LIFT Intersects 21 m at 1.12% Li2O at the Ki pegmatite, including 11 m at 1.70% Li2O and 17 m at 1.28% Li2O at the Shorty pegmatite, Yellowknife Lithium Project, NWT

Rhea-AI Summary

Li-FT Power Ltd. (LIFT) reports significant intervals of spodumene mineralization from 5 drill holes at the Yellowknife Lithium Project, with highlights including 21m at 1.12% Li2O at Ki, 17m at 1.28% Li2O at Shorty, and 13m at 1.34% Li2O at BIG East.

Positive

• Significant intervals of spodumene mineralization reported
• Consistency of excellent drill intersects produced across the YLP portfolio

Negative

• No significant assay results returned from Fi Southwest
• Dykes returned negligible grade

VANCOUVER, British Columbia, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Li-FT Power Ltd. (“LIFT” or the “Company”) (TSXV: LIFT) (OTCQX: LIFFF) (Frankfurt: WS0) is pleased to report assays from 5 drill holes completed at the Ki, Shorty, BIG East and Fi-SW 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:

• YLP-0087: 21 m at 1.12% Li₂O, (Ki)
  including: 11 m at 1.70% Li₂O
• YLP-0091: 17 m at 1.28% Li₂O, (Shorty)
                     and: 16 m at 1.01% Li₂O
  including: 5 m at 1.55% Li₂O
• YLP-0085: 13 m at 1.34% Li₂O, (BIG East)
                     and: 8 m at 0.86% Li₂O
                     and: 4 m at 1.47% Li₂O
                     and: 3 m at 1.09% Li₂O
• YLP-0084: 10 m at 1.58% Li₂O, (BIG East)
                     and: 4 m at 1.44% Li₂O
                     and: 6 m at 1.19% Li₂O

Francis MacDonald, CEO of LIFT comments, “Drill intersects from this week’s results at Ki are the widest to date with excellent grades. The northern portion of Shorty, where two arms of the pegmatite have been structurally juxtaposed, has benefits from an open pit mining perspective. BIG East continues to deliver excellent widths in grades across the pegmatite dyke system. We continue to be pleased with the consistency of excellent drill intersects produced across the YLP portfolio.”

Discussion of Results

This week’s drill results are for five holes from four different pegmatite dykes, including BIG East (YLP-0084, 85), Ki (YLP-0087), Fi Southwest (YLP-0090), and Shorty (YLP-0091). A table of composite calculations, some general comments related to this discussion, and a table of collar headers are provided towards the end of this section.

Figure 1 – Location of LIFT’s Yellowknife Lithium Project. Drilling has been thus far 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.

Ki Pegmatite

The Ki pegmatite is one of several subparallel dykes that occur within a longer north-of-northwest trending corridor. The Ki dyke itself extends for at least 1,000 m on surface and 100 m downdip, is around 20 m thick, and dips between 65°-80° to the southwest. Typically, the Ki pegmatite consists of a thick central dyke flanked by one or more narrower (1-5 m wide) dykes.

YLP-0087 was designed to test the Ki pegmatite approximately 400 m from its southeastern end and 50 m vertically beneath the surface. Drilling intersected a 21 m wide pegmatite flanked by 1 m wide dykes on either side, with the thicker central pegmatite returning an assay composite of 21 m at 1.12% Li₂O m that includes 11 m at 1.70% Li₂O. The two flanking dykes returned negligible grade (Table 1 & 2, Figures 2 & 3).

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

Figure 3 – Cross-section of YLP-0087 which intersected the Ki pegmatite dyke with a 21 m interval of 1.12% Li₂O.

Shorty Pegmatite

The Shorty pegmatite is one of several dykes occurring within a broader north-of-northeast striking corridor. Shorty itself comprises a braided zone of dykes that dips 50°-70° to the west-northwest and extends for at least 700 m on surface and 200 m downdip. LIFT drilling shows that this pegmatite may comprise a single dyke up to 25 m wide or 2-4 dykes between 1-20 m wide occurring over 30-90 m of core length.

YLP-0091 was designed to test the northern end of the Shorty pegmatite where it comprises two thick en échelon dykes. The western dyke was intersected approximately 100 m from its southern end and 50 m vertically below the surface whereas the eastern one was cut at 100 m from its northern mapped extent and 100 m beneath the surface. Drilling showed that these dykes are each 20 m in core width and separated by 54 m of country rock. Assay composites for the western dyke returned 1.28% Li₂O over 17 m whereas the eastern one ran 1.01% Li₂O over 16 m with a subinterval of 1.55% Li₂O over 5 m (Table 1 and 2, Figures 4 & 5).

