Li-FT drills 21 metres at 1.12% lithium oxide at Ki target near Yellowknife

Archaeology crews and members of the local Indigenous communities surveyed the Yellowknife lithium project in June 2023. Credit: Li-FT Power

Li-FT Power (TSXV: LIFT) has reported spodumene mineralization as high as 1.7% lithium oxide (Li2O) from drilling at the Ki, Shorty, Big East and Fi-SW pegmatites at its Yellowknife project, just east of the namesake capital of the Northwest Territories.

At the Ki target, hole YLP-0087 returned 21 metres grading 1.12% Li2O, including 11 metres at 1.70% Li2O. The Ki dyke extends for at least 1,000 metres on surface and 100 metres down-dip. It is about 20 metres thick.

At the Big East target, hole YLP-0085 returned 13 metres at 1.34% Li2O, 8 metres at 0.86% Li2O, 4 metres at 1.47% Li2O, and 3 metres at 1.09% Li2O. Hole YLP-0084 returned 10 metres at 1.58% Li2O, and 4 metres at 1.44% Li2O, and 6 metres at 1.19% Li2O. The Big East pegmatite swarm comprises a corridor 35 to 90 metres wide of parallel-trending dykes that extends for at least 1,300 metres along surface and 200 metres down-dip.

At Shorty, hole YLP-0091 returned 17 metres at 1.28% Li2O and 16 metres at 1.01% Li2O. The Shorty pegmatite is one of several dykes within a broader north-northeast striking corridor. Shorty is a braided zone of dykes that extends at least 700 metres on surface and 200 metres down-dip. The mineralization may comprise a single dyke up to 25 metres wide or two to four dykes between one and 20 metres wide.

“Drill intersects from this week’s results at Ki are the widest to date with excellent grades,” Li-FT CEO Francis MacDonald said. “The northern portion of Shorty, where two arms of the pegmatite have been structurally juxtaposed, has benefits from an open pit mining perspective. Big East continues to deliver excellent widths in grades across the pegmatite dyke system. We continue to be pleased with the consistency of excellent drill intersects produced across the YLP portfolio.”

Hole YLP-0090 drilled at the Fi-SW target returned no significant results.

Li-FT aims to publish an initial resource for the Yellowknife project by the third quarter of next year and plans up to 70,000 meters of drilling from the second quarter at the road-accessible project, located about 50 km east of Yellowknife. It stands out as one of the most advanced lithium exploration projects in Canada outside of the lithium hotspot of Quebec.

The results announced Tuesday come just a week after Li-FT reported an intercept at Shorty of 10 metres at 1.75% Li2O, and 14 metres at 1.5% Li2O at Ki; and two weeks after drilling intersected 22 meters at 1.35% Li2O, and 22 meters at 0.82% Li2O on Nov. 14 at Big East.

The company has now wrapped up its 2023 drill program at the Yellowknife project which comprised 34,238 metres.

Li-FT shares traded at C$5.58 apiece on Tuesday afternoon in Toronto, valuing the company at C$222 million.