LIFT intersects 33 m at 1.09% Li2O at its Echo pegmatite, Yellowknife Lithium Project, NWT

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VANCOUVER, British Columbia, May 28, 2024 (GLOBE NEWSWIRE) — Li-FT Power Ltd. (“LIFT” or the “Company”) (TSXV: LIFT) (OTCQX: LIFFF) (Frankfurt:
WS0) is pleased to report assays from 13 drill holes completed at the Shorty, BIG East, Echo, Fi Main, & Ki 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:

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Highlights:

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• YLP-0281: 15 m at 1.19% Li₂O, (Echo)
          and: 9 m at 1.02% Li₂O
          and: 9 m at 0.98% Li₂O

• YLP-0285: 17 m at 1.05%
  Li₂O, (Echo)
   including: 9 m at 1.28% Li₂O

Discussion of Results

This news release provides results for 13 drill holes (2,669 m) from LIFT’s 2024 winter drilling program. Holes are reported from five different pegmatite complexes that include Echo, BIG East, Ki, Fi Main, and Shorty. 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, “We are excited about the last hole of the Echo winter program which hit 17 m at 1.05% Li₂O, at the northwest limit of drilling. The hole intercepted a new lower spodumene-bearing dyke that does not crop out at surface and was never intercepted in the drilling to the southeast. The dyke marks the identification of a total of five spodumene-bearing dykes across the Echo property to date, highlighting the system’s potential for the discovery of additional hidden dykes in future follow-up drill testing.” 

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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

The Echo pegmatite complex comprises a steeply dipping, northwest-trending, feeder dyke (“Echo feeder”) that splits into a fanning splay of moderate to gently dipping dykes for 0.5 km to the northwest (“Echo splay”). The dyke complex has a total strike length of over 1.0 km. The feeder dyke is 5-15 m wide whereas the gently dipping dykes in the splay are locally up to 25 m thick. Five of the six holes reported here were drilled on the splay and one was drilled on the feeder. Holes are described from approximately northwest to southeast.

YLP-0281 was drilled on a section located 400 m from where the splay merges with the feeder, testing the Echo splay from 75 to 200 m below the surface and stepped back 100 m from previously released YLP-0212 (1.26% Li₂O over 27 m from four intervals spaced a total of 123 m apart). New drilling intersected three pegmatite dykes between 10-15 m in width, two of which are centered around 75-100 m vertical depth and a third centered at 200 m. These three dykes returned composites of 1.0-1.2% Li₂O over 9-15 m for a cumulative 1.09% Li₂O over 33 m (Table 1 & 2, Figures 2 & 3).

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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-0281 with results as shown in the Echo pegmatite dyke with a 33 m interval of 1.09% Li₂

O.

YLP-0285 was drilled on the Echo splay on a section located 500 m from where the splay merges with the feeder, to test from 50 to 150 m below the surface and stepped back 200 m from previously released YLP-0208 (0.96% Li₂O over 13 m from two intervals, 39 m apart). New drilling intersected a 17 m dyke centered at around 75 m below the surface and a 22 m wide dyke centered at 150 m. The deeper dyke returned a composite of 1.05% Li₂O over 17 m that includes 9 m of 1.28% Li₂O whereas the shallow dyke returned negligible grade (Table 1 & 2, Figures 2 & 4).

Figure 4 – Cross-section illustrating YLP-0285 with results as shown in the Echo pegmatite dyke with a 17 m interval of 1.05% Li₂

O.

YLP-0279 was drilled on the same section as YLP-0281 but stepped back to the northeast by 200 m. Within a 200 m interval starting just below overburden, drilling intersected eight pegmatite dykes with widths of 1-17 m for cumulative pegmatite thickness of 46 m. All assays returned &LT0.1% Li₂O (Table 1 & 2, Figure 2).

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YLP-0275 was drilled on a section stepped 100 m east of the section with YLP-0281/0279 and 300 m from where the splay merges with the feeder. The hole was drilled to test at 10 to 125 m below the surface and stepped back 125 m from previously released YLP-0259 (0.85% Li₂O over 43 m). New drilling cut an 80 m interval, starting just below the surface, with five dykes between 2-17 m in width for a cumulative 40 m of pegmatite but with all assays returning &LT0.2% Li₂O (Table 1 & 2, Figure 2).

