American Lithium Corp. (“American Lithium” or the “Company”)
(TSX-V:LI | OTCQB:LIACF | Frankfurt:5LA1) is pleased to announce
that the Bureau of Land Management (“BLM”) and the Nevada Division
of Environmental Protection (“NDEP”) have approved the Plan of
Operations (”PO”) and Reclamation Plan for the next phases of
development and exploration work at the Company’s Tonopah Lithium
Claims Project (“TLC”) located near Tonopah, Nevada.
Highlights
- The PO
authorizes construction of 110 drill sites on the TLC project,
exclusive of TLC North, and the excavation of 5 test pits (see
Figure 1 – TLC Exploration Plan of Operations Location Map, below);
- Public comments
received during the consultation phase of the Environmental
Assessment (“EA”) demonstrate broad public support for the
Project;
- Enables
extension / infill drilling of existing TLC deposit, targeting
resource expansion / reclassification to further expand the current
large, high-grade measured and indicated resource;
- Allows for all
drilling and bulk sampling required for advanced metallurgical test
work to enable company to move from maiden PEA into pre-feasibility
/ feasibility phase as quickly as possible;
- Approves
additional exploration drilling across untested areas of the core
TLC concessions;
- Continuation of
the remaining 9 holes of the 15-hole Reverse Circulation (“RC”)
exploration drill program at TLC North commenced in early December
2021, under a separate drill permit; and
- First 6 holes
of this program encountered thick intersections of lithium bearing
claystone, assay results are pending. Subject to results, the
Company is contemplating expanding this drill program to facilitate
establishing a maiden resource at TLC North.
The BLM and NDEP approvals follow the completion
of an EA on the project that included a 30-day public comment
process, and the NDEP’s review of the sufficiency of the
reclamation bond amount. The BLM received several letters of
support for the project from the public and Nye County during the
public comment period for the Environmental Assessment. American
Lithium has provided a US$ 1,415,666 reclamation bond to the BLM
and NDEP, through its surety agent, Smith Manus. As such, all
approvals are now in place to commence drilling.
Q & D Construction LLC has been contracted
to provide a sonic core drill rig to complete the in-fill and
resource extension drilling planned under the PO on the existing
TLC deposit, as well as additional exploration drilling outside the
existing TLC resource area. This drill will complement the existing
reverse circulation drill presently conducting exploration drilling
at TLC North (Crescent Dunes). Drilling at TLC will commence
shortly.
Simon Clarke, CEO of American Lithium
states, “We are extremely pleased to have the TLC Plan of
Operations and Reclamation Permit approved and the finalization of
our BLM and NDEP permits. We would like to thank our team and key
advisors on the ground, and BLM and NDEP for their efforts
throughout the process. This is a big step for the company and
enables the launch of a major development program which we believe
will provide all the data / results needed to move quickly from a
robust, maiden PEA and into the pre-feasibility / feasibility phase
on our core TLC Project.
We are also excited about the resource expansion
and infill drilling program at TLC as well as continuing our
successful exploration drilling program following up on the thick
lithium claystone discovery at TLC North. While our primary goal
remains delivering the PEA as quickly as possible, the potential to
significantly expand our measured and indicated resource numbers
would also add significant value to the Project and provide even
stronger positioning for the move into feasibility.”
Figure 1 – TLC Exploration Plan of
Operations Location Map is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/b4071d2d-5709-4da4-99f3-0623dba7d924
Qualified PersonMr. Ted
O’Connor, P.Geo., a director of American Lithium, and a Qualified
Person, as defined by National Instrument 43-101 Standards of
Disclosure for Mineral Projects, has reviewed and approved the
scientific and technical information contained in this news
release.
About American
LithiumAmerican Lithium, a member of the TSX Venture 50,
is actively engaged in the acquisition, exploration and development
of lithium projects within mining-friendly jurisdictions throughout
the Americas. The Company is currently focused on enabling the
shift to the new energy paradigm through the continued exploration
and development of its strategically located TLC lithium claystone
project in the richly mineralized Esmeralda lithium district in
Nevada as well as continuing to advance its Falchani lithium and
Macusani uranium development projects in southeastern Peru. Both
Falchani and Macusani have been through preliminary economic
assessments, exhibit strong additional exploration potential and
are situated near significant infrastructure.
The TSX Venture 50 is a ranking of the top
performers in each of 5 industry sectors in the TSX Venture
Exchange over the last year.
For more information, please contact the Company
at info@americanlithiumcorp.com or visit our website
at www.americanlithiumcorp.com for project update videos and
related background information.
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On behalf of the Board of Directors of
American Lithium Corp.
“Simon Clarke”
CEO & Director
Tel: 604 428 6128
For further information, please contact:
American Lithium
Corp. |
|
Email:
info@americanlithiumcorp.com |
|
Website:
www.americanlithiumcorp.com |
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Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release.
Cautionary Statement Regarding Forward
Looking Information
This news release contains certain
forward-looking information and forward-looking statements
(collectively “forward-looking statements”) within the meaning of
applicable securities legislation. All statements, other than
statements of historical fact, are forward-looking statements.
Forward-looking statements in this news release include, but are
not limited to, statements regarding the ability to appeal the
judicial ruling, and any other statements regarding the business
plans, expectations and objectives of American Lithium.
