Li-FT Power Ltd. announced that it has closed the previously announced definitive agreement with North Arrow Minerals Inc. to acquire a 100% interest in the DeStaffany, LDG, and Mackay Lithium Projects, located in the Northwest Territories, Canada. Under the terms of the agreement, LIFT acquired all rights, title, and interest in the, DeStaffany, LDG and Mackay Lithium Projects (represented by 14 mineral claims and six leases) in exchange for the issuance of 250,000 common shares of LIFT to North Arrow Minerals, which are subject to a statutory four month hold period expiring May 24, 2025. The acquisition also includes the transfer of associated reclamation bonds, ensuring responsible environmental stewardship as these projects are developed, of which LIFT will make a post-closing cash reimbursement of approximately CAD 47,500 to North Arrow related to the reclamation bond for the DeStaffany Lithium Project.
The DeStaffany lithium property covers 1,843 ha located on the north central shore of Great Slave Lake, approximately 18 km northeast of the Nechalacho mine and 115 km east of Yellowknife. The property hosts the Moose 1 and Moose 2 lithium-tantalum-niobium bearing pegmatites. The pegmatites were initially evaluated in the 1940's for tantalum and niobium but have never been subject to a focused evaluation of their lithium potential.
New discoveries are possible within the property as highlighted by the identification of additional pegmatites by a predecessor company to North Arrow. At the time, these pegmatites were not described or evaluated for their lithium potential. The Moose 1 pegmatite has never been drilled but has been traced over a 370 m strike, averaging 4.5 m to 6.0 m in width with a maximum width of approximately 11 m, and hosts spodumene mineralization that returned 1.5% Li2O over 7.5 m from historic channel sampling in 2009.
Additional historic surface samples have returned from background values to 4.1% Li2O. The Moose 2 pegmatite has been mapped over a 450 m strike length and is up to 30 m wide. The pegmatite was bulk sampled, and test mined for its tantalum and niobium potential in the 1940's and 1950's, producing tantalum, niobium and lithium concentrates, but has never been evaluated or drilled for its lithium potential.
Spodumene mineralization is common throughout the pegmatite, with elevated lithium analyses of up to 2.73% Li2O returned from samples along at least a 250 m strike length of the body. The Moose pegmatites are located within 1 km of Great Slave Lake, providing good year-round access to the property from both Yellowknife and Hay River on the south side of lake. Next steps for the property will include preparation for mapping, sampling and prospecting fieldwork ahead of initial drill testing of these mineralized spodumene pegmatites.
The LDG Project comprises 8,600 hectares of mineral claims and leases that are located 15 km southwest of Rio Tinto's Diavik diamond mine. To date, 10 spodumene pegmatite occurrences have been discovered by prospecting which have outcropping dimensions of up to 20 m in width and 400 m in length. The project area is covered by till which can be used as an exploration medium to discover buried deposits.
The MacKay Project is comprised of 8,600 hectares of mineral claims approximately 30 km to the south of the Rio Tinto's Diavik diamond mine. To date, two spodumene occurrences have been discovered by prospecting. MK1 comprises a series of irregular sub-parallel pegmatite dykes ranging from 0.5 m to >10 m wide over a combined width of up to 150 m and traced over an interpreted strike extent of greater than 400 m; hand samples from four locations along a 120 m strike have returned 2.45%, 2.51%, 2.76% and 3.74% Li2O.
MK3 (located ~ 4.5 km east northeast of MK1) is a prominent 15 to 20 m wide, white pegmatite exposure traced near continuously along strike for approximately 130 m; five representative grab samples returned 5.25%, 4.08%, 2.71%, 1.92% and 1.10% Li2O.
