LIFT intersects 24 m at 1.33% Li2O at its Echo pegmatite, Yellowknife Lithium Project, NWT

VANCOUVER, British Columbia, April 16, 2024 (GLOBE NEWSWIRE) — Li-FT Power Ltd. (“LIFT” or the “Company”) (TSXV: LIFT) (OTCQX: LIFFF) (Frankfurt: WS0) is pleased to report assays from 17 drill holes completed at the Echo, Fi Main, & Fi Southwest pegmatites within the Yellowknife Lithium Project (“YLP”) located outside the city of Yellowknife, Northwest Territories (Figure 1). Drilling intersected significant intervals of spodumene mineralization, with the following highlights:   

Highlights:

• YLP-0259: 43 m at 0.85% Li₂O, (Echo)
   including: 24 m at 1.33% Li₂O
• YLP-0212: 16 m at 1.29% Li₂O, (Echo)
            and: 5 m at 1.36% Li₂O
            and: 5 m at 1.19% Li₂O
            and: 1 m at 0.68% Li₂O  
• YLP-0237: 16 m at 1.31% Li₂O, (Fi Main)
• YLP-0234: 13 m at 1.32% Li₂O, (Echo)
• YLP-0228: 10 m at 1.36% Li₂O, (Echo)
• YLP-0235: 10 m at 1.25% Li₂O, (Echo)
• YLP-0229: 9 m at 1.28% Li₂O, (Fi Main)
            and: 12 m at 0.54% Li₂O

Discussion of Results

This news release provides results for 17 drill holes (3,729 m) from LIFT’s ongoing 2024 winter drilling program. Seven holes are reported from the Echo pegmatite complex, eight holes from Fi Main, and two from Fi Southwest (Fi-SW). A table of composite calculations, general comments related to this discussion, and a table of collar headers are provided towards the end of this section.

Dave Smithson, SVP, Geology of LIFT comments, “The Echo Pegmatite System continues to deliver impressive grades and widths close to surface this week. Hole 259 is particularly significant as it extends spodumene mineralization another 100 m down-dip from 10 m of 1.29% Li₂O and 16 m of 1.26% Li₂O drilled in hole 216, last summer. Here, the dykes merge into a single 43 m-wide dyke averaging 0.85% Li₂O (Inc. 24 m of 1.33% Li₂O), only 75 m from the surface. This new information confirms for the first time the low-angle nature of mineralization, emphasising the potential for Echo to deliver accessible tonnes and grades close to surface. We are very excited to see what happens next as we mobilise our drill rigs to test outward and downward from these first outstanding results.”

^{Figure 1 – Location of LIFT’s Yellowknife Lithium Project. Drilling has been thus far mainly focused on the Near Field Group of pegmatites which are located to the east of the city of Yellowknife along a government-maintained paved highway, and advancing to the Echo target, the first drilling in the Further Afield Group.}

Echo Pegmatite System

The Echo pegmatite complex comprises a fanning splay of moderate to gently dipping dykes for 0.5 km to the northwest (“Echo splay”). In addition, the Echo Splay is connected to a steeply dipping, northwest-trending, feeder dyke (“Echo feeder”). The dyke complex has a total strike length of over 1.0 km. The feeder dyke is 10-15 m wide whereas the gently dipping dykes in the splay are thicker, ranging from 10-25 m.

Three (YLP-0259, 0212, 0220) holes were drilled on the Echo splay. YLP-0259 tested between the northeastern part of the splay approximately 150-200 m from where it merges, between 35-75 m below the surface, and stepped back 100 m and 150 m, respectively, from previously released drill holes YLP-0216 (1.35% Li₂O over 36 m from 3 intervals in 78 m) and YLP-0128 (0.94% Li₂O over 22 m from 2 intervals in 51 m). New drilling intersected a 43 m wide pegmatite that returned a wall-to-wall grade of 0.85% Li₂O that includes 24 m of 1.33% Li₂O. There is no drilling along strike to the northwest of this intersection (Table 1 & 2, Figures 2 & 3).

^{Figure 2 – Plan view showing the surface expression of the Echo pegmatite with diamond drill holes reported in this press release.}

^{Figure 3 – Cross-section illustrating YLP-0259 with results as shown in the Echo pegmatite dyke with a 24 m interval of 1.33% Li₂O.}

YLP-0212 was drilled to test the Echo splay approximately 250-300 m from its merge zone with the feeder, <25 m to 100 m below the surface, and stepped back of 50 m from previously released YLP-0205 (1.03% Li₂O over 23 m from 3 intervals in 56 m). Drilling cut a 141 m interval with 45 m of pegmatite spread over seven dykes ranging between 1-21 m in width. Four of the thicker (6-21 m) dykes returned spodumene-bearing intercepts that form a combined composite of 1.26% Li₂O over 27 m (Table 1 & 2, Figures 2 & 4).

