LIFT Expands Cali Property Significantly Through Strategic Staking
LIFT Expands Cali Property Significantly Through Strategic Staking
Li-FT Power Ltd. (“LIFT” or the “Company”) (TSX-V: LIFT) (OTC Markets: LIFFF) is excited to announce a significant expansion of its land holdings at the Cali Project. The company has successfully staked an impressive 9,681 hectares of contiguous claims in the promising Little Nahanni Pegmatite District, further illustrating LIFT's commitment to enhancing its exploration capabilities in this strategic mineral-rich region.
Details of the Expansion
The newly acquired claims showcase outcropping spodumene pegmatites that represent a continuation of the Cali dyke swarm that LIFT has been defining. This expansion has been made possible by recent regulatory changes, specifically the amendment to the Sahtú Land Use Plan, which was approved this past June. This amendment allows for new staking in areas that were previously inaccessible to mineral exploration.
Strategic Comments from Leadership
Francis MacDonald, the CEO of LIFT, highlighted the strategic nature of this acquisition, stating, “Acquiring new areas through staking is the most cost-effective way to increase the company’s land position. The recently staked ground features outcropping spodumene deposits, which are vital extensions of our existing operations, thus increasing the Cali Project’s overall size potential.” This approach is pivotal for LIFT as it seeks to consolidate its assets and maximize resource potential.
Update on Shorty West Lithium Claim
In other exciting news, LIFT has also updated its stake in the Shorty West Lithium claim. At the request of Infinity Stone Ventures Corp., LIFT has terminated the mineral property purchase agreement dated July 17, 2024, regarding the claim adjacent to the Yellowknife Lithium Project. However, a new mineral property purchase agreement has been entered into with an arm’s length private entity to acquire the claim, ensuring that LIFT continues its growth trajectory in the lithium space.
Deferred Share Units Granted
Moreover, LIFT has granted 7,544 deferred share units (DSUs) to independent directors in lieu of interim cash fees. These DSUs are part of LIFT’s Omnibus Share Incentive Plan, designed to align management’s interests with those of shareholders. The granting of these units signifies LIFT’s ongoing commitment to incentivizing its leadership team through equity-based compensation.
About LIFT Power Ltd.
Li-FT Power Ltd. is a mineral exploration company focused on the acquisition, exploration, and development of lithium pegmatite projects throughout Canada. The flagship Yellowknife Lithium Project is notably complemented by three early-stage exploration properties in Quebec, which show great potential for lithium pegmatite discovery, further bolstering the Company’s strategic positioning within the industry.
Contact Information
For further details, stakeholders can reach out to:
Francis MacDonald
Chief Executive Officer
Tel: +1.604.609.6185
Email: info@li-ft.com
Daniel Gordon
Investor Relations
Tel: +1.604.609.6185
Email: investors@li-ft.com
Frequently Asked Questions
What recent developments have occurred at the Cali Project?
LIFT has staked an additional 9,681 hectares, expanding its land position in the lithium-rich Little Nahanni Pegmatite District.
How does the new staking affect LIFT's operations?
The newly staked claims include outcropping spodumene pegmatites, which are expected to enhance LIFT's overall resource potential and project viability.
What changes occurred regarding the Shorty West Lithium Claim?
LIFT has terminated its agreement with Infinity Stone Ventures Corp. but has engaged a new agreement for the claim with another entity.
What are Deferred Share Units (DSUs) and why are they granted?
DSUs are a form of equity compensation that ties the interests of directors to those of shareholders, and LIFT has granted them as part of its incentive plan.
What is the focus of Li-FT Power Ltd.?
LIFT focuses on the exploration and development of lithium pegmatite projects in Canada, aiming to capitalize on the growing demand for lithium in various industries.
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