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Li-FT Power (CSE: LIFT; US-OTC: LIFFF) has unveiled the first assay results from its Yellowknife lithium project in the Northwest Territories, revealing high-grade lithium spodumene widths and grades similar to historical reports from the 1950s to 1980s.
The initial assays from the Fi Southwest pegmatite corresponding with historical data boost confidence in the ongoing exploration efforts and provide essential context to the current findings.
“We believe that these initial drill results show that the project has excellent potential to become one of the next destinations in North America to define significant spodumene resources,” CEO Francis MacDonald said in a news release Tuesday.
Key results include hole YLP0001, with 1.3% lithium oxide over 35 metres, including 1.58% over 27 metres. Hole YLP0003 returned 1.43% lithium oxide over 39 metres, including 1.57% over 35 metres, while Hole YLP0004 yielded 1.39% lithium over 33 metres, including 1.55% over 39 metres.
Canaccord Genuity mining analyst Katie Lachapelle expressed optimism about the initial results for their “impressive” lithium grades and notable widths across drill holes. The findings have surpassed expectations, with all drill holes encountering spodumene mineralization and many subintervals showing lithium grades exceeding 1.5% over widths exceeding 30 metres. The mineralization has been confirmed over a 320-metre strike length and to a depth of about 150 metres, with potential for further expansion.
The Fi Southwest target, about 60 km northeast of Yellowknife and within the Road Access Group pegmatites, is easily accessible through an existing road and highway network, the company said. The project has seen 56 drill holes completed, covering around 9,246 metres.
The summer drilling program is underway, with plans to drill eight different pegmatites, using six drill rigs and covering 45,000 metres. Lachapelle maintains her ‘SPEC BUY’ rating and a C$13.00 per share target price for Li-FT’s shares.
The company remains focused on reporting additional results in the coming weeks and months. With a vision of becoming one of North America’s leading destinations for significant spodumene resources, Li-FT’s Yellowknife project holds considerable promise for the region’s emerging lithium opportunities.
Li-FT Power’s shares closed 2.5% higher on Tuesday, reaching C$8.26, with a 12-month range between C$4.00 and C$16.50 and a market capitalization of C$324.3 million ($245m).
