25 July 2023
July 25, 2023 – Vancouver, B.C., Li-FT Power Ltd. (“LIFT” or the “Company”) (CSE: LIFT) (OTC: LIFFF) (Frankfurt: WS0) is pleased to report that initial assays from the first five drill holes completed at the Fi Southwest pegmatite within the Yellowknife Lithium Project (“YLP”) located outside the city of Yellowknife, Northwest Territories. Drill results have confirmed spodumene mineralization over 320m of strike length, to a depth of approximately 150m from surface at the Fi Southwest dyke which remains open in all directions. Drilling is ongoing on the remainder of the dyke, which is currently testing a total of 1,100 metres of strike-length to a depth of 250 metres.
Highlights:
(see table in full release)
Francis MacDonald, CEO of LIFT comments, “We are very encouraged with these first drill results at the Yellowknife Lithium Project. The widths and grades of lithium and spodumene intersected in these holes are similar to what was historically reported in the 1950s to 1980s1. 8 different pegmatites will be drilled this summer with 45,000 metres of drilling that will utilize six drill rigs. We look forward to reporting additional results in the coming weeks and month. We believe that these initial drill results show that the YLP has excellent potential to become one of the next destinations in North America to define significant spodumene resources.”
Discussion of Drill Results
Holes YLP0001 to YLP0005 were targeting the Fi Southwest dyke and have confirmed spodumene mineralization over 320 metres of strike length, to a depth of approximately 150 metres from surface. Drilling targeted extensions to depth below surface exposures of 5-30% spodumene mapped and trenched in the 1970’s1. Results reported are for intercepts of pegmatite that were sampled at one metre intervals with assays for lithium averaged over the total intercept length. In some holes one metre inclusions of host rock metasediments were included in the assayed intervals (i.e., YLP0002: two intervals; YLP005: one interval). The mineralogy of the dyke is quite simple, consisting of feldspar, quartz, spodumene and lessor primary muscovite. Spodumene in drill core ranges from 0.5 to 5 centimetre in size with the average crystal size being 2 centimetres. Drilling is ongoing on the remainder of the dyke, which is currently testing a total of 1,100 metres of strike length to a depth of 250 metres.
Operations Update
LIFT is pleased to report that the Company has completed construction of a 49-person camp around the Hidden Lake area which is proximal to the Fi, Shorty, and Ki mineral leases. With increased camp capacity the Company is currently drilling with three diamond drill rigs out of the Hidden Lake camp and is drilling pegmatite targets on the Fi Southwest, Fi Main, Shorty, Ki, and Ki extension on to the Perlis lease. Two drills have been deployed to the Big East pegmatite and are currently drilling this target. One additional drill rig will start drilling in August at the Echo target bringing the total drill rig count to six. To date, 9,246 meters of drilling have been completed over 56 drill holes.