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VANCOUVER, British Columbia, Nov. 21, 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 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:

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Highlights:

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• YLP-0080: 14 m at 1.50% Li₂O, (Ki)
• YLP-0089: 10 m at 1.75% Li₂O, (Shorty)
                           and: 5 m at 1.15% Li₂O
                           and: 3 m at 1.51% Li₂O

• YLP-0086: 14 m at 1.16% Li₂O, (BIG East)
                           and: 10 m at 1.45% Li₂O

• YLP-0082: 15 m at 1.07% Li₂O, (Shorty)

Francis MacDonald, CEO of LIFT comments, “We are pleased with the high-grade intersection of 14 meters at 1.50% Li₂O returned from the Ki pegmatite in this release. Previous drilling at Ki was returning grades averaging around 0.90% Li₂O, so this increase in grade is a welcome surprise. BIG East and Shorty continue to deliver excellent results as well.”

Discussion of Results

This week’s drill results are for five holes from three different pegmatite dykes, including Ki (YLP-0080), Shorty (YLP-0082, 83, 89), and BIG East (YLP-0086). 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.
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Shorty Pegmatite

The Shorty pegmatite is one of several dykes occurring within broader corridor that is north-of-northeast striking. The Shorty pegmatite 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 1-15 m wide that occur over 30-40 m of core length.

YLP-0082 was designed to test the Shorty dyke 50 m from its northern end and 25 m vertically beneath the surface. Drilling intersected a single, 17 m wide, pegmatite dyke that returned an assay composite of 1.07% Li₂O over 15 m.

YLP-0083 was drilled 100 m north of YLP-0082 and therefore 50 m past the northern-most mapped extent of the Shorty pegmatite, with the aim of testing the northward extension of this dyke at 25 m vertically beneath the surface. Drilling intersected two dykes; an upper 1 m wide pegmatite and a lower 10 m wide dyke that includes a 2 m panel of country rock. Assays for both dykes returned insignificant grades.

YLP-0089 likewise tested a 50 m northward extension of the Shorty pegmatite but at 50 m vertically beneath the surface. Results from this hole were significantly better than YLP-0083, with drilling cutting five 1-12 m wide dykes over a 49 m interval of drill collar followed by a sixth, 9 m wide, dyke that starts 33 m further down the hole. Notable assay composites include 1.15% Li₂O over 5 m and 1.75% Li₂O over 10 m for the two upper-most dykes as well as 1.51% Li₂O over 3 m for the lower-most one. The three narrowest dykes, each of which ranges between 1-2 m thick, returned negligible grades. The results of this hole are important in confirming that mineralization extends beyond the currently mapped extent of the Shorty pegmatite (Table 1 & 2, Figures 2, 3, & 4).

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Figure 2 – Plan view showing the surface expression of the Shorty pegmatite with diamond drill holes reported in this press release.
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Figure 3 – Cross-section of YLP-0082 which intersected the Shorty pegmatite dyke with a 15 m interval of 1.07% Li₂O.
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Figure 4 – Cross-section of YLP-0089 which intersected the Shorty pegmatite dyke with a 10 m interval of 1.75% Li₂O.
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Ki Pegmatite

The Ki pegmatite is one of several dykes occurring within a longer corridor that is broadly north-of-northwest striking. The Ki dyke itself trends parallel to this corridor and 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. The thicker dyke is here referred to as the main dyke and is typically flanked by one or more narrower (1-5 m wide) dykes.

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YLP-0080 was designed to test the Ki pegmatite 150 m from its northwestern end and 25 m vertically beneath the surface. Drilling intersected a single pegmatite that is 14 m thick and returned a wall-to-wall assay composite of 1.50% Li₂O over 14 m (Table 1 and 2, Figures 5 & 6).

Figure 5 – Plan view showing the surface expression of the Ki pegmatite with diamond drill hole reported in this press release.
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Figure 6 – Cross-section illustrating YLP-0080 with results as shown in the Ki pegmatite dyke with a 14 m interval of 1.50% Li₂O.
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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 1,300 m along surface and 200 m downdip.

YLP-0086 was designed to test the BIG East swarm 450 m from its northern end and approximately 70 m vertically beneath the surface. Drilling intersected two pegmatite dykes that are 11 and 19 m in core length and separated from each other by 6 m of metasedimentary country rock. The upper dyke returned an assay composite of 1.45% Li₂O over 10 m whereas the lower dyke returned 1.16% Li₂O over 14 m (Table 1 and 2, Figures 7 & 8).

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Figure 7 – Plan view showing the surface expression of the BIG East pegmatite with diamond drill hole reported in this press release.
https://www.globenewswire.com/NewsRoom/AttachmentNg/00e7ac8a-1d97-48d0-8359-71477f762b4f

Figure 8 – Cross-section illustrating YLP-0086 with results as shown in the BIG East pegmatite dyke with a 14 m interval of 1.16% Li₂O.
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Table 1 – Assay highlights for drill holes reported in this press release.

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 87 out of 198 diamond drill holes (15,333 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.

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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.

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.

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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 analyzed 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).

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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:

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. 

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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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