Winning Media") to provide investor relations and digital advertising services to the Company. Winning Media is a Houston, Texas based marketing agency that specializes in digital and corporate brand marketing services to enhance corporate visibility and retail investor awareness. The engagement of Winning Media will extend for a period of 30 days, to commence when authorized by the Company. Winning Media will be paid a fee of US$250,000, payable in advance of the initiation of services. Neither Winning Media nor any of its principals currently own any interest, directly or indirectly, in the Company.

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

Daniel Gordon
Investor Relations
Tel: +1.604.609.6185
Email: daniel@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 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/183694

FAQ

What are the highlights of the drill results?

The highlights include YLP0050 with 17m at 1.28% Li2O, YLP0055 with 17m at 1.14% Li2O, YLP0052 with 15m at 1.27% Li2O, and YLP0053 with 10m at 0.76% Li2O.

How many drill holes have been reported so far?

To date, 58 drill holes (10,222 meters) have been reported.

How much rock has been collected for metallurgical testing?

A total of 8,933 kilograms of rock has been collected from eight pegmatites for metallurgical testing.