YLP-0273 was drilled on a section stepped another 100 m east and approximately 200 m from where the splay merges with the feeder. This hole tested the splay at 50-125 m vertical depth and stepped back 100 m from previously released YLP-0120 (0.60% Li₂O over 24 m) and 200 m from YLP-0107 (1.04% Li₂O over 20 m from three intervals a total of 83 m apart). New drilling cut a 96 m interval with seven pegmatite dykes between 1-5 m in width and summing to 17 m, all of which returned assays &LT0.1% Li₂O (Table 1 & 2, Figure 2).

YLP-0241 is the only hole reported here that tested the Echo feeder, in this case on a section 550 m southeast from where the feeder merges with the splay. The hole was drilled to test at 50 m below the surface as well as in between and along strike of previously released YLP-0236 (0.79% Li₂O over 7 m) and YLP-0245 (0.62% Li₂O over 7 m). New drilling intersected a 26 m wide corridor with three dykes between 2-7 m in width, with the thickest of these dykes returning a composite of 0.53% Li₂O over 4 m (Table 1 & 2, Figure 2).

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BIG East Pegmatite

The BIG East pegmatite complex comprises a north-northeast trending corridor of parallel-trending dykes that is exposed for at least 1.8 km of strike length, ranges from 10-100 m wide, and dips approximately 55°-75° degrees to the west.

YLP-0260 was drilled near the northern mapped extent of the BIG East pegmatite, to test this corridor at 50-75 m below the surface and 50 m up-dip of previously released YLP-0271 (1.34% Li₂O over 35 m). New drilling intersected two 14 m wide pegmatite intervals separated by three metres of country rock that returned composites of 0.46% Li₂O over 5 m and 0.82% Li₂O over 8 m. This intersection shows that mineralization weakens towards the surface although it remains open downdip of YLP-0271 (Table 1 & 2, Figures 5 & 6).

Figure 5 – Plan view showing the surface expression of the BIG East pegmatite with diamond drill holes reported in this press release.

Figure 6 – Cross-section illustrating YLP-0260 with results as shown in the BIG East pegmatite dyke with an 8 m interval of 0.82% Li₂

O.

Ki Pegmatite

The Ki pegmatite complex comprises a north-northwest trending corridor of dykes that extends for at least 1.3 km on surface and dips steeply to the southwest. The southern part of the corridor consists mostly of one large dyke and several narrower flanking dykes that sum to a constant pegmatite width of around 25 m. The northern part consists of two relatively thick dykes that are between 50-150 m apart, with the western dyke comprising the northern extension of the Ki dyke and the more eastern dyke referred to as Perlis.

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YLP-0249 was drilled on the southern half of the Ki corridor to test the Ki dyke at 50-75 m below the surface and 50 m downdip of previously released YLP-0072 (0.79% Li₂O over 17 m). Starting at just below overburden, new drilling intersected an 80 m wide interval with seven pegmatite dykes between 1-14 m in width that sum to 30 m. The thickest of these dykes is also the deepest and returned a composite of 0.98% Li₂O over 9 m whereas the thinner overlying dykes all returned assays &LT0.2% Li₂O. The southern extension of the Perlis dyke was intersected 55 m further down the hole and totals 10 m of pegmatite spread over three closely spaced dykes that all returned assays &LT0.2% Li₂O (Table 1 & 2, Figures 7 & 8).

Figure 7 – Plan view showing the surface expression of the Ki pegmatite with diamond drill holes reported in this press release.

Figure 8 – Cross-section illustrating YLP-0249 with results as shown in the Ki pegmatite dyke with a 9 m interval of 0.98% Li₂

O.

YLP-0278 was drilled on a section 150 m north of the section with YLP-0249/0072 to test the Ki dyke at 125 m below the surface. Drilling cut a 90 m wide corridor with six dykes between 1-11 m in width for a total of 24 m of pegmatite. The thickest of these dykes returned a composite of 0.51% Li₂O over 5 m whereas the other dykes all returned assays ≤0.3% Li₂O. The southern extension of the Perlis dyke was intersected 92 m further down the hole where it comprises four closely spaced dykes between 1-3 m wide for cumulative width of 9 m, all of which returned assays ≤0.1% Li₂O (Table 1 & 2, Figure 7).

