Li-FT Power (CSE: LIFT) entered into an agreement on Nov. 22, with 1361516 B.C. Ltd., a private company holding a 100% interest in the Yellowknife lithium project, to acquire all of the issued and outstanding shares of the numbered company. The properties are located in the Northwest Territory.
The project consists of mineral leases that cover most of the lithium pegmatites that make up the Yellowknife pegmatite province (YPP). The YPP also benefits from existing infrastructure, including roads, rail and a skilled labour force that could support the development of this project. There are 14 different lithium pegmatite systems, most of which are visible in satellite imagery. Historic channel sampling has produced average grades from 1.10% to 1.59% lithium oxide over widths of 7.0 to 40 metres.
“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 commented Francois MacDonald,” CEO of Li-FT. “The project was held privately for 35 years without having any exploration work completed at a time when lithium was not an exciting commodity.”
The company plans to initiate a drill program once necessary permits are received to advance the Yellowknife project towards a maiden resource estimate.
The Fi, Ki, and Hi leases are located within 60 km of the city of Yellowknife and are accessible from the asphalt-surfaced Ingram Trail, then by 10 km along the Thompson-Lundmark mine access road. The BIG lease is located approximately 30km to the east of Yellowknife along the Ingram Trail, then 5.0 km to the south along winter access trails.
For more information, visit www.Li-FT.com.