The just lately staked claims, the corporate mentioned, have outcropping spodumene pegmatites which might be a continuation of the Cali dyke swarm outlined through the summer time 2023 subject program. Subsequent sampling and mapping indicated that the swarm system is bigger than anticipated, with quite a few spodumene pegmatite swarms current inside an space of 1.5 km by 1 km. Out of 163 seize samples collected, 124 returned grades at better than 1.0% Li2O (lithium oxide).
The land acquisition follows the Canadian authorities’s current approval of an modification to the Sahtú Land Use Plan, which made lands to the northwest of Li-FT Energy’s present tenure accessible for staking. The corporate has permits in place to conduct superior exploration actions on the Cali property, together with drilling.
“Buying new areas by way of staking is probably the most cost-effective solution to enhance an organization’s land place. The newly staked floor has outcropping spodumene deposits which might be continuations of our current deposits and will increase the general dimension potential of the Cali challenge,” Francis MacDonald, CEO of Li-FT Energy, commented.
Individually, Li-FT Energy has terminated its property buy settlement with Infinity Stone Ventures (CSE: GEMS) on the Shorty West lithium mineral declare, which is adjoining to its flagship, extra superior Yellowknife challenge. As an alternative, a brand new settlement has been signed with an arm’s-length non-public entity for a similar buy value.
The Yellowknife challenge consists of mineral leases protecting as many as 13 lithium pegmatite programs which might be largely uncovered at floor and enormous sufficient to be seen from satellite tv for pc imagery. Grades common between 1.0%-1.2% Li2O over widths of 10 to 30 metres. Strike extents of pegmatites seen on floor are 100 to 1,800 metres.
The spodumene-bearing pegmatites at Yellowknife have been first found within the Nineteen Forties and intermittently explored till the Nineteen Eighties by Canadian Superior Exploration Restricted (CSEL), the exploration arm of Superior Oil. CSEL additionally held the pegmatite discovered on the Cali property.
By 11:00 a.m. ET Tuesday, Li-Energy’s inventory had pulled again 5.2% after surging almost 15% earlier than Monday’s market shut. The corporate’s market capitalization is roughly C$107 million ($79 million).