Li-FT to Acquire the Yellowknife Lithium Project, a Portfolio of 14 Significant Spodumene Pegmatites
- Written by Reporters
Vancouver, British Columbia - Newsfile Corp. - 23 November 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
Information about the Target The Target is a private company incorporated under the laws of the Province of British Columbia holding a 100% interest in and to the 14 mineral leases comprising the Project, located in the Northwest Territories. The Project is subject to a 2% net profits royalty and an overriding 2% gross production royalty (the "GORR"). The GORR shall also apply to all after acquired mineral interests of the leaseholder in the Northwest Territories, subject to adjustment as set forth in the agreement evidencing the GORR. Qualified Person Don Cummings, P.Geo (OGQ # 2183), independent consultant to Li-FT Power Ltd., Qualified Person under NI 43- 101 on standards of disclosure for mineral projects, has reviewed and approved the technical content of this release. ReferencesYellowknife Lithium Pegmatite District
- 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 to initiate an aggressive drill program once necessary permits are received to advance the Yellowknife Project towards a maiden resource estimate.
- Advantageous location near railway. Railway access at the town of Hay River, located on the southern side of Great Slave Lake, can be utilized for shipping spodumene concentrate. Spodumene concentrate could be moved by barge from Yellowknife to the rail head or by all-weather road.
- Road accessible. The Fi, Ki, and Hi minerals leases are located within 60 kilometers of the city of Yellowknife and are accessible from the asphalt-surfaced Ingram Trail, then by 10 kilometers along the Thompson-Lundmark mine access road. The BIG lease is located approximately 30 kilometres to the east of Yellowknife along the Ingram Trail, then five kilometers to the south along winter access trails.
- $11,700,000 in cash. As of October 31, 2022, the Target had $11,700,000 in cash and cash equivalents.
- 1386798 B.C. Ltd. ("Subco"), a subsidiary of the Company created for the purposes of completing the Transaction, will amalgamate with and into the Target, with the amalgamated entity ("Amalco") becoming a wholly owned subsidiary of the Company, and;
- each outstanding share of the Target (a "Target Share") will be exchanged for 0.60 of a common shares of Li-FT (a "Li-FT Share").
Li Pegmatite | Length (m) | Average Width (m) | Mapped Surface Area (m2) | Channel Sample Average Grade (Li2O %) | Notes |
Fi Main | 1800 | 15 | 36,500 | 1.10 | Linear dyke which branches into multiple sections for approximately 900m. Southern half not systemically channel sampled |
Fi Southwest | 900 | 20 | 24,000 | 1.30 | Linear dyke which varies in width from 5 to 37m |
Ki | 600 | 12 | 8,700 | 1.40 | Grade estimate based on detailed spodumene crystal counts averaging 20-25% |
Hi (Shorty) | 400 | 25 | 17,000 | 1.07 | Linear dyke that is up to 40m wide |
Big East | 900 | 20 | 17,500 | 1.45 | Pegmatite dyke swarm over 150m width; 20m average width of dykes within 150m corridor |
Big West | 1000 | 20 | 20,000 | 1.53 | Pegmatite dyke swarm over 150m width; 20m average width of dykes within 150m corridor |
Nite | 900 | 7 | 8,700 | 1.46 | Linear dyke ranging from 4 to 10m in width; average of 9m |
Thor | 600 | 300 | 26,000 | 1.59 | Complex dyke swarm; visible surface area of spodumene pegmatites is ~25,000 m2 |
VO | 9,000 | 1.48 | Dyke swarm of seven individual dykes over an area of a 1,300m x 500m area | ||
Bet | 100 | 6 | 550 | 2.00 | Historic tantalum mine, spodumene crystals up to 2m in length |
Bin | 125 | 12 | 1,300 | 1.75 | Spodumene crystal percentages estimated to be >25% over the dyke |
Hid | 200 | 6 | 650 | 1.56 | Discontinuous dyke; two 5 kg channel samples averaged 1.56% Li2O |
Lens | 100 | 12 | 1,200 | 1.97 | Sub-vertically dipping dyke, spodumene crystals up to 50cm long |
Mut | 80 | 5 | 500 | 2.20 | Spodumene crystals up to 30cm long; crystal counts between 25-35% spodumene |
Grades and dimensions taken from the Northwest Territories Showing database (https://app.nwtgeoscience.ca/Searching/ShowingsSearch.aspx), as well has historic geologic maps produced by Canadian Superior Exploration during the 1970's exploration campaign which are available in NWT assessment reports. |
- Lasmanis, R., (1978), Lithium Resources in the Yellowknife Area, Northwest Territories, Canada. Energy, Vol. 3 pp. 399-407.