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

Figure 5 – Cross-section illustrating YLP-0091 with results as shown in the Shorty pegmatite dyke with a 17 m interval of 1.28% Li₂O.

BIG East

The BIG East pegmatite swarm comprises a 35-90 m wide corridor of parallel-trending dykes that dips around 55°-75° degrees west and extends for at least 1,300 m along surface and 200 m downdip.

YLP-0084 was designed to test the BIG East swarm approximately 600 m from its southern mapped extent and 25 m vertically beneath the surface. Drilling intersected seven pegmatite dykes over 75 m of core length, with dykes ranging from 1-10 m in width for a cumulative total of 25 m. All seven dykes returned at least one assay >0.6% Li₂O with some of the better composite intervals including 1.58% Li₂O over 10 m, 1.19% Li₂O over 6 m, and 1.44% Li₂O over 4 m.

YLP-0085 was drilled on the same section as YLP-0084 but centered at 75 m vertically beneath the surface. Drilling intersected five pegmatite dykes over 66 m of core length, with dykes ranging from 2-13 m in width for cumulative core width of 26 m. All five dykes returned at least one assay >1.00% Li₂O with some of the better composite intervals including 1.34% Li₂O over 13 m, 0.86% Li₂O over 8 m, and 1.47% Li₂O over 4 m (Table 1 and 2, Figures 6 & 7).

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

Figure 7 – Cross-section illustrating YLP-0085 and YLP-0084 with results as shown in the BIG East pegmatite dyke with a 13 m interval of 1.34% Li₂O and a 10 m interval of 1.58% Li₂O.

Fi Southwest

The Fi Southwest (SW) pegmatite is one of several dykes occurring within a longer and wider north-of-northeast striking dyke corridor. The Fi SW dyke comprises a single dyke with a width of 25-40 m wide or 2-3 dykes within a 50-70 m wide corridor, and dips 60°-80° to the east-southeast as well as extending for at least 1,100 m on surface and 200 m downdip.

YLP-0090 was drilled to test the Fi SW pegmatite just beyond its’ northern-most mapped extent and 50 m vertically below the surface. Drilling intersected three, 2-7 m wide, pegmatite dykes over 94 m of core length with cumulative pegmatite thickness of 13 m. No significant assay results were returned.

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

Hole No.	From (m)	To (m)	Interval (m)	Li2O%	Dyke
YLP0084	7	17	10	1.58	BIG East
and	34	38	4	1.44	BIG East
and	61	67	6	1.19	BIG East
YLP0085	58	71	13	1.34	BIG East
and	81	89	8	0.86	BIG East
and	101	105	4	1.47	BIG East
and	112	115	3	1.09	BIG East
YLP0087	69	90	21	1.12	Ki
inc	72	83	11	1.70	Ki
YLP0090	No significant results				Fi SW
YLP0091	42	59	17	1.28	Shorty
and	119	135	16	1.01	Shorty
inc	129	134	5	1.55	Shorty

Drilling Progress Update

The Company has now concluded its 2023 drill program at the Yellowknife Lithium Project with 34,238 m completed. Currently, LIFT has reported results from 92 out of 198 diamond drill holes (16,214 m).

General Statements

Four of the five 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. YLP-0090 was drilled parallel to the dip direction of the dyke but returned negligible grade. A collar header table is provided below.

Mineralogical characterization for the YLP pegmatites is in progress through hyper spectral core scanning and X-ray diffraction work. Visual core logging indicates that the predominant host mineral is spodumene whereas other significant non-lithium bearing phases include quartz and feldspar.

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

Drill Hole	Easting	Northing	Elevation (m)	Azimuth (°)	Dip (°)	Depth (m)	Dyke
YLP0084	6,932,862	345,966	208	120	45	98	BIG East
YLP0085	6,932,882	345,924	202	120	47	140	BIG East
YLP0087	6,942,625	373,215	256	56	46	105	Ki
YLP0090	6,941,161	371,417	252	115	45	150	Fi SW
YLP0091	6,938,293	372,916	250	124	60	150	Shorty

QAQC

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.

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FAQ

What are the highlights of Li-FT Power Ltd.'s (LIFT) recent report on the Yellowknife Lithium Project?

The highlights include 21m at 1.12% Li2O at Ki, 17m at 1.28% Li2O at Shorty, and 13m at 1.34% Li2O at BIG East.

What positive aspects were identified from the recent report?

Significant intervals of spodumene mineralization were reported, and excellent drill intersects were produced across the YLP portfolio.

What negative aspects were identified from the recent report?

No significant assay results were returned from Fi Southwest, and dykes returned negligible grade.