Li-FT Power (LIFT) has entered into an agreement with North Arrow Minerals to acquire a 100% interest in the DeStaffany, LDG and Mackay lithium projects in Northwest Territories, Canada.
The acquisition involves the issuance of 250,000 common shares of LIFT to North Arrow, along with the transfer of associated reclamation bonds.
The DeStaffany lithium property spans 1,843 hectares (ha) on the north-central shore of Great Slave Lake, approximately 18km north-east of the Nechalacho mine and 115km east of Yellowknife.
It hosts the Moose 1 and Moose 2 lithium-tantalum-niobium pegmatites, which were initially evaluated in the 1940s for tantalum and niobium.
The LDG project covers 8,600ha of mineral claims and leases, located 15km south-west of Rio Tinto’s Diavik diamond mine.
Ten spodumene pegmatite occurrences have been discovered, including two undrilled pegmatites with outcropping dimensions up to 20m wide and 400m long.
The MacKay Project comprises 8,661ha of mineral claims, situated 30km south of Rio Tinto’s Diavik diamond mine. Two spodumene occurrences, MK1 and MK3, have been identified through prospecting efforts.
LIFT CEO and director Francis MacDonald said: “The acquisition of North Arrow’s lithium portfolio further positions LIFT as the leading lithium exploration company in the Northwest Territories. The DeStaffany Project is located close to our BET and Echo pegmatites, which creates synergies from a logistical standpoint, as well as increases the overall resource base for the eastern sector of the Yellowknife Pegmatite Province.
“The LDG and Mackay properties give LIFT a foothold in an emerging spodumene district located near the Diavik and Ekati diamond mines and provide long-term upside for the company. We will continue to seek out accretive acquisitions within the Northwest Territories, especially around our existing resource base.”
The transaction is subject to customary closing conditions and regulatory approvals.
LIFT’s acquisition of these projects indicates a strategic move to expand its lithium exploration footprint in the region.
