Li-FT Expands Quebec Land Holdings Through Option Agreement with Harfang Exploration for Pontax Lithium Property
Vancouver, British Columbia--(Newsfile Corp. - July 21, 2022) - Li-FT Power Ltd. (CSE: LIFT) (FSE: WS0) ("Li-FT" or the "Company") is pleased to announce that it has entered into an option agreement (the "Option Agreement") with Harfang Exploration Inc. ("Harfang") (TSXV: HAR) pursuant to which Li-FT has been granted the sole and exclusive option to acquire up to a 70% interest in the Pontax Property located in the Eeyou-Istchee James Bay region in Quebec approximately 220 kilometres north of Matagami (the "Pontax Property"). The Pontax Property is accretive and proximal to Li-FT's existing property package in Quebec, Canada (see Figure 1).
"This acquisition expands our foothold in this area known for lithium occurrences" stated Julie Hajduk, CEO of Li-FT. "I look forward to our initiation of exploration work on the Pontax Property, which will commence this summer."
Principal Terms of the Option Agreement
Upon signing the Option Agreement, Li-FT made a $25,000 cash payment to Harfang and may exercise a first option to earn an initial 51% interest in the Pontax Property by making aggregate additional payments totalling $75,000, payable in cash or in common shares at the discretion of Li-FT and incurring $1,650,000 in exploration expenditures on or before the 3rd anniversary date of the Option Agreement.
Upon earning an initial 51% interest, Li-FT may exercise a second option to acquire a further 19% interest (for an aggregate 70% interest) by paying to Harfang an additional $50,000, in cash or in common shares at the discretion of Li-FT, on election, and, incurring an additional $3,350,000 in expenditures on the Pontax Property prior to the expiry of the second option period ending three years after the exercise of the first option. Upon exercise of the second option, Harfang will have the option of converting its remaining participating interest of 30% into a 2.5% net smelter returns royalty or to form a joint venture to further explore the property.
About the Pontax Property
The Pontax Property is comprised of 287 mining claims totaling 15,323 hectares and is 100% owned by Harfang. It was staked by Harfang based on its grassroots potential for precious and base metals and is also prospective for its lithium potential. Only limited historical exploration has been carried in specific sectors in the eastern part of the Pontax Property. The Property is road accessible as the Billy-Diamond Highway cuts across the property.
The region is mainly underlain by folded volcanic and sedimentary units which are part of the Lower Eastmain River greenstone belt (La Grande Subprovince). The mafic to felsic volcanic rocks and subordinate associated iron formations and sedimentary rocks form the Anatacau-Pivert Formation (Eastmain Group). That formation is unconformably overlain by wacke and conglomerates of the Pontax Formation. The northwestern part of the property covers a portion of the structural limit between the La Grande and Nemiscau subprovinces.
To view an enhanced version of Figure 1, please visit:
The technical and scientific information in this news release has been prepared and approved by Don Cummings, P. Geo, who is a qualified person for the technical disclosure as defined by the National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Li-FT is a mineral exploration company engaged in the acquisition, exploration, and development of mineral properties, specifically lithium pegmatite projects located in Canada. The Company currently holds a 100% interest on the Rupert Project, which is a 155,000 hectare greenfield lithium pegmatite exploration initiative, and has recently signed an option agreement for a 15,323 hectare project with 70% interest on the Pontax Property. Both properties are located in the James Bay region in Quebec, Canada.
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