Li-FT Power Ltd. (TSXV: LIFT) has reached a significant milestone with the unveiling of its inaugural National Instrument 43-101 compliant mineral resource estimate (MRE) for the Yellowknife Lithium Project (YLP) in Canada’s Northwest Territories. This announcement marks a crucial advancement in the project’s progression, positioning it as a key global spodumene resource and ranking it among the top 10 largest spodumene projects in the Americas.
The maiden estimate for the Yellowknife Lithium Project reveals a total of 50.4 million tonnes grading 1.00% lithium oxide (Li₂O), equivalent to approximately 506,000 tonnes of Li₂O or 1.25 million tonnes of lithium carbonate equivalent (LCE). This substantial volume of lithium-rich spodumene solidifies the Yellowknife Project’s status as one of Canada’s largest hard-rock lithium deposits and currently stands as the third-largest hard-rock maiden resource in the country.
The resource estimate encompasses 8 of the 13 spodumene-bearing pegmatite dykes situated on the property. Notably, the majority of these deposits remain open at depth, with 6 of the 8 dykes in the estimate exhibiting unconstrained mineralization. This presents a promising opportunity for significant resource expansion through future drill programs.
Furthermore, there are 5 undrilled spodumene dykes on the property that have not been included in the MRE, offering additional upside potential for growth as exploration efforts continue. The maiden resource estimate is based on data collected from 49,548 meters of diamond drilling conducted across 286 holes between June 2023 and April 2024. While the estimate signifies a substantial resource, it serves as just the beginning, with Li-FT’s aim to build upon these initial findings through further exploration and drilling in the years ahead.
One of the Yellowknife Lithium Project’s notable advantages is its strategic access to infrastructure. The presence of the Ingraham Trail, a government-maintained paved highway traversing part of the project’s mineral resource area, offers convenient transportation links. Additionally, the project’s proximity to rail facilities at Hay River, connected to major ports in Prince Rupert and Vancouver, provides vital logistical support for future shipping, particularly to key markets in Asia where lithium demand continues to surge amid the global shift towards electric vehicles.
The project’s close proximity to existing powerlines near Yellowknife is expected to contribute to reduced development and operational costs, enhancing its economic viability and suitability for future large-scale mining and processing operations. The metallurgical work conducted thus far confirms the suitability of the Yellowknife Lithium Project’s spodumene-bearing pegmatites for dense medium separation (DMS) processing, a cost-effective method for lithium extraction from spodumene.
X-ray diffraction analysis and pilot-scale testing as part of the project’s metallurgical program have validated the presence of simple lithium mineralogy in the pegmatites, further bolstering confidence in the project’s potential to be a low-cost lithium producer. With the maiden resource estimate now established, Li-FT Power is progressing towards conducting a Preliminary Economic Assessment (PEA) for the Yellowknife Lithium Project to evaluate its economic feasibility, capital and operating costs, potential production rates, and overall profitability.
The company anticipates completing the PEA in the second quarter of 2025, marking a significant step towards bringing the lithium project into production. CEO Francis MacDonald expressed optimism about the project’s future, highlighting the milestone achieved with the first NI 43-101 mineral resource estimate for the Yellowknife Lithium Project.
The Yellowknife Lithium Project presents vast opportunities amidst the global shift towards electrification and renewable energy. With lithium demand projected to soar, driven by the growth of electric vehicles and energy storage systems, projects like Yellowknife, boasting large, high-grade lithium resources, are poised to play a pivotal role in meeting this demand, stabilizing lithium prices, and supporting the transition to cleaner energy.
The Northwest Territories, with its abundant mineral resources and supportive mining infrastructure, is well-positioned to emerge as a key player in the global lithium supply chain. The Yellowknife Lithium Project holds the potential to become a cornerstone asset in the region’s mining landscape, contributing significantly to North America’s lithium supply. As Li-FT Power advances exploration efforts, this development signifies a substantial opportunity in the rapidly expanding lithium market.
