LIFT announces initial Mineral Resource of 50.4 million tonnes at 1.00% Li2O, at the Yellowknife Lithium Project, NWT, Canada
LIFT announces initial Mineral Resource of 50.4 million tonnes at
1.00% Li2O, at the Yellowknife Lithium Project, NWT, Canada
Highlights:
• The maiden resource estimate at the Yellowknife Lithium Project represents the 3 rd largest
hard-rock maiden resource estimate in Canada and the 10 th largest hosted in the Western
Hemisphere.
• 6 of the 8 spodumene dykes included in the maiden resource estimate have unconstrained
mineralization, providing significant opportunity for growth.
• 5 undrilled spodumene dykes hosted within the Yellowknife Lithium Project that were not
included in the maiden resource estimate have excellent potential to further expand the
resource profile.
• The maiden resource estimate is only based on 10 months and 49,548 m of drilling (286 drill
holes from June 2023 to April 2024).
• The maiden resource estimate further positions the Yellowknife Lithium Project as a globally
significant source of spodumene and will underpin a preliminary economic assessment that
is on track to be completed in Q2 2025.
• Excellent access to infrastructure , including the Ingraham Trail running through part of the
mineral resource, proximity to rail at Hay River, existing powerlines outside of Yellowknife, and
access to major ports in Prince Rupert and Vancouver for shipment to Asian markets.
• The x -ray diffraction analysis and pilot -scale testing completed as part of the Yellowknife
Lithium Project metallurgical program (see press release dated September 23, 2024) provides
confirmation of simple lithium mineralogy and that low -cost dense medium separation
(“DMS”) is suitable for the spodumene dykes included the maiden resource estimate.
October 1, 2024 – Vancouver, B.C., Li-FT Power Ltd. (“ LIFT” or the “ Company”) ( TSXV: LIFT )
(OTCQX: LIFFF) (Frankfurt: WS0) is pleased to announce the initial (i.e. first) National Instrument
43-101 (“NI 43-101”) compliant mineral resource estimate (“MRE”) for the Yellowknife Lithium
Project (“YLP”), located in the Northwest Territories. The mineral resource estimate covers 8 of
13 spodumene-bearing pegmatite dykes that comprise LIFT’s YLP (Figure 1). The consolidated
in-pit MRE is reported at 50.4 million tonnes (Mt) grading 1.00% Li2O for 506,000 tonnes of Li2O
(1.25 million tonnes of LCE) in the inferred category and will form the basis of a Preliminary
Economic Assessment (PEA) targeted for delivery in Q2 2025.
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.
Francis MacDonald, CEO of LIFT comments, “The announcement of Li-FT’s first NI 43-101 mineral
resource estimate for the Yellowknife Lithium Project marks a significant milestone for both the
Company and the Northwest Territories. With an estimated 50.4 million tonnes at a grade of
1.00% Li₂O based only on the initial drilling program, the Yellowknife Lithium Project already ranks
among the top 10 largest spodumene projects in the Americas. The m ajority of the deposits
included in the MRE have not yet been constrained by the drilling completed to -date and have
excellent potential to significantly grow through further drill programs. This resource will be
pivotal in advancing the PEA we are targeting for Q2 2025.”
Table 1-Yellowknife Lithium Project Deposit In-pit Mineral Resource Estimate
Cut-off
Grade
(Li2O%)
Pegmatite
Deposit Tonnes
Li2O
Grade
(%)
Li2O (t) LCE (t)* Resource
Classification
0.4 Big East, Fi Main
and Fi SW 30,265,000 1.05 317,000 784,000 Inferred
0.5
Big West, Nite,
Shorty, Echo and
Ki
20,118,000 0.94 189,000 467,000 Inferred
Total 50,383,000 1.00 506,000 1,251,000
* Lithium carbonate equivalent (“LCE”)
Yellowknife Lithium Project Mineral Resource Estimate Notes:
(1) The Mineral Resource Estimate (MRE) was estimated by Allan Armitage, Ph.D., P . Geo. of SGS Geological Services, an independent Qualified
Person as defined by NI 43-101.
