LIFT Intersects 22 m at 1.35% Li2O and 22 m at 0.82% Li2O including 10 m at 1.35% at the BIG East pegmatite, Yellowknife Lithium Project, NWT

Rhea-AI Summary

LIFT Power Ltd. (TSXV: LIFT) (OTCQX: LIFFF) (Frankfurt: WS0) reports significant spodumene mineralization in 5 drill holes at the Yellowknife Lithium Project. The assays show intervals of 0.82-1.38% Li2O, with the BIG East pegmatite swarm yielding promising results. The Fi Southwest pegmatite also returned positive assay composites, indicating potential for lithium extraction. The drilling program's success is evident in the substantial lithium grades intersected.

VANCOUVER, British Columbia, Nov. 14, 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 BIG East and Fi Southwest 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-0077: 22 m at 1.35% Li₂O, (BIG East)
• YLP-0074: 22 m at 0.82% Li₂O, (BIG East)
          including: 10 m at 1.35% Li₂O
• YLP-0108: 15 m at 1.28% Li₂O, (BIG East)
          and: 14 m at 1.27% Li₂O
• YLP-0076: 5 m at 1.38% Li₂O, (BIG East)
          and: 4 m at 1.04% Li₂O
          and: 3 m at 1.15% Li₂O
          and: 1 m at 1.33% Li₂O
          and: 4 m at 1.00% Li₂O
• YLP-0081: 10 m at 0.98% Li₂O, (Fi-Southwest)
          and: 3 m at 1.20% Li₂O
          and: 3 m at 1.33% Li₂O

Discussion of Results

This week’s drill results are for five holes from two different pegmatite dykes, including four from the BIG East swarm (YLP-0074, 76, 77, 108) and one from Fi Southwest (YLP-0081). 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.
https://www.globenewswire.com/NewsRoom/AttachmentNg/46a39fdf-bbed-452a-a3dd-42a980bb5a5e

 

BIG East Pegmatite

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 1,100 m along surface and 200 m downdip.

YLP-0074 was designed to test the BIG East swarm just 50 m south of the dyke swarm’s northern mapped extent and 25 m vertically beneath the surface. Drilling intersected two pegmatite dykes in 33 m of core, with first dyke intercepted over 4 m and the second 22 m but including three 1-2 m wide septa of metasedimentary country rock. Assays from the lower dyke returned 0.82% Li₂O over 22 m, including an interval of 1.35% Li₂O over 10 m.

YLP-0076 was drilled 600 m south of YLP-0074 to test the BIG East swarm some 550 m from its southern mapped extent and 50 to 100 m vertically beneath the surface. Drilling intersected eight, 2-8 m wide pegmatite dykes that are separated by at least 3 m of country rock and sum up to a total 37 m of pegmatite or approximately 40% of the 90 m interval. Five of these dykes returned assay composites between 1.00-1.38% Li₂O over core widths of 1-5 m; one returned 0.55% Li₂O over 5 m, and the two narrowest dykes, which bookend this 90 m interval, returned negligible grades.

YLP-0077 was drilled approximately halfway between YLP-0074 and YLP-0076, approximately 300 m from the northern end of the BIG East swarm and tested 150-200 m below the surface. Drilling intersected two dykes over 39 m of drill core, with the upper intercept approximately 4 m wide and the lower dyke 25 m. Assay results for the lower dyke returned a composite of 1.35% Li₂O over 22 m whereas the upper dyke returned 1 m of 0.47% Li₂O and otherwise negligible results.

YLP-0108 was drilled between YLP-0076 and YLP-0077 to test the BIG East swarm approximately 550 m from its northern mapped extent and 75 m vertically below the surface. Drilling again intersected two dykes over 39 m of drill core, with the upper dyke approximately 14 m wide and the lower one 17 m. Assay results for the upper dyke returned a composite of 1.27% Li₂O over 14 m whereas the lower dyke returned 1.28% Li₂O over 15 m (Table 1 and 2, Figures 2, 3 & 4).