^{Figure 4 – Cross-section illustrating YLP-0212 with results as shown in the Echo pegmatite dyke with a 16 m interval of 1.29% Li₂O.}

Four of the seven holes reported here were drilled on the Echo feeder, with YLP-0228 designed to test the Echo feeder dyke approximately 50 m southeast of where it merges with the splay, 25-50 m below the surface, as well as along strike and 50 m southeast of previously released YLP-0226 (1.45% Li₂O over 13 m). New drilling intersected a 14 m wide feeder dyke that returned a composite of 1.36% Li₂O over 10 m (Table 1 & 2, Figures 2 & 5).

^{Figure 5 – Cross-section illustrating YLP-0228 with results as shown in the Echo pegmatite dyke with a 10 m interval of 1.36% Li₂O.}

YLP-0234 was drilled along strike and 50 m southeast of holes YLP-0228/0230 to test the feeder at 25-50 m below the surface. New drilling intersected a 14 m wide pegmatite that returned a composite of 1.32% Li₂O over 13 m (Table 1 & 2, Figures 2 & 6).

^{Figure 6 – Cross-section illustrating YLP-0234 with results as shown in the Echo pegmatite dyke with a 13 m interval of 1.32% Li₂O.}

YLP-0235 tested the Echo feeder dyke another 50 m along strike and southeast of YLP-0234 with new drilling intersecting a 10 m wide pegmatite dyke that returned a wall-to-wall composite of 1.25% Li₂O (Table 1 & 2, Figures 2 & 7).

^{Figure 7 – Cross-section illustrating YLP-0235 with results as shown in the Echo pegmatite dyke with a 10 m interval of 1.25% Li₂O.}

YLP-0220 was collared in the area where the splay merges with the feeder dyke and stepped forward 100 m from previous released YLP-0099 (0.62% Li₂O over 11 m). New drilling intersected a 124 m interval with 20 m of pegmatite spread over eight dykes between 1-9 m in depth. The thickest dyke (9 m) occurs just below overburden and returned a wall-to-wall composite of 0.96% Li₂O with 5 m of 1.52% Li₂O (Table 1 & 2, Figure 2).

YLP-0230 was drilled on the same section as YLP-0228 to test the Echo feeder at 75-100 m below the surface and 50 m downdip of YLP-0228 (see above). Drilling intersected mostly mafic dyke where the feeder dyke was expected in addition to a new pegmatite further down the hole, for 17 m of pegmatite within a 35 m interval. Assays returned no significant grades (Table 1 & 2, Figure 2).

Fi Main Pegmatite

The Fi Main pegmatite complex crops out over at least 1.5 km of strike length within a north-south striking corridor that dips between 70°-85° to the west. The central 800-900 m of the complex can be split into a northern part where most pegmatite occurs in a single 25-30 m thick dyke and a southern part where this dyke splits into upper and lower pegmatites that then remerge 450 m further south. The width of the Fi Main corridor ranges from 25-75 m where it is dominated by a single dyke and between 75-150 m where it is split into two.

Two (YLP-0237, 0214) holes were drilled where the Fi Main dyke is split into an upper and lower zone, with YLP-0237 drilled to test the upper and lower pegmatites at 25 m and 100 m below the surface, respectively. This hole was collared along strike and 50 m south of previously released YLP-0013 (0.65% Li₂O over 14 m) and 50 m north of YLP-0018 (0.81% Li₂O over 19 m from two intervals, 59 m apart). New drilling intersected 13 pegmatite dykes over 199 m of drill core, with dykes ranging from 1-17 m in width and spaced between 5-20 m apart. The thickest of these correlates with the upper zone and returned a composite of 1.31% Li₂O over 16 m (Table 1 & 2, Figures 8 & 9).

^{Figure 8 – Plan view showing the surface expression of the Fi Main pegmatite with diamond drill holes reported in this press release.}

^{Figure 9 – Cross-section illustrating YLP-0237 with results as shown in the Fi Main pegmatite dyke with a 16 m interval of 1.31% Li₂O.}

YLP-0229 was drilled on a section located 50 m south of the section with YLP-0224. Drilling intersected a 109 m wide corridor with 46 m of pegmatite spread over seven dykes between 2-17 m in width. The two thickest dykes (9 m and 17 m) likely represent the remerging upper and lower pegmatites and returned a combined composite of 0.86% Li₂O over 21 m. Mineralization in this area is open at depth and to the south (Table 1 & 2, Figures 8 & 10).

^{Figure 10 – Cross-section illustrating YLP-0229 with results as shown in the Fi Main pegmatite dyke with a 9 m interval of 1.28% Li₂O.}

YLP-0214 was collared on a section 50 m north of YLP-0237 to test the upper and lower pegmatites at approximately 100-200 m beneath the surface. Previously released drilling on the same section returned 0.65% Li₂O over 14 m (YLP-0013) from 50 m below the surface but negligible results at 250 m depth (YLP-0022). New drilling aimed for an intermediate depth between these two holes, intersecting three swarms of pegmatite dykes each about 50-100 m apart and including an 83 m corridor with 31 m of pegmatite and a 29 m corridor with 25 m of pegmatite. All assays, however, returned negligible Li₂O (Table 1 & 2, Figure 8).

