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Li-FT Power to Acquire Yellowknife Lithium Project; Portfolio of 14 Significant Spodumene Pegmatites
Vancouver, British Columbia--(Newsfile Corp. - November 23, 2022) - 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. - November 23, 2022) - Li-FT Power Ltd. (CSE: LIFT) (FSE: WS0) (\"Li-FT\" or the \"Company\") is pleased to announce that it has entered into an amalgamation agreement dated November 22, 2022 (the \"Amalgamation Agreement\") with 1361516 B.C. Ltd. (the \"Target\"), a private company holding a 100% interest in the Yellowknife Lithium Project (the \"Project\" or the \"Properties\"), whereby the Company will acquire all of the issued and outstanding shares of the Target (the \"Transaction\"). The Yellowknife Lithium Project is comprised of mineral leases that cover the majority of the lithium pegmatites that make up the Yellowknife Pegmatite Province (\"YPP\"). The YPP has been noted to be one of the largest lithium resources in the Western world (Page, 1987 - Equinox Resources). Numerous spodumene-bearing pegmatites with strike lengths up to 1,800 meters and widths up to 40 meters outcrop in a spectacular fashion within the Project and are plainly visible from satellite imagery (Figures 2, 3, & 4). A list of pegmatites and their dimensions is detailed below in Table 1. The YPP also benefits from excellent existing infrastructure, including roads, rail and a skilled labour force that could support the development of this project. Francis MacDonald, CEO of Li-FT, comments, “The Yellowknife Lithium Project is a tremendous opportunity to consolidate numerous lithium pegmatites that have the potential to be one of the largest hard rock lithium resources in North America. The Project was held privately for 35 years without having any exploration work completed at a time when lithium was not an exciting commodity. We look forward to completing an aggressive drill program to delineate the subsurface extent of the abundant lithium mineralization we see at surface.” Transaction Highlights Portfolio of lithium pegmatites which could produce the largest hard rock lithium resource in North America. The Yellowknife Project contains 14 different lithium pegmatite systems, most of which are visible in satellite imagery. Historic channel sampling has produced average grades from 1.10 - 1.59% Li2O over widths of 7 to 40 meters. Strike extents of pegmatites visible on surface are 100 to 1,800 meters (see Figure 2). Transformative acquisition leading to resource development drilling. The Company plans...