Forward-looking statements are frequently identified by such words
as "may", "will", "plan", "expect", "anticipate", "estimate",
"intend", “indicate”, “scheduled”, “target”, “goal”, “potential”,
“subject”, “efforts”, “option” and similar words, or the negative
connotations thereof, referring to future events and results.
Forward-looking statements are based on the current opinions and
expectations of management are not, and cannot be, a guarantee of
future results or events. Although American Lithium believes that
the current opinions and expectations reflected in such
forward-looking statements are reasonable based on information
available at the time, undue reliance should not be placed on
forward-looking statements since American Lithium can provide no
assurance that such opinions and expectations will prove to be
correct. All forward-looking statements are inherently uncertain
and subject to a variety of assumptions, risks and uncertainties,
including risks, uncertainties and assumptions related to: American
Lithium’s ability to achieve its stated goals; risks and
uncertainties relating to the COVID-19 pandemic and the extent and
manner to which measures taken by governments and their agencies,
American Lithium or others to attempt to reduce the spread of
COVID-19 could affect American Lithium, which could have a material
adverse impact on many aspects of American Lithium’s businesses
including but not limited to: the ability to access mineral
properties for indeterminate amounts of time, the health of the
employees or consultants resulting in delays or diminished
capacity, social or political instability in Peru which in turn
could impact American Lithium’s ability to maintain the continuity
of its business operating requirements, may result in the reduced
availability or failures of various local administration and
critical infrastructure, reduced demand for the American Lithium’s
potential products, availability of materials, global travel
restrictions, and the availability of insurance and the associated
costs; the judicial appeal process in Peru, and any and all future
remedies pursued by American Lithium and its subsidiary Macusani to
resolve the title for 32 of its concessions; risks regarding the
ongoing Ontario Securities Commission regulatory proceedings; the
ongoing ability to work cooperatively with stakeholders, including
but not limited to local communities and all levels of government;
the potential for delays in exploration or development activities
due to the COVID-19 pandemic; the interpretation of drill results,
the geology, grade and continuity of mineral deposits; the
possibility that any future exploration, development or mining
results will not be consistent with our expectations; risks that
permits will not be obtained as planned or delays in obtaining
permits; mining and development risks, including risks related to
accidents, equipment breakdowns, labour disputes (including work
stoppages, strikes and loss of personnel) or other unanticipated
difficulties with or interruptions in exploration and development;
risks related to commodity price and foreign exchange rate
fluctuations; risks related to foreign operations; the cyclical
nature of the industry in which American Lithium operates; risks
related to failure to obtain adequate financing on a timely basis
and on acceptable terms or delays in obtaining governmental
approvals; risks related to environmental regulation and liability;
political and regulatory risks associated with mining and
exploration; risks related to the uncertain global economic
environment and the effects upon the global market generally, and
due to the COVID-19 pandemic measures taken to reduce the spread of
COVID-19, any of which could continue to negatively affect global
financial markets, including the trading price of American
Lithium’s shares and could negatively affect American Lithium’s
ability to raise capital and may also result in additional and
unknown risks or liabilities to American Lithium. Other risks and
uncertainties related to prospects, properties and business
strategy of American Lithium are identified in the “Risks and
Uncertainties” section of Plateau’s Management’s Discussion and
Analysis filed on January 19, 2021, in the “Risk Factors” section
of American Lithium’s Management’s Discussion and Analysis filed on
January 29, 2021, and in recent securities filings available at
www.sedar.com. Actual events or results may differ materially from
those projected in the forward-looking statements. American Lithium
undertakes no obligation to update forward-looking statements
except as required by applicable securities laws. Investors should
not place undue reliance on forward-looking statements. Cautionary
Note Regarding Macusani Concessions Thirty-two of the 151
concessions held by American Lithium’s subsidiary Macusani, are
currently subject to Administrative and Judicial processes
(together, the “Processes”) in Peru to overturn resolutions issued
by INGEMMET and the Mining Council of MINEM in February 2019 and
July 2019, respectively, which declared Macusani’s title to 32 of
the concessions invalid due to late receipt of the annual validity
payments. In November 2019, Macusani applied for injunctive relief
on 32 concessions in a Court in Lima, Peru and was successful in
obtaining such an injunction on 17 of the concessions including
three of the four concessions included in the Macusani Uranium
Project PEA. The grant of the Precautionary Measure (Medida
Cautelar) has restored the title, rights and validity of those 17
concessions to Macusani until a final decision is obtained at the
last stage of the judicial process. A Precautionary Measure
application was made at the same time for the remaining 15
concessions and was ultimately granted by a Court in Lima, Peru on
March 2, 2021 which has also restored the title, rights and
validity of those 15 remaining concessions to Macusani, with the
result being that all 32 concessions are now protected by
Precautionary Measure (Medida Cautelar) until a final decision on
this matter is obtained at the last stage of the judicial process.
The favourable judge’s ruling confirming title to all 32
concessions from November 3, 2021 represents the final stage of the
current judicial process. However, this ruling has recently been
appealed by MINEM and INGEMMET. American Lithium has no assurance
that the outcome of these appeals will be in the Company’s
favour.
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