YLP-0218 was collared near where the single thick Fi Main dyke splits into the upper and lower pegmatites and on a section 100 m north of YLP-0214. Drilling was designed to test the Fi Main dyke at 150 m beneath the surface as well as 75 m downdip of previously released YLP-0015 (1.00% Li₂O over 27 m) and 125 m downdip of YLP-0009 (0.49% Li₂O over 12 m). New drilling intersected a 23 m wide pegmatite at 150 m vertically beneath the surface but failed to return significant Li₂O assays. A 3 m wide dyke intersected 125 m outboard of the main dyke returned 0.81% Li₂O over 1 m (Table 1 & 2, Figure 8).

Two (YLP-0224, 0229) of eight holes on the southern part of the split and upper and lower pegmatites, near where they merge back into a single narrower corridor. YLP-0224 was designed to test this corridor at 125-250 m below the surface and 75-100 m downdip of previously released YLP-0010 (0.72% Li₂O over 32 m from two intervals, 48 m apart). New drilling intersected three corridors of pegmatite dykes separated by 30-75 m of country rock, with the uppermost of these corridors comprising 16 m of pegmatite within a 23 m interval that returned a composite of 0.89% Li₂O over 10 m including 1.48% Li₂O over 4 m. The two lower corridors, which include the lower zone, include 9 m and 17 m of pegmatite that both average <0.1% Li₂O (Table 1 & 2, Figure 8).

Drill holes YLP-0225, 0227, and 0231 were all drilled at the north end of the Fi Main pegmatite complex where a single thick dyke splits into several thinner dykes spread over a broader corridor (“north splay”). YLP-0225 was drilled on a section located 50 m north of previously released YLP-0024 (1.12% Li₂O over 24 m) to test the north splay at 25-75 m beneath the surface. Drilling intersected a 62 m corridor with 46 m of pegmatite spread over eight dykes that are each between 1-15 m in width. Six of these dykes returned wall-to-wall average grades between 0.1-0.3% Li₂O that, in the two thickest dykes, include one metre intervals of 0.5-0.6% Li₂O (Table 1 & 2, Figure 8).

YLP-0227 and 0231 were drilled on a section 50 m north of YLP-0225 to test the north splay at 75 m and 150 m beneath the surface, respectively. YLP-0227 intersected a 112 m wide corridor with 48 m of pegmatite spread over seven dykes between 1-23 m in width. Six of these dykes returned average grades of ≤0.1% Li₂O whereas the thickest dyke returned an average wall-to-wall grade of 0.2% Li₂O that includes 1 m of 0.51% Li₂O (Table 1 & 2, Figure 8).

YLP-0231 was drilled 50 m downdip of YLP-0227 and intersected a 69 m wide corridor with 56 m of pegmatite, most of which occurs in two pegmatite dykes that are 22 m and 32 m wide. The 22 m wide dyke has an average wall-to-wall grade of 0.34% Li₂O that includes 10 m of 0.57% Li₂O. These results indicate that mineralization in the Fi Main pegmatite remains open towards the north and at depth (Table 1 & 2, Figure 8).

Fi Southwest Pegmatite

The Fi Southwest (Fi-SW) pegmatite complex is exposed over at least 1.1 km on surface and occurs within a broader corridor that is 50-100 m wide and dips between 60°-80° to the east. The complex is cored by a 20-40 m wide main dyke that is continuous for at least 800 m along strike, with numerous sub-parallel subsidiary dykes between 1-5 m in width. At its northern and southern ends, the main dyke splays out into a broader corridor with more dykes that have narrower widths.

Holes YLP-0210 and YLP-0215 were both drilled as part of a 400 m long drill fence that tests the broad corridor stretching from the north tip of the Fi-SW dyke to the Fi Main corridor located 350-400 m to the east. Previously released drilling on this fence returned 1.05% Li₂O over 11 m (YLP-0057) and barren pegmatite (YLP-0201). New drilling intersected four pegmatite corridors in YLP-0210 and five corridors in YLP-0215, each ranging from 1-50 m in width and containing between 1-20 m of pegmatite. All assays returned negligible Li₂O (Table 1 & 2, Figure 11).

^{Figure 11– Plan view showing the surface expression of the Fi Southwest pegmatite with diamond drill holes reported in this press release.}

Table 1 – Assay highlights for drill holes reported in this press release

General Statements
All 17 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 through hyperspectral core scanning and X-ray diffraction work shows that a very high proportion of Li₂O reports to spodumene, consistent with the strong correlation between Li₂O % and abundance of hyper spectral spodumene.

Table 2 – Drill collars table of reported drill holes in this press release

QA/QC & 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 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.

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.

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” in the Company’s latest annual information form filed on March 27, 2024, 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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