Li-FT Power Ltd. (LIFT) has significantly expanded its land position at the Cali Project in the Northwest Territories by staking an additional 9,681 hectares. This strategic move follows recent revisions to the Sahtú Land Use Plan, enabling LIFT to secure new claims and enhance the project’s lithium potential. The newly acquired land includes spodumene pegmatites that extend the Cali dyke swarm, underscoring the company’s commitment to maximizing the project’s size and value.
CEO Francis MacDonald emphasized the importance of this expansion, stating, “Acquiring new areas through staking is the most cost-effective way to increase a company’s land position. The outcropping spodumene deposits on the newly staked ground are extensions of our existing resources, bolstering the overall potential of the Cali Project.” This development underscores LIFT’s dedication to advancing its presence in the region and solidifying its position in the lithium market.
The Cali Lithium Project (CLP) is situated in the Mackenzie Mountains along the Northwest Territories-Yukon border, approximately 850 kilometers from rail access in Fort Nelson, British Columbia. The project’s location, accessible by road, offers strategic advantages for exploration and development activities. LIFT’s recent expansion through the acquisition of new claims to the northwest of its existing lithium pegmatites highlights the company’s commitment to growth and innovation in the region.
In a significant update, LIFT announced the termination of its agreement with Infinity Stone Ventures Corp regarding the Shorty West Lithium mineral claim. The ownership of the claim was transferred to an independent entity, with whom LIFT has entered into a new purchase agreement pending TSX approval. As part of the deal, LIFT will issue 12,000 common shares without any finder’s fees. Additionally, the company granted Deferred Share Units (DSUs) to independent directors in lieu of cash payments, demonstrating its commitment to aligning interests with stakeholders.
LIFT’s exploration efforts in 2023 at the Cali Project revealed substantial lithium potential within the Little Nahanni Pegmatite Group. The project, originally acquired in the 1980s, has shown promising results, with over 275 rare-element pegmatites identified. The company’s surface exploration activities, including soil sampling and rock analysis, confirmed the presence of a significant dyke system with high lithium grades. This success has paved the way for upcoming drilling activities to further unlock the project’s value.
As a mineral exploration company, Li-FT is actively advancing multiple projects across Canada, known for its safe and supportive mining environment. The flagship Yellowknife Lithium Project, located near the capital city in the Northwest Territories, is 100% owned by the company. Li-FT’s focus on acquiring and developing lithium-rich pegmatite deposits underscores its commitment to sustainable growth and innovation in the lithium market.
Beyond the Yellowknife Project, Li-FT is managing three early-stage exploration sites in Quebec, showcasing strong potential for lithium discovery. The company’s presence in the Little Nahanni Pegmatite Group through the Cali Project further solidifies its expanding footprint in the region. With a strategic focus on projects with significant lithium market value, Li-FT is well-positioned to drive growth and innovation in the Canadian mining sector.