(2) The classification of the current MRE into Inferred mineral resources is consistent with current 2014 CIM Definition Standard s for Mineral
Resources and Mineral Reserves. The effective date for the Mineral Resource Estimate is September 25, 2024.
(3) All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.
(4) The mineral resource is presented undiluted and in situ, constrained by continuous 3D wireframe models, and are considered to have reasonable
prospects for eventual economic extraction.
(5) Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level
of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. I t is reasonably expected
that most Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
(6) The YLP MRE is based on a validated database which includes data from 286 surface diamond drill holes totaling 49,548 m. The resource
database totals 10,842 assay intervals representing 10,846 m of drilling. The average assay sample length is 1.00 m.
(7) The MRE is based on 126 three-dimensional (“3D”) pegmatite resource models, constructed in Leapfrog, representing the Big East, Big West, Fi
Main, Fi SW, Nite, Shorty, Echo and Ki pegmatite deposits. Li2O grades were estimated for each mineralization domain using 1.0 metre
composites. To generate grade within the blocks, the inverse distance squared (ID2) interpolation method was used for all deposits.
(8) Average density values were assigned to pegmatite and waste domains based on a database of 2,062 samples.
(9) Li-FT envisions that the YLP deposits may be mined using open-pit mining methods. Mineral resources are reported at a base case cut-off grade
of 0.40 to 0.50% Li 2O. The in-pit Mineral Resource grade blocks are quantified above the base case cut -off grades, above the constraining pit
shell, below topography, and within the constraining mineralized domains (the constraining volumes).
(10) The results from the pit optimization are used solely for the purpose of testing the “reasonable prospects for economic extra ction” by an open
pit and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the Property. The results are used as a guide
to assist in the preparation of a Mineral Resource statement and to select an appropriate resource reporting cut-off grade.
(11) The base-case Li2O Cut-off grade considers the following assumptions: a lithium concentrate (5.5% Li 2O) price of US$920/t , a mining cost of
US$3.25/t mined, processing, treatment, refining, G&A and transportation cost of USD$19.50/t of mineralized material, metallu rgical DMS
recovery of 60% was assumed, as were pit slope angles of 60º and mining loss and dilution of 5% and 5%.
(12) The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio -political, marketing, or
other relevant issues.
Figure 2 – Scatterplot of spodumene projects in the Americas (MRE vs. Grade). After only 10 months of drilling, the estimated 50.4
million tons at a grade of 1.00% Li ₂O, ranks the YLP project as on e of the top 10 largest spodumene project in the Americas. Sources:
Company disclosures.
Figure 3 - 8 of 13 resource pegmatites dykes with 2024 drilling plotted. The initial MRE was calculated from 286 drill holes or 4 9,548m
of drilling, using 126 three-dimensional (“3D”) pegmatite geology models constructed from surface mapping and drill core logging.
Figure 4 - Isometric views of the eight in-pit resource estimates at the Yellowknife Lithium Project. The resource blocks were calculated
using Li assay data from 286 drill holes, within 126 three-dimensional (“3D”) pegmatite geology bodies representing the Big East, Big
West, Fi Main, Fi SW, Nite, Shorty, Echo and Ki pegmatite deposits.