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YLP-0282 was drilled on the northern half of the Ki corridor where the Ki and Perlis dykes occur more closely together, on a section 300 m north of YLP-0278 and 100 m south of previously released YLP-0184 (1.11% Li₂O over 13 m). Drilling intersected a 120 m wide corridor centered at approximately 150 m vertically beneath the surface, comprising nine pegmatite dykes between 1-9 m in width for cumulative 35 m of pegmatite. Three of these dykes are 7-9 m wide and two of these returned composites of 0.57% Li₂O over 1 m and 0.54% Li₂O over 3 m. All other dykes returned assays &LT0.2% Li₂O (Table 1 & 2, Figure 7).

Shorty Pegmatite

The Shorty pegmatite is formed by several sub-parallel dykes that, together, define a pegmatite-bearing corridor that is at least 1.4 km long, up to 100 m wide, north-northeast striking, and dips 50°-70° to the west. The corridor itself consists of both country rock and pegmatite, with pegmatite occurring in either a single 10-40 m wide dyke or as 2-4 dykes with a similar cumulative width spread over 50-100 m of core length.

YLP-0280 was drilled to test one of the thicker dykes in the Shorty corridor at 25 m below the surface and 25 m up-dip of YLP-0283 (1.32% Li₂O over 35 m). New drilling intersected a 43 m wide corridor with three dykes that total to 10 m of pegmatite, with all assays returning &LT0.2% Li₂O. This result indicates spodumene mineralization diminishes rapidly up-dip from YLP-0283 but is still open at depth (Table 1 & 2, Figure 9).

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Figure 9 – Plan view showing the surface expression of the Shorty pegmatite with diamond drill holes reported in this press release.

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 or more dykes. The two holes reported here were both drilled at the north end of the complex.

YLP-0238 was drilled to test the northern part of the Fi Main corridor at approximately 10-125 m below the surface and in between and along strike of previously released YLP-0233 and YLP-0250 (both no significant results). Over a 125 m interval starting near the surface, new drilling intersected nine pegmatite dykes between 1-10 m in width for cumulative pegmatite of 40 m. All assays of pegmatite returned &LT0.2% Li₂O (Table 1 & 2, Figure 10).

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YLP-0242 was drilled on the same section as YLP-0238 but stepped back to test down to 200 m below the surface and 100 m downdip of YLP-0238. Drilling intersected 12 pegmatite dykes between 1-20 m wide and spaced 3-39 m apart, for a cumulative pegmatite width of 52 m over 225 m of drill core. As with the up-dip hole, however, all assays of pegmatite were &LT0.2% Li₂O apart from one sample that returned 0.28% Li₂O (Table 1 & 2, Figure 10).

Figure 10 – Plan view showing the surface expression of the Fi Main pegmatite with diamond drill holes reported in this press release.

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

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Drilling Progress Update

Currently, LIFT has reported results from 270 diamond drill holes (46,764 m). The Company concluded its winter drill program at the Yellowknife Lithium Project with a combined total of 286 diamond drill holes (49,548 m) completed between the summer and winter programs.

General Statements

All 13 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 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.

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

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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.

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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).

LIFT Engages New Era Publishing Inc.

The Company also announces that it has entered into an agreement (the “Agreement”) with New Era Publishing Inc., of Vancouver, British Columbia, to provide marketing services including content creation and distribution and market awareness and educational campaigns for a term commencing on June 5, 2024, and ending October 23, 2024. Prior to the commencement of services, New Era will receive an advance deposit of US$500,000 to secure appropriate space for the campaign, initiate creative development and digital marketing with an additional three equal payments of US$250,000 to be paid on the first of each of June, July and August 2024. Members of New Era have purchased securities of the Company because of what those members deem to be the value proposition of the company and will disclose their ownership in all marketing material and will not sell any shares during the active period of the campaign. All content describing the Company generated by New Era will be provided to the Company for review prior to its publication and New Era will not publish or distribute any content without the prior approval of the Company. The Agreement is subject to the approval of the of the TSX Venture Exchange.

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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” 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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