Li-FT Options the Extension of the Ki Lithium Pegmatite Within the Yellowknife Lithium Project
Vancouver, British Columbia--(Newsfile Corp. - February 21, 2023) - 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 dated February 18, 2023 (the "Option Agreement") with a private company holding a 100% interest in 13 mineral leases covering 991 hectares that comprise the Thompson-Lundmark Project (the "Property") and one lease, covering 115 hectares to the north of the Property, whereby the Company has been granted the sole and exclusive right to acquire a 100% in interest in the Property (the "Option").
The Thompson-Lundmark Property (Figure 1) is contiguous with Li-FT's Ki mineral lease that hosts the Ki lithium pegmatite occurrence, part of Li-FT's Yellowknife Lithium Project (YLP), in the Northwest Territories. The lithium pegmatite dykes exposed on the Thompson-Lundmark Property have widths on surface up to 25 meters (Figure 2) and are on strike with Li-FT's Ki lithium pegmatite that has reported an intersect of 13 meters at 1.80% Li2O in a single diamond drill hole from the 1970's1. Outcrops of the Ki pegmatite within the Ki lease have been described to contain 15 to 20% spodumene content approximately 40 meters from the Property boundary (Figure 2). The dykes add 600 meters of strike-length to the Ki pegmatite system for a total of 1.5 kilometers which will be one of the targets for systematic follow-up drilling commencing in the next months.
Francis MacDonald, CEO of Li-FT comments, "Securing the Thompson-Lundmark Property is an accretive transaction for Li-FT and increases the strike length of the Ki pegmatite system to 1,500 meters. With maximum widths of 25 meters, we believe the Ki pegmatite has the potential to host a significant stand-alone lithium resource, but its proximity to the Fi Main and Fi Southwest dykes is favorable to establishing a center of mass for the road accessible group of lithium pegmatites within our Yellowknife Lithium Project. We look forward to drilling the Ki pegmatite, as well as the other seven drill-ready pegmatites in the Yellowknife Lithium Project, within the next months."
In order to exercise the Option, the Company must make aggregate cash payments of $3,000,000 and incur exploration expenditures on the Property over a two-year period as follows:
- $550,000 cash payment due on execution of the Option Agreement (paid);
- $700,000 cash payment to be paid and $50,000 in exploration expenditures to be incurred by first anniversary of the Option Agreement;
- $1,750,000 cash payment to be paid and an additional $1,250,000 in exploration expenditures to be incurred by the second anniversary of the Option Agreement.
Upon the exercise of the Option, the Company will grant a 1.5% net smelter returns royalty on the Property to Perlis, of which 1/3 (0.5%) may be purchased by the Company at any time for $500,000 in cash. The Company will retain a right of first refusal on the royalty.
Figure 1 - Location of the Perlis leases that comprise the Thompson-Lundmark Property in relation to Li-FT's Fi and Ki leases.
To view an enhanced version of Figure 1, please visit:
Figure 2 - Outcropping extensions of the Ki pegmatite located within the Thompson-Lundmark Property. Pegmatite outcrops within the current boundaries of Li-FT's Ki lease have been noted to have 15-20% spodumene content approximately 40 meters from the property boundary. Outcrops of pegmatite, interpreted to be the extensions of the Ki pegmatite, extend for 600 meter within the Thompson-Lundmark Property and have widths up to 25 meters.
To view an enhanced version of Figure 2, please visit:
The disclosure in this news release of scientific and technical information regarding Li-FT Power's mineral properties has been reviewed and approved by Carl Verley, P.Geo., Vice-President, Exploration of Li-FT Power and a Qualified Person as defined by 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 lithium pegmatite projects located in Canada. The Company's flagship project is the Yellowknife Lithium Project located in Northwest Territories, Canada. Li-FT 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 Field.
For further information, please contact:
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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 are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.
Forward-looking statements are not a guarantee of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include the continued availability of capital and financing, and general economic, market or business conditions, including the effects of COVID-19. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company's forward-looking statements.
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1 NWT Assessment Report 080834 (1978) – A Report on the 1978 Drilling Programme Performed on the Ki 1-5 Minerals Claims, Yellowknife Area, NWT. Murray Morrison, Canadian Superior Exploration Ltd.