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Li-FT Power Options the Extension of the Ki Lithium Pegmatite Within the Yellowknife Lithium Project
Vancouver, British Columbia--(Newsfile Corp. - February 21, 2023) - Li-FT Power Ltd. (CSE: LIFT) (FSE: WS0) ("Li-FT" or the "Company") is pleased to announce th
About this update from Li-ft Power Ltd.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - February 21, 2023) - 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 dated February 18, 2023 (the \"Option Agreement\") with a private company holding a 100% interest in 13 mineral leases covering 991 hectares that comprise the Thompson-Lundmark Project (the \"Property\") and one lease, covering 115 hectares to the north of the Property, whereby the Company has been granted the sole and exclusive right to acquire a 100% in interest in the Property (the \"Option\"). The Thompson-Lundmark Property (Figure 1) is contiguous with Li-FT's Ki mineral lease that hosts the Ki lithium pegmatite occurrence, part of Li-FT's Yellowknife Lithium Project (YLP), in the Northwest Territories. The lithium pegmatite dykes exposed on the Thompson-Lundmark Property have widths on surface up to 25 meters (Figure 2) and are on strike with Li-FT's Ki lithium pegmatite that has reported an intersect of 13 meters at 1.80% Li2O in a single diamond drill hole from the 1970's1. Outcrops of the Ki pegmatite within the Ki lease have been described to contain 15 to 20% spodumene content approximately 40 meters from the Property boundary (Figure 2). The dykes add 600 meters of strike-length to the Ki pegmatite system for a total of 1.5 kilometers which will be one of the targets for systematic follow-up drilling commencing in the next months. Francis MacDonald, CEO of Li-FT comments, \"Securing the Thompson-Lundmark Property is an accretive transaction for Li-FT and increases the strike length of the Ki pegmatite system to 1,500 meters. With maximum widths of 25 meters, we believe the Ki pegmatite has the potential to host a significant stand-alone lithium resource, but its proximity to the Fi Main and Fi Southwest dykes is favorable to establishing a center of mass for the road accessible group of lithium pegmatites within our Yellowknife Lithium Project. We look forward to drilling the Ki pegmatite, as well as the other seven drill-ready pegmatites in the Yellowknife Lithium Project, within the next months.\" Transaction Details In order to exercise the Option, the Company must make aggregate cash payments of $3,000,000 and incur exploration expenditures on the Property over a two-year period as follows: $550,000 cash paym...