The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
North of 60 Mining News - October 4, 2024
The Yellowknife Pegmatite Province in Northwest Territories is experiencing a resurgence as companies like Li-FT Power unlock its lithium potential, reigniting interest in the region's rich mineral resources.
Li-FT Power Ltd. Oct. 1 announced a maiden mineral resource estimate for its Yellowknife Lithium Project in Northwest Territories, Canada, revealing a substantial resource of 50.4 million metric tons averaging 1% lithium oxide, positioning it among the largest spodumene projects in Canada and the Western Hemisphere.
Li-FT's Yellowknife Lithium Project spans approximately 151,253 hectares (373,759 acres) within the underexplored Yellowknife Pegmatite Province.
The project is divided into two primary groups: one cluster of properties lies immediately east of the Northwest Territories' capital city of Yellowknife, while the other is situated about 50 kilometers (30 miles) further east. This extensive area hosts at least 14 distinct spodumene-bearing pegmatites, making the Yellowknife Lithium Project one of the most significant lithium exploration targets in the region.
Its proximity to established infrastructure, including road access and power lines, further enhances its potential for future development and economic viability.
Acquiring the Yellowknife Lithium Project in January 2023, it wasn't long until Li-FT made it clear that it meant business. Since then, the company aggressively advanced its exploration efforts, conducting extensive drilling campaigns across its holdings in the Yellowknife Pegmatite Province.
Over the past 10 months, Li-FT has completed a remarkable 49,548 meters of drilling across 286 holes, showcasing its commitment to unlocking the lithium potential of the region and culminating in the recent maiden mineral resource estimate.
The NI 43-101-compliant maiden mineral resource estimate outlines 50.4 million metric tons of inferred resource averaging 1% (506,000 metric tons) lithium oxide (Li2O).
This significant resource is derived from eight of the thirteen spodumene-bearing pegmatite dykes identified so far within the Yellowknife Lithium Project, highlighting the project's potential as a major source of hard rock lithium in North America.
Three of the higher-grade pegmatites in the group closest to Yellowknife – Big East, Fi Main, and Fi Southwest – host 30.27 million metric tons of overall inferred resource averaging 1.05% (317,000 metric tons Li2O; The Big West, Nite, Shorty, Ki, and Echo pegmatites host the remaining 20.12 million metric tons of inferred resource averaging 0.94% (189,000 metric tons) Li2O.
"The announcement of Li-FT's first NI 43-101 mineral resource estimate for the Yellowknife Lithium Project marks a significant milestone for both the company and the Northwest Territories," said Li-FT Power CEO Francis MacDonald. "With an estimated 50.4 million tonnes at a grade of 1.00% Li2O based only on the initial drilling program, the Yellowknife Lithium Project already ranks among the top 10 largest spodumene projects in the Americas."
In addition to this significant milestone, there are five undrilled spodumene dykes within the Yellowknife Lithium Project that were not included in this estimate, indicating the potential for an even larger resource profile in the future.
Future exploration programs aim to further delineate the mineralization potential by expanding upon the pegmatites included in the resource and test numerous spodumene dykes that have yet to be fully assessed.
Aside from the current resource estimate, the company is also laying the groundwork for future developments. The company has initiated a preliminary economic assessment (PEA) that is expected to be completed by mid-2024, which will evaluate the economic viability of the project based on the initial maiden resource estimate.
"The majority of the deposits included in the MRE have not yet been constrained by the drilling completed to-date and have excellent potential to significantly grow through further drill programs. This resource will be pivotal in advancing the PEA we are targeting for Q2 2025," finished MacDonald.
Additionally, recent metallurgical testing results, which achieved an average lithium recovery of 79% and produced a high-quality spodumene concentrate averaging 5.83% Li2O, further support the project's potential economic feasibility.
The results and recommendations from the PEA will be crucial in guiding Li-FT's strategic planning and investment decisions moving forward.
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