Li-FT Power drills 1.26% Li2O over 60 metres at Yellowknife, Northwest Territories; shares up
Li-FT Power Ltd. [LIFT-CSE; LIFFF-OTCQX; WS0-FSE] reported assays from 18 drill holes completed at the Fi Southwest and Fi Main pegmatites within the Yellowknife lithium project (YLP), located outside the city of Yellowknife, Northwest Territories. Drilling has intersected significant intervals of spodumene mineralization, with the following highlights:
YLP0006 returned 80 metres at 0.87% Li2O, including 44 metres at 1.14% Li2O (Fi Southwest). YLP0007: 60 metres at 1.26% Li2O, including 39 metres at 1.38% Li2O (Fi Southwest).
YLP0011: 26 metres at 1.22% Li2O, including 23 metres at 1.37% Li2O (Fi Main). LP0017: 30 metres at 1.13% Li2O, including 23 metres at 1.42% Li2O (Fi Main). YLP0023: 30 metres at 1.10% Li2O, including 23 metres at 1.33% Li2O (Fi Main)
Francis MacDonald, CEO, commented, “Fi Southwest continues to deliver high-grade spodumene over significant widths. Hole YLP0007 extends the strike length of spodumene mineralization to 335 metres. The first drill holes into the Fi Main pegmatite have delivered some excellent intersects as well. Spodumene percentages are in line with mapping that has been completed on surface. Our operational progress has been significant to date – we have drilled 117 holes into six different pegmatites and have submitted samples to the lab for assaying; results expected to be reported in batches over the coming weeks.”
Holes YLP0006 and YLP0007 continued drill testing along a 540 metre-long central segment of the Fi Southwest dyke where spodumene makes up 15-25% of the rock at surface. The holes targeted under historical trenches of up to 37 metres of 1.37% Li2O and have confirmed spodumene mineralization to 50 metres below surface.
Holes YLP0008 to YLP0022 tested a 600 metre-long section of the Fi Main dyke where it contains 5-30% spodumene over its strike length. Drilling targeted zones beneath historical trenches of up to 21.9 metres of 1.34% Li2O, we have confirmed spodumene mineralization to 100 metres below surface exposures. The Fi Southwest and Fi Main drill holes have collectively tested 1,500 metres of strike length of the Fi dyke complex, confirming to a depth of approximately 100 metres, continuity of the spodumene mineralization that has been mapped and trenched on surface. Spodumene is a primary mineral constituent of the dyke along with varying amounts of quartz, potassium feldspar, and muscovite.
As of August 15, 2023, LIFT has evacuated personnel from the Hidden Lake Camp at the YLP. Drilling operations at the Big East pegmatite have also been paused due to heavy smoke due to wildfires that limits visibility for flying helicopters. LIFT is monitoring the situation closely and plans to begin operations again once it is safe to do so.
Approximately 19,000 metres have been drilled across 117 diamond drill holes targeting the Fi Southwest, Fi Main, Ki, Shorty, Big East and Echo pegmatite targets. LIFT plans to complete 1,500 metres of drilling at the Echo target during the summer 2023 field season.
In early trading, on Monday August 21, shares of Li-FT Power gained $0.15 to $8.20.