LIFT Enters into Agreement with North Arrow Minerals to Acquire 100% Interest IN the Destaffany, Ldg & Mackay Lithium Projects, Nwt, Canada
LIFT ENTERS INTO AGREEMENT WITH NORTH ARROW
MINERALS TO ACQUIRE 100% INTEREST IN THE DESTAFFANY,
LDG & MACKAY LITHIUM PROJECTS, NWT, CANADA
December 19, 2024 – Vancouver, B.C., Li-FT Power Ltd. (“ LIFT” or the “ Company”) (TSXV: LIFT)
(OTCQX: LIFFF ) ( Frankfurt: WS0) is pleased to announce that it has entered into a 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.
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.
Francis MacDonald, CEO and Director of LIFT, commented, “ The acquisition of North Arrow’s
lithium portfolio further positions LIFT as the leading lithium exploration company in the
Northwest Territories. The DeStaffany Project is located close to our BET and Echo pegmatites
which creates synergies from a logistical standpoint, as well as increases the overall resource
base for the eastern sector of the Yellowknife Pegmatite Province . The LDG and Mackay
properties give LIFT a foothold in an emerging spodumene district located near the Diavik and
Ekati diamond mines and provide long-term upside for the Company. We will continue to seek out
accretive acquisitions within the Northwest Territories, especially around our existing resource
base.”
Under the terms of the agreement, LIFT will acquire all rights, title, and interest in the, DeStaffany,
LDG and Mackay Lithium Projects in exchange for an issuance of 250,000 common shares of
LIFT to North Arrow Minerals. The agreement also includes provisions for the transfer of
associated reclamation bonds, ensuring responsible environmental stewardship as these
projects are developed.
The transaction is subject to customary closing conditions, including regulatory approvals.
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 North Arrow.
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% Li2O over 7.5 m from historic channel sampling in 2009.
The Moose 2 pegmatite has been mapped over a 450 m strike length, is up to 30 m wide. The
pegmatite was bulk sampled for its tantalum and niobium potential in the 1940’s and 1950’s,
producing tantalum and niobium 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 1.98% Li2O 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.
Figure 2 – DeStaffany Lithium Project spodumene pegmatite occurrences. The DaStaffany Project is located ~ 4 kilometers from
LIFT’s BET pegmatite.
LDG Lithium Project
The LDG Project comprises 8,600 hectares of mineral claims and leases that are located 15
kilometers southwest of Rio Tinto’s Diavik diamond mine. To date, 10 spodumene pegmatite
occurrences have been discovered by prospecting , including at least two undrilled spodumene
pegmatites, each with outcropping dimensions estimated up to 20 meters in width and can be
traced along 400 meters of strike length. The project area is covered by till which can be used an
as exploration medium to discover buried deposits.
Mackay Lithium Project
The MacKay Project comprises 8,661 hectares of mineral claims approximately 30 kilometers to
the south of the Rio Tinto’s Diavik diamond mine. To date, two spodumene occurrences have
been discovered by prospecting. MK1 consists of 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 120
m of strike have returned 2.45%, 2.51%, 2.76% and 3.74% Li2O.
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 grab samples
returned 5.25%, 4.08%, 2.71%, 1.92% and 1.10% Li2O.
Figure 3 – Location of the LDG and MacKay projects in relation to the winter ice road and diamond mines
LIFT Announces DSU Grant
LIFT announces that it has granted a total of 7,432 Deferred Share Units (”DSU”) to certain
independent directors of the Company in lieu of director fees for the fourth quarter, at a fair market
value of C$2.69 per DSU. The DSUs were granted in accordance with 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 vest one year from the grant date and are settled in accordance with the terms of the
Company’s Share Incentive Plan, a copy of which is available on the Company’s SEDAR+ profile.
Stock Options Grant
The Company announces that it has granted stock options (the “Options”) to its directors, officers,
employees and consultants to acquire a total of 499,500 common shares of the Company at an
exercise price of C$3.65 per share for a period of 5 years. The vesting terms are structured as
follows: 499,500 options undergo a phased vesting, with 25 % vested on the grant date and an
additional 25% on each 6/12/18-month anniversary.
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.
About NAR
North Arrow is a Vancouver, BC -based exploration company focused on the evaluation of the
Kraaipan Gold Project in Botswana. North Arrow’s management, board of directors and advisors
have significant successful experience in the global exploration and mining industry. North Arrow
continues to maintain its diamond interests in the Naujaat (NU), Pikoo (SK), and Loki (NWT)
Projects. North Arrow’s exploration programs are conducted under the direction of Kenneth
Armstrong, P.Geo. (NWT/NU, ON), President and CEO of North Arrow and a Qualified Person
under NI 43-101.
For further information, please contact:
Francis MacDonald Daniel Gordon
Chief Executive Officer Investor Relations
Tel: + 1.604.609.6185 Tel: +1.604.609.6185
Email: [email protected] Email: [email protected]
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”, “inten d”, “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 beli efs
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.
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