Li-FT Expands Quebec Land Holdings Through Option Agreement with Harfang Exploration for Pontax Lithium Property
Li-FT Expands Quebec Land Holdings Through
Option Agreement with Harfang Exploration
for Pontax Lithium Property
Vancouver, British Columbia--(Newsfile Corp. - July 21, 2022) - Li-FT Power Ltd. (CSE:
LIFT
)
(FSE:
WS0
) ("
Li-FT
" or the "
Company
") is pleased to announce that it has entered into an option
agreement (the "
Option Agreement
") with Harfang Exploration Inc. ("
Harfang
") (TSXV:
HAR
) pursuant
to which Li-FT has been granted the sole and exclusive option to acquire up to a 70% interest in the
Pontax Property located in the Eeyou-Istchee James Bay region in Quebec approximately 220
kilometres north of Matagami (the "
Pontax Property
"). The
Pontax Property
is accretive and proximal
to Li-FT's existing property package in Quebec, Canada (see Figure 1).
"This acquisition expands our foothold in this area known for lithium occurrences" stated Julie Hajduk,
CEO of Li-FT. "I look forward to our initiation of exploration work on the Pontax Property, which will
commence this summer."
Principal Terms of the Option Agreement
Upon signing the Option Agreement, Li-FT made a $25,000 cash payment to Harfang and may exercise
a first option to earn an initial 51% interest in the Pontax Property by making aggregate additional
payments totalling $75,000, payable in cash or in common shares at the discretion of Li-FT and incurring
$1,650,000 in exploration expenditures on or before the 3
rd
anniversary date of the Option Agreement.
Upon earning an initial 51% interest, Li-FT may exercise a second option to acquire a further 19%
interest (for an aggregate 70% interest) by paying to Harfang an additional $50,000, in cash or in
common shares at the discretion of Li-FT, on election, and, incurring an additional $3,350,000 in
expenditures on the Pontax Property prior to the expiry of the second option period ending three years
after the exercise of the first option. Upon exercise of the second option, Harfang will have the option of
converting its remaining participating interest of 30% into a 2.5% net smelter returns royalty or to form a
joint venture to further explore the property.
About the Pontax Property
The Pontax Property is comprised of 287 mining claims totaling 15,323 hectares and is 100% owned by
Harfang. It was staked by Harfang based on its grassroots potential for precious and base metals and is
also prospective for its lithium potential. Only limited historical exploration has been carried in specific
sectors in the eastern part of the Pontax Property. The Property is road accessible as the Billy-Diamond
Highway cuts across the property.
The region is mainly underlain by folded volcanic and sedimentary units which are part of the Lower
Eastmain River greenstone belt (La Grande Subprovince). The mafic to felsic volcanic rocks and
subordinate associated iron formations and sedimentary rocks form the Anatacau-Pivert Formation
(Eastmain Group). That formation is unconformably overlain by wacke and conglomerates of the Pontax
Formation. The northwestern part of the property covers a portion of the structural limit between the La
Grande and Nemiscau subprovinces.
Figure 1 - Location of the Pontax Property in relation to Li-FT's existing mineral claims
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8766/131487_8572a056b43cd8fa_001full.jpg
Qualified Person
The technical and scientific information in this news release has been prepared and approved by Don
Cummings, P. Geo, who is a qualified person for the technical disclosure as defined by the
National
Instrument 43-101
Standards of Disclosure for Mineral Projects
.
About Li-FT
Li-FT is a mineral exploration company engaged in the acquisition, exploration, and development of
mineral properties, specifically lithium pegmatite projects located in Canada. The Company currently
holds a 100% interest on the Rupert Project, which is a 155,000 hectare greenfield lithium pegmatite
exploration initiative, and has recently signed an option agreement for a 15,323 hectare project with 70%
interest on the Pontax Property. Both properties are located in the James Bay region in Quebec,
Canada.
For further information, please contact:
Julie Hajduk
Chief Executive Officer
Tel: (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. These forward-looking statements are based on current expectations and various
estimates, factors and assumptions and involve known and unknown risks, uncertainties and other
factors.
Forward-looking statements are not a guarantee of future performance and involve risks, uncertainties
and assumptions which are difficult to predict. Factors that could cause the actual results to differ
materially from those in forward-looking statements include the continued availability of capital and
financing, and general economic, market or business conditions, including the effects of COVID-19.
Forward-looking statements contained in this press release are expressly qualified by this cautionary
statement. These statements should not be read as guarantees of future performance or results. Such
statements involve known and unknown risks, uncertainties and other factors that may cause actual
results, performance or achievements to be materially different from those implied by such
statements. Although such statements are based on management's reasonable assumptions, there
can be no assurance that the statements will prove to be accurate or that management's expectations
or estimates of future developments, circumstances or results will materialize. The Company
assumes no responsibility to update or revise forward-looking information to reflect new events or
circumstances unless required by law. Readers should not place undue reliance on the Company's
forward-looking statements.
Neither the Canadian Securities Exchange (the "CSE") nor its Regulation Services Provider (as that
term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this
release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/131487