Figure 2 – Plan view showing the surface expression of the BIG-East pegmatite with diamond drill holes reported in this press release.
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Figure 3 – Cross-section of YLP-0077 which intersected the BIG-East pegmatite dyke with a 22 m interval of 1.35% Li₂O.
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Figure 4 – Cross-section of YLP-0108 which intersected the BIG-East pegmatite dyke with a 15 m interval of 1.28% Li₂O.
https://www.globenewswire.com/NewsRoom/AttachmentNg/cf7d524b-e866-4cf3-874d-0c620ab4597c

Fi Southwest Pegmatite

The Fi Southwest (SW) pegmatite is one of several dykes occurring within a longer and wider north-northeast striking dyke corridor. The Fi-SW dyke itself is 25-30 m wide, dips 60°-80° to the east-southeast and extends for at least 1,100 m on surface and 200 m downdip.

YLP-0081 was drilled to test the Fi-SW pegmatite 50 m from its known northern end and 150-200 m vertically below the surface. Drilling intersected three, 5-14 m wide, pegmatite dykes over 39 m of core length, for cumulative pegmatite thickness of 22 m (or 56% of this interval). Assay composites from the upper- to lower-most dyke include, respectively, 1.20% Li₂O over 3 m, 1.33% Li₂O over 3 m, and 0.98% Li₂O over 10 m (Table 1 and 2, Figures 5 & 6).

Figure 5 – Plan view showing the surface expression of the Fi-SW pegmatite with diamond drill holes reported in this press release.
https://www.globenewswire.com/NewsRoom/AttachmentNg/0b098144-12ac-4893-9b21-1fa5dabd2e17

Figure 6 – Cross-section illustrating YLP-0081 with results as shown in the Fi-SW pegmatite dyke with a 10 m interval of 0.98% Li₂O.
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Table 1 – Assay highlights for drill holes reported in this press release.

Hole No.	From (m)	To (m)	Interval (m)	Li2O%	Dyke
YLP-0074	18	40	22	0.82	BIG East
Including	20	30	10	1.35	BIG East
YLP-0076	70	75	5	1.38	BIG East
and	82	86	4	1.04	BIG East
and	92	95	3	1.15	BIG East
and	100	101	1	1.33	BIG East
and	114	118	4	1.00	BIG East
YLP-0077	212	234	22	1.35	BIG East
YLP-0081	200	203	3	1.20	Fi-SW
and	213	216	3	1.33	Fi-SW
and	224	234	10	0.98	Fi-SW
YLP-0108	67	81	14	1.27	BIG East
and	90	105	15	1.28	BIG East

Drilling Progress Update

Currently, LIFT has reported results from 82 diamond drill holes (14,451 m). The Company concluded its initial drill program at the Yellowknife Lithium Project with 198 diamond drill holes completed (34,238 m).

General Statements

All 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. 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 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
YLP-0074	346,281	6,933,311	212	120	45	86	BIG East
YLP-0076	345,892	6,932,836	204	113	45	173	BIG East
YLP-0077	345,939	6,933,226	208	120	47	329	BIG East
YLP-0081	371,564	6,941,035	250	295	68	318	Fi-SW
YLP-0108	345,942	6,932,932	203	120	48	139	BIG East

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 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 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.

FAQ

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

The drill holes at the Yellowknife Lithium Project revealed significant spodumene mineralization, with the BIG East pegmatite swarm yielding intervals of 0.82-1.38% Li2O, and the Fi Southwest pegmatite also returning positive assay composites.

Who is the Qualified Person reviewing the scientific and technical information for LIFT's mineral properties?

The disclosure has been reviewed and approved by Ron Voordouw, Ph.D., P.Geo., a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Where is the Yellowknife Lithium Project located?

The Yellowknife Lithium Project is located outside the city of Yellowknife, Northwest Territories.