Li-FT Starts Drilling at the Rupert Lithium Project, Quebec
Vancouver, British Columbia--(Newsfile Corp. - March 29, 2023) - Li-FT Power Ltd. (CSE: LIFT) (FSE: WS0) ("LIFT" or the "Company") is pleased to announce it has commenced the first diamond drill program at the Rupert Lithium Project located in the James Bay region of Quebec. A total of 17 holes have been planned for 5,000 meters of diamond drilling that will test targets generated by the 2021 and 2022 exploration programs (see press release dated November 9, 2022 for details).
Francis MacDonald, CEO of Li-FT comments, "We have systematically explored approximately 2,000 square kilometers of prospective geology that hosts the Whabouchi Lithium Deposit (37.4 million tons at 1.48% Li2O1) and has generated nine high-quality targets for follow-up exploration. Our first drill program will target two robust lithium anomalies at Target A and B in the right geological setting proximal to a large granite intrusion. These anomalies are large enough to represent a significant spodumene occurrence in one of the most exciting lithium pegmatite districts on the planet".
a
Figure 1a - Rupert Drill Targets A & B with geology and lithium concentrations as percentile from the 2021 and 2022 till geochemistry surveys (see press release dated November 9, 2022). The lithium dispersion anomalies overlie folded metasedimentary rocks of the Eastmain Group & Champion Complex granites and pegmatites, which also hosts the Whabouchi lithium deposit located 10 kilometers to the southwest.
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Figure 1b: Exploration drill hole collars relative to the lithium dispersion train heads.
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Initial Rupert Program Targeting Lithium Pegmatites under Cover
The lithium anomalies at Rupert A and B Targets overlie folded metasedimentary rocks of the Eastmain Group (2730-2740 Ma) and Champion Complex granites and pegmatites (~2690 Ma; Figure 1a), known for hosting economic Li-bearing pegmatites elsewhere in the region (i.e., Whabouchi deposit; 37.4 million tons at 1.48% Li2O1; Figure 1a and 1b).
To enhance targeting under widespread glacial till cover, a geological targeting model has been produced from the 3D inversion of property-wide magnetics data and combined with government survey maps, field observations and LiDAR. Favourable structures for emplacement of pegmatite dykes were identified in the model and targeted where they trend under the heads of the lithium dispersion anomalies (Figures 2-4). Based on the tenor, size, and geometry of the dispersion anomalies presented at Targets A and B, the LIFT technical team believes there could be a significant spodumene occurrence hidden below either target.
Figure 2 - Tenor and geometry of the dispersion trains at Targets B & A. Target B has a short stubby dispersion train which terminates abruptly in an elongate WNW orientation. Target A has a long narrow dispersion train that terminates abruptly against a N-S oriented lake. Both have classic decay curves leading back to source.
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Target B Drill Plans
At Target B, nine drill holes are planned for a total of 2,500 meters. Holes are planned to cross the head of a 1 kilometer long, Li-in-tills dispersion train where the head terminates abruptly against a structure in a WNW direction (Figure 2). Holes are positioned along the entire 1.4 kilometer length of the WNW termination targeting linear magnetic lows that trend in the same direction (Figure 2-4). Mapping in the target area in 2022 also reveals numerous WNW-trending muscovite-bearing pegmatite dykes are present in the target area, including a muscovite-beryl-bearing pegmatite dyke grading 0.1% Li2O. Spodumene grains in tills were also observed across the dispersion train in an indicator mineral sampling program completed by LIFT and processed by Overburden Drilling Management. The presence of spodumene grains within the till geochemistry anomaly suggests that underlying bedrock might also contain spodumene.
Target A Drill Plans
Target A is located 3 kilometers to the northwest of Target B at the head of a 3 kilometer long Li-in-tills dispersion train (Figure 2). The dispersion train is oriented in a northwest-southwest orientation where it disappears under a N-S oriented lake (Figure 3). Eight exploration holes totaling 2,500 meters have been planned to cover the entire 1.2 kilometer length of the head. A broad north-northwest linear magnetic low, possibly representing a regional structure, has been targeted in geophysics where the dispersion train disappears under the lake (Figure 2-4). Ancillary holes have also been planned at the southwest edge of the lake testing northeast-trending magnetic gradients (Figure 4), where a muscovite-bearing dyke has been mapped on surface trending in the same direction. No other outcrop has been observed in the field. Spodumene grains in tills were also observed across the dispersion train in an indicator mineral sampling program completed by LIFT and processed by Overburden Drilling Management. The presence of spodumene grains within the till geochemistry anomaly suggests that underlying bedrock might also contain spodumene.
Figure 3 - Drilling at Targets A & B will focus on the up-ice terminations of the Li-in-tills anomalies. The linear nature of the terminations of the heads implies that they terminate at structures.
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Figure 4 - Magnetics gradients at the heads of the Li-in-tills dispersion trains, with proposed drill holes. The magnetics gradients potentially map important structures where the trains terminate. These locations are considered highly prospective for emplacement of Li-bearing pegmatites.
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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.
About Li-FT
Li-FT 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. Li-FT also holds three early-stage exploration properties in Quebec, Canada with excellent potential for the discovery of buried lithium pegmatites, in addition to the Cali Project in Northwest Territories within the Little Nahanni Pegmatite Field.
For further information, please contact:
Francis MacDonald
Chief Executive Officer
Tel: Canada: +1.778.322.8705
Germany: +49.1522.1073741
Email: [email protected]
Website: www.li-ft.com
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Forward-looking statements are not a guarantee of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include the continued availability of capital and financing, and general economic, market or business conditions, including the effects of COVID-19. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company's forward-looking statements.
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1Mineral resource estimate from 43-101 technical report titled “NI 43-101 TECHNICAL REPORT FEASIBILITY STUDY ON THE WHABOUCHI LITHIUM MINE AND SHAWINIGAN ELECTROCHEMICAL PLANT” dated February 21, 2018, authored by Dupere et al. Resource quoted is within Table 1.4 – Whabouchi Deposit in Pit Mineral Resource Estimate: Measured – 16,953,000 tons at 1.57% Li2O, Indicated – 20,403,000 tons at 1.41% Li2O (Cut-off grade of 0.30% Li¬2O)