Nigeria resumes mining in Zamfara state on improved security
Nigeria has lifted a ban on mining exploration in the northwestern state after a five-year suspension.
Li-FT Power’s (TSXV: LIFT) shares took off on Monday after the company announced a land acquisition that essentially quadrupled the size of its early-stage Cali project in the Northwest Territories.
In a press release, the lithium developer said it increased its land position at the Cali property by staking an additional 9,681 hectares of contiguous claims within the Little Nahanni pegmatite district. The Little Nahanni area has been noted to have greater than 275 complex rare element pegmatites over an area of 13 km by 2.5 km, according to its website.
The recently staked claims, the company said, have outcropping spodumene pegmatites that are a continuation of the Cali dyke swarm defined during the summer 2023 field program. Subsequent sampling and mapping indicated that the swarm system is larger than anticipated, with numerous spodumene pegmatite swarms present within an area of 1.5 km by 1 km. Out of 163 grab samples collected, 124 returned grades at greater than 1.0% Li2O (lithium oxide).
The land acquisition follows the Canadian government’s recent approval of an amendment to the Sahtú Land Use Plan, which made lands to the northwest of Li-FT Power’s current tenure available for staking. The company has permits in place to conduct advanced exploration activities on the Cali property, including drilling.
“Acquiring new areas through staking is the most cost-effective way to increase a company’s land position. The newly staked ground has outcropping spodumene deposits that are continuations of our existing deposits and increases the overall size potential of the Cali project,” Francis MacDonald, CEO of Li-FT Power, commented.
Separately, Li-FT Power has terminated its property purchase agreement with Infinity Stone Ventures (CSE: GEMS) on the Shorty West lithium mineral claim, which is adjacent to its flagship, more advanced Yellowknife project. Instead, a new agreement has been signed with an arm’s-length private entity for the same purchase price.
The Yellowknife project consists of mineral leases covering as many as 13 lithium pegmatite systems that are in large part exposed at surface and large enough to be visible from satellite imagery. Grades average between 1.0%-1.2% Li2O over widths of 10 to 30 metres. Strike extents of pegmatites visible on surface are 100 to 1,800 metres.
The spodumene-bearing pegmatites at Yellowknife were first discovered in the 1940s and intermittently explored until the 1980s by Canadian Superior Exploration Limited (CSEL), the exploration arm of Superior Oil. CSEL also held the pegmatite found at the Cali property.
By 11:00 a.m. ET Tuesday, Li-Power’s stock had pulled back 5.2% after surging nearly 15% before Monday’s market close. The company’s market capitalization is approximately C$107 million ($79 million).
