LIFT Significantly Expands Cali Property Through Strategic Staking
Li-FT Power Ltd. (“LIFT” or the “Company”) (TSX-V: LIFT) (OTC Markets: LIFFF) is thrilled to share that it has significantly expanded 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. This move further demonstrates LIFT's dedication to enhancing its exploration capabilities in this mineral-rich area.
Expansion Details
The newly acquired claims feature outcropping spodumene pegmatites, which are an extension of the Cali dyke swarm that LIFT has been actively defining. This expansion was made possible by recent regulatory changes, particularly the amendment to the Sahtú Land Use Plan, which received approval this past June. This amendment permits new staking in areas that were previously off-limits to mineral exploration.
Leadership's Strategic Insights
Francis MacDonald, LIFT's CEO, emphasized the strategic importance 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 strategy is crucial for LIFT as it aims to consolidate its assets and maximize its resource potential.
Update on Shorty West Lithium Claim
In other noteworthy news, LIFT has provided an update on 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, concerning the claim adjacent to the Yellowknife Lithium Project. However, a new mineral property purchase agreement has been established with an independent private entity to acquire the claim, ensuring LIFT's continued growth in the lithium sector.
Deferred Share Units Granted
Additionally, 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, which aims to align the interests of management with those of shareholders. Granting these units highlights 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 dedicated to the acquisition, exploration, and development of lithium pegmatite projects across Canada. The flagship Yellowknife Lithium Project is notably supported by three early-stage exploration properties in Quebec, all of which show significant potential for lithium pegmatite discovery, further strengthening the Company’s strategic position in the industry.
Contact Information
For more information, 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.