See Appendix A for references
Table 2 – Maiden resource estimates for Canadian spodumene projects
Table 3 -Yellowknife Lithium Project Deposit Cut-Off Grade Sensitivity
Big-East Fi Main and SW
Grade (%) Tonnes Grade (%) Tonnes
0.00 18,420,000 0.97 179,000 0.00 17,303,000 0.86 149,000
0.20 17,648,000 1.01 178,000 0.20 15,712,000 0.94 147,000
0.30 17,128,000 1.03 177,000 0.30 14,788,000 0.98 145,000
0.40 16,455,000 1.06 175,000 0.40 13,810,000 1.03 142,000
0.50 15,670,000 1.09 171,000 0.50 12,730,000 1.07 137,000
0.60 14,737,000 1.13 166,000 0.60 11,536,000 1.13 130,000
0.70 13,466,000 1.17 158,000 0.70 10,337,000 1.18 122,000
1.00 9,150,000 1.32 120,800 1.00 6,943,000 1.35 93,500
Nite Shorty
Grade (%) Tonnes Grade (%) Tonnes
0.00 7,936,000 0.61 48,000 0.00 6,678,000 0.85 57,000
0.20 6,737,000 0.69 47,000 0.20 6,174,000 0.91 56,000
0.30 6,126,000 0.74 45,000 0.30 5,916,000 0.94 56,000
0.40 5,404,000 0.79 43,000 0.40 5,616,000 0.97 55,000
0.50 4,583,000 0.85 39,000 0.50 5,202,000 1.01 53,000
0.60 3,581,000 0.93 33,000 0.60 4,654,000 1.07 50,000
0.70 2,839,000 1.00 28,000 0.70 4,149,000 1.12 46,000
1.00 1,242,000 1.23 15,300 1.00 2,449,000 1.31 32,000
Echo Ki
Grade (%) Tonnes Grade (%) Tonnes
0.00 12,418,000 0.58 72,000 0.00 4,654,000 0.66 31,000
0.20 9,342,000 0.74 70,000 0.20 3,938,000 0.76 30,000
0.30 8,312,000 0.81 67,000 0.30 3,684,000 0.79 29,000
0.40 7,246,000 0.87 63,000 0.40 3,235,000 0.85 28,000
0.50 6,249,000 0.94 59,000 0.50 2,812,000 0.91 26,000
0.60 5,314,000 1.01 54,000 0.60 2,409,000 0.97 23,000
0.70 4,471,000 1.08 48,000 0.70 1,937,000 1.05 20,000
1.00 2,267,000 1.31 29,600 1.00 942,000 1.24 11,700
Big-West
Grade (%) Tonnes
0.00 1,805,000 0.72 13,000
0.20 1,544,000 0.82 13,000
0.30 1,468,000 0.85 12,000
0.40 1,384,000 0.88 12,000
0.50 1,272,000 0.92 12,000
0.60 1,089,000 0.98 11,000
0.70 932,000 1.03 10,000
0.00 429,000 1.26 5,400
Cut-off
Grade
(Li 2O%)
In Situ
Tonnes
Li 2O%
Cut-off
Grade
(Li 2O%)
In Situ
Tonnes
Li 2O% Cut-off Grade
(Li 2O%)
In Situ
Tonnes
Cut-off
Grade
(Li 2O%)
In Situ
Tonnes
Li 2O%
Cut-off
Grade
(Li 2O%)
In Situ
Tonnes
Li 2O% Cut-off Grade
(Li 2O%)
In Situ
Tonnes
Li 2O%
Cut-off Grade
(Li 2O%)
In Situ
Tonnes
Li 2O%
Li 2O%
Parameters Value Unit
Concentrate Price (5.5% Li2O) 920 US$ per Tonne
In-Pit Mining Cost (all rock) 3.25 US$ per tonne mined
Processing Cost + G&A 17.50 US$ per tonne milled
Trucking 2.00 US$ per tonne milled
Overall Pit Slope 60 Degrees
Concentrate Recovery 60 Percent (%)
Mining loss 5 Percent (%)
Dilution (Open Pit) 5 Percent (%)
Cut-off Grade 0.4 - 0.5 Percent Li2O
Figure 5 - Isometric long section of the Big-E resource block model and pit, looking southeast. The limits of drilling are defined by some
of the strongest intercepts of spodumene mineralization on the project to date , demonstrating the potential for considerable future
resource growth. In addition to Big-E, 5 more dykes have unconstrained mineralization all with the potential to significantly increase the
collective resource base at the YLP.
Initiation of Preliminary Economic Assessment
In association with the MRE and metallurgical test work completed over the last year (see press
release dated September 23, 2024), LIFT initiated a PEA for the Yellowknife Lithium Project and
anticipates completion within the first half of 2025.
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 Pe rson 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.