VANCOUVER, British Columbia, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Li-FT Power Ltd. (“LIFT” or the “Company”) (TSXV: LIFT) (OTCQX: LIFFF) (Frankfurt:WS0) is pleased to report that the Company has increased its land position at the Cali Project by staking an additional 9,681 hectares of contiguous claims within the Little Nahanni Pegmatite District, Northwest Territories, Canada. The recently staked claims have outcropping spodumene pegmatites which are the continuation of Cali dyke swarm that LIFT has defined to date.
Lands to the northwest of LIFT’s current tenure became available following the Government of Canada’s approval of an amendment to the Sahtú Land Use Plan (the Nááts'??hch’oh Amendments) in June of 2024. The amendment package allows new staking to be completed in the area and was previously approved by the Sahtú Secretariat Incorporated and Government of the Northwest Territories in 2019.
Location of LIFT’s Cali Lithium Project (CLP). The CLP is located in the Mackenzie Mountains along the Northwest Territories-Yukon border. The area is accessible by road and is located ~850 kilometers from rail in Fort Nelson, British Columbia.
Figure 1 – Location of LIFT’s Cali Lithium Project (CLP). The CLP is located in the Mackenzie Mountains along the Northwest Territories-Yukon border. The area is accessible by road and is located ~850 kilometers from rail in Fort Nelson, British Columbia.
Location of the newly staked claims to the northwest of LIFT’s existing outcropping lithium pegmatites on the Cali Project.
Figure 2 – Location of the newly staked claims to the northwest of LIFT’s existing outcropping lithium pegmatites on the Cali Project.
Francis MacDonald, CEO of LIFT comments, “Acquiring new areas through staking is the most cost-effective way to increase a company’s land position. The newly staked ground has outcropping spodumene deposits that are continuations of our existing deposits and increases the overall size potential of the Cali Project”.
LIFT Provides Update on Acquisition of Shorty West Lithium Claim
LIFT announces that at the request of Infinity Stone Ventures Corp., it has terminated the mineral property purchase agreement dated July 17, 2024 regarding the Shorty West Lithium mineral claim (the “Claim”). In connection with the termination, beneficial ownership of the Claim, which is adjacent to the Company’s Yellowknife Lithium Project, was transferred to an arm’s length private entity. The Company has now entered into a mineral property purchase agreement dated August [16] 2024 with that entity to acquire the Claim in consideration of the issuance 12,000 common shares, which is the same consideration which was offered to Infinity Stone. The shares, once issued, will be subject to applicable resale restrictions under Canadian securities laws. The completion of the acquisition is subject to the approval of the TSX Venture Exchange. No finder’s fees are payable in connection with the acquisition.
LIFT Announces Issuance of DSUs
The Company announces that it has granted 7,544 deferred share units (“DSUs”) to certain independent directors of the Company in lieu of interim director fees previously paid in cash, at a fair market value of $2.65 per DSU. The DSUs were granted pursuant to the Company’s Omnibus Share Incentive Plan, which was approved by shareholders on February 13th, 2024. Each DSU represents the right to receive one common share in the share capital of the Company. The DSUs will vest on August 31st, 2025, and are settled in accordance with the terms of the Share Incentive Plan, a copy of which is available on the Company’s SEDAR+ profile.
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.
Daniel Gordon Investor Relations Tel: +1.604.609.6185 Email: [email protected]
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