- NWT Assessment Report 080282 (1975) - Report on a Geological Survey of the Fi 2-7, 9-14 Minerals Claims, Yellowknife Area, NWT. Murray Morrison, Canadian Superior Exploration Ltd.
- NWT Assessment Report 080958 (1979) - Report on the 1979 Trenching Program Performed on the Fi 2-7, 9-15 Mineral Claims, Yellowknife Area, NWT. Murray Morrison, Canadian Superior Exploration Ltd.
- NWT Assessment Report 082495 (1987) - Report on a Bulk Sampling Program and Metallurgical Testing on the Fi and Ki Lithium Pegmatite Properties. Jay W. Page, Equinox Resources Ltd.
- NWT Assessment Report 080274 (1975) - Report on a Geological Survey of the Ki 1-5 Minerals Claims, Yellowknife Area, NWT. Murray Morrison, Canadian Superior Exploration Ltd.
- NWT Assessment Report 080834 (1978) - A Report on the 1978 Drilling Programme Performed on the Ki 1-5 Minerals Claims, Yellowknife Area, NWT. Murray Morrison, Canadian Superior Exploration Ltd.
- NWT Assessment Report 080478 (1975) - Report on a Geological Survey of the Thor 1-13 Minerals Claims, Yellowknife Area, NWT. Murray Morrison, Canadian Superior Exploration Ltd.
- NWT Assessment Report 080831 (1978) - A Report on the 1978 Drilling Programme Performed on the Thor 1-14 Minerals Claims, Yellowknife Area, NWT. Murray Morrison, Canadian Superior Exploration Ltd.
- NWT Assessment Report 082128 (1986) - Sampling Report on the Shorty Claim Pegmatite Dyke, Hidden Lake Area, District of Mackenize, NWT. Mark Senkiw, Continental Pacific Resources Inc.
- NWT Assessment Report 062264 (1987) - Sampling Report on the Shorty 1 Claim Pegmatite Dyke, Hidden Lake Area, District of Mackenize, NWT. Mark Senkiw, Continental Pacific Resources Inc.
- NWT Assessment Report 082540 (1988) - A Summary of Geological and Diamond Drill Programs Completed on the Lithium-Bearing Shorty 1 Pegmatite Dyke. Douglas Bryan, Continental Pacific Resources Inc.
- NWT Assessment Report 080273 (1975) - Report on a Geological Survey of the Big 1-13 Minerals Claims, Yellowknife Area, NWT. Murray Morrison, Canadian Superior Exploration Ltd.
- NWT Assessment Report 080957 (1979) - A Report the 1979 Trenching Program Performed on the Big 1-13 Minerals Claims, Yellowknife Area, NWT. Murray Morrison, Canadian Superior Exploration Ltd.
- NWT Assessment Report 082348 (1955) - Diamond Drill Report - Little Hidden Property, General Lithium Corporation.
- NWT Assessment Report 080290 (1975) - Report on a Geological Survey of the Nite 1-3 and 5-7 Mineral Claims, Yellowknife Area, NWT. Murray Morrison, Canadian Superior Exploration Ltd.
- NWT Assessment Report 080831 (1978) - A Report on the 1978 Drilling Programme Performed on the Nite 1-7 Mineral Claims, Yellowknife Area, NWT. Murray Morrison, Canadian Superior Exploration Ltd.
- NWT Assessment Report 080283 (1975) - Report on a Geological Survey of the VO 1-9 Mineral Claims, Yellowknife Area, NWT. Murray Morrison, Canadian Superior Exploration Ltd.
- NWT Assessment Report 080833 (1978) - A Report on the 1978 Drilling Programme Performed on the VO 1-9 Mineral Claims, Yellowknife Area, NWT. Murray Morrison, Canadian Superior Exploration Ltd.
- NWT Assessment Report 080685 (1977) - Preliminary Geological Survey of the Cali 1-9, 1 Mineral Claims, Cantung Area, District of Nahanni, NWT. Roy V. Beavon, Canadian Superior Exploration Ltd.
About Li-FT
Li-FT is a mineral exploration company engaged in the acquisition, exploration, and development of mineral properties, specifically lithium pegmatite projects located in Canada. The Company currently controls 228,237 hectares of ground at its Rupert, Pontax, and Moyenne Projects which are prospective for hard rock lithium deposits.
Source https://www.media-outreach.com/news/canada/2022/11/23/180322/