Li-FT Closes Acquisition of 100% Interest in the DeStaffany, LDG & Mackay Lithium Projects, NWT, Canada
Li-FT Closes Acquisition of 100% Interest in
the DeStaffany, LDG & Mackay Lithium
Projects, NWT, Canada
Vancouver, British Columbia--(Newsfile Corp. - January 23, 2025) - Li-FT Power Ltd. (
TSXV: LIFT
)
(
OTCQX: LIFFF
) (
FSE:
WS0
) ("
LIFT
" or the "
Company
") is pleased to announce that it has closed the
previously announced definitive agreement with
North Arrow Minerals Inc.
(TSXV: NAR)
to acquire a
100% interest in the DeStaffany, LDG, and Mackay Lithium Projects, located in the Northwest
Territories, Canada.
Francis MacDonald, CEO and Director of LIFT, commented, "We are excited to close this acquisition
with North Arrow and get on the ground this year to further evaluate the additional DeStaffany Lithium
pegmatite dykes within our Yellowknife Lithium Project area with the intention of growing our Lithium
resource base."
Under the terms of the agreement, LIFT acquired all rights, title, and interest in the, DeStaffany, LDG and
Mackay Lithium Projects (represented by 14 mineral claims and six leases) in exchange for the issuance
of 250,000 common shares of LIFT to North Arrow Minerals, which are subject to a statutory four month
hold period expiring May 24, 2025. The acquisition also includes the transfer of associated reclamation
bonds, ensuring responsible environmental stewardship as these projects are developed, of which LIFT
will make a post-closing cash reimbursement of approximately CAD $47,500 to North Arrow related to
the reclamation bond for the DeStaffany Lithium Project.
Figure 1 - Location of NAR's DeStaffany, LDG & Mackay Lithium Projects along side LIFT's Yellowknife
Lithium Project. The pegmatites are located to the east and the northeast of the city of Yellowknife.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8766/238226_b9cf595f04903bbb_001full.jpg
The DeStaffany mining claims are subject to a 2% gross overriding royalty of which one-half (1%) may
be repurchased at anytime on payment of CAD $2,000,000 to the royalty holder. In addition, the LDG
project is subject to a 2% gross overriding diamond royalty, and the lease forming a part of the LDG
project is also subject to a 2% net smelter returns royalty.
Both of those royalties contain buy-back
provisions for one-half (1%) through payments to the royalty holder of CAD $2,000,000 and CAD
$3,000,000 respectively.
The transaction received the approval of the TSX Venture.
DeStaffany Lithium Project
The DeStaffany lithium property covers 1,843 ha located on the north central shore of Great Slave Lake,
approximately 18 km northeast of the Nechalacho mine and 115 km east of Yellowknife. The property
hosts the Moose 1 and Moose 2 lithium-tantalum-niobium bearing pegmatites. The pegmatites were
initially evaluated in the 1940's for tantalum and niobium but have never been subject to a focused
evaluation of their lithium potential. New discoveries are possible within the property as highlighted by
the identification of additional pegmatites by a predecessor company to North Arrow. At the time, these
pegmatites were not described or evaluated for their lithium potential.
The Moose 1 pegmatite has never been drilled but has been traced over a 370 m strike, averaging 4.5
m to 6.0 m in width with a maximum width of approximately 11 m, and hosts spodumene mineralization
that returned 1.5% Li
2
O over 7.5 m from historic channel sampling in 2009. Additional historic surface
samples have returned from background values to 4.1% Li
2
O.
The Moose 2 pegmatite has been mapped over a 450 m strike length and is up to 30 m wide. The
pegmatite was bulk sampled, and test mined for its tantalum and niobium potential in the 1940's and
1950's, producing tantalum, niobium and lithium concentrates, but has never been evaluated or drilled for
its lithium potential. Spodumene mineralization is common throughout the pegmatite, with elevated
lithium analyses of up to 2.73% Li
2
O returned from samples along at least a 250 m strike length of the
body.
The Moose pegmatites are located within 1 km of Great Slave Lake, providing good year-round access
to the property from both Yellowknife and Hay River on the south side of lake. Next steps for the property
will include preparation for mapping, sampling and prospecting fieldwork ahead of initial drill testing of
these mineralized spodumene pegmatites.
LDG Lithium Project
The LDG Project comprises 8,600 hectares of mineral claims and leases that are located 15 km
southwest of Rio Tinto's Diavik diamond mine. To date, 10 spodumene pegmatite occurrences have
been discovered by prospecting which have outcropping dimensions of up to 20 m in width and 400 m in
length. The project area is covered by till which can be used as an exploration medium to discover
buried deposits.
Mackay Lithium Project
The MacKay Project is comprised of 8,600 hectares of mineral claims approximately 30 km to the south
of the Rio Tinto's Diavik diamond mine. To date, two spodumene occurrences have been discovered by
prospecting. MK1 comprises a series of irregular sub-parallel pegmatite dykes ranging from 0.5 m to
>10 m wide over a combined width of up to 150 m and traced over an interpreted strike extent of greater
than 400 m; hand samples from four locations along a 120 m strike have returned 2.45%, 2.51%, 2.76%
and 3.74% Li
2
O.
MK3 (located ~ 4.5 km east northeast of MK1) is a prominent 15 to 20 m wide, white pegmatite
exposure traced near continuously along strike for approximately 130 m; five representative grab
samples returned 5.25%, 4.08%, 2.71%, 1.92% and 1.10% Li
2
O.
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.
For further information, please contact:
Francis MacDonald
Chief Executive Officer
Tel: + 1.604.609.6185
Email:
Daniel Gordon
Investor Relations
Tel: +1.604.609.6185
Email:
Website:
www.li-ft.com
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 relating to the closing of the Offering, the use of proceeds of the Offering, the
timing of incurring the Qualifying Expenditures and the renunciation of the Qualifying Expenditures as
well as the approval of the TSXV. 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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https://www.newsfilecorp.com/release/238226