On November 22nd, 2022, Li-FT entered into an amalgamation agreement with a private company to acquire a 100% interest in the Yellowknife Lithium project.
Yellowknife consists of mineral leases that cover the majority of the lithium pegmatites that make up the Yellowknife Pegmatite Province (YPP).
Numerous spodumene-bearing pegmatites with strike lengths up to 1,800 meters and widths up to 40 meters outcrop within the Project and are visible from satellite imagery The YPP also benefits from excellent existing infrastructure, including roads, rail and a skilled labour force that could support the development of this project.
YELLOWKNIFE PROJECT HIGHLIGHTS
- Portfolio of lithium pegmatites which could produce the largest hard rock lithium resource in North America. The Yellowknife Project contains 13 different lithium pegmatite systems that are in large part exposed at surface and large enough to be visible from satellite imagery. Historic channel sampling has produced reported 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
- Transformative acquisition leading to resource development drilling. Plans to initiate an aggressive drill program once 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, North West Territories, 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, Hi, BIG, and NITE minerals leases are located within 60 kilometers of the city of Yellowknife with road access
YELLOWKNIFE PROJECT HISTORY
Lithium mineralization hosted in spodumene-bearing pegmatites of the Yellowknife Pegmatite Province (YPP) was first discovered in the 1940’s and intermittently explored until the 1980’s. Canadian Superior Exploration Limited (CSEL), the exploration arm of Superior Oil, completed systematic mapping, spodumene crystal counts, blasting-trenching, channel sampling and diamond drilling in the area from 1975 to 1979.
Superior Oil was acquired by Mobil in 1984 which led to the divestment of the CSEL mineral properties and the claims holding the largest lithium pegmatites were transferred to a private company. In 1985, the private company entered into an option agreement with Equinox Resources Ltd. who collected bulk samples in 1987 for initial metallurgical testing. The results from initial metallurgical testing were positive and Equinox recommended a full feasibility study. Equinox was later acquired by Hecla Mining Company and the YPP lithium deposits reverted back to the private company. Since 1987, very little exploration work was completed on any of the pegmatites.
CSEL estimated an overall resource potential for the YPP of 49 million tons at an average grade of 1.40% Li2O1 (calculated to a vertical depth of 152m) of which ~95% is located within the Yellowknife Project (Lasmanis, 1978). This estimate was not prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and prior to the current CIM Definition Standards for Mineral Resources and Mineral Reserves. Further, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves; and the Company is not treating the historical estimate as current mineral resources or mineral reserves. Additional confirmation drilling will be necessary to achieve a resource estimate which will be compliant with the requirements of NI 43-101.The historical estimate should not be relied upon and there can be of no assurance that any of historical resources, in whole or in part, will ever become economically viable.
YELLOWKNIFE PROJECT PEGMATITES
The Road Access and Further Afield Groups contain the 14 lithium pegmatites identified within the Yellowknife project area.
Yellowknife hosts multiple kilometre-scale outcropping lithium pegmatites, for a total strike length of 10 km with an average width of 15 m. Only 3,450 m of diamond drilling, in 23 diamond drill holes, has been completed on the portfolio of pegmatites.
Li-FT is planning to drill the dykes from the 1978 CSEL resource potential estimate down to a vertical depth of 300m for an initial 43-101 compliant resource.