American Lithium Corp. (“American Lithium” or the “Company”)
(TSX-V:LI | OTCQB:LIACF | Frankfurt:5LA1) is pleased to provide an
update of initial diamond drill results from the program currently
underway at the Tonopah Lithium Claims (“TLC”) project located
northwest of Tonopah, Nevada. This diamond drill program is focused
on expanding the existing large-scale near surface TLC resource. An
update on Reverse Circulation (“RC") drill program results to date
is expected to be released in the coming weeks.
Resource Expansion and In-fill Core
Drilling:Link to: Figure 1 – TLC Project
Drill Hole Location Map (also see below)
- Large drill
program launched in February 2022 under Plan of Operations
finalized in January 2022.
- Large diameter
diamond drill rig focused on infill and extension drilling around
existing resource area with RC drill rig focused on additional
exploration on the project.
- Expedited
laboratory results from the first 5 diamond drill holes submitted,
all intersected thick lithium mineralization with some of the
highest grade-thickness intervals drilled to date at TLC, and well
above the mineral resource cut-off grade (400 ppm Li).
-
TLC-2206C - 50.3 metres (“m”) (165’ feet) of 1,550 ppm
Li from 145’ to 310’ downhole; includes 11.0 m averaging
2,104 ppm Li from 225’ to 261.2’; entire hole from 30’ to 351’ (End
of Hole; “EOH” – 97.8 m true thickness) is mineralized averaging
1012 ppm Li (maximum 2,900 ppm Li – 4.4’ sample from 234.5’).
-
TLC-2201C - 50.3 m (165’) of 1,247 ppm Li from 40’
to 205’ downhole; entire hole from 9’ to 292’ (End of Hole; “EOH” -
89 m true thickness) is mineralized averaging 883 ppm Li (maximum
2,100 ppm Li – 5’ sample from 205’).
-
TLC-2205C - 51.8 m (170’) of 1,221 ppm Li from
145’ to 315’ downhole; interval 110’ to 342’ (73.8 m thickness) is
mineralized averaging 1009 ppm Li (max. 2,500 ppm Li – 5’ sample
from 205’).
-
TLC-2202C - 50.3 m (165’) of 1,118 ppm Li from 60’
to 225’ downhole; interval 23’ to 260’ (72.2 m thickness) is
mineralized averaging 999 ppm Li (max. 1,910 ppm Li – 5’ sample
from 130’).
- TLC-2203C – 30.5 m (100’)
of 732 ppm Li from 30’ to 130’ downhole; and 8.8 m
of 919 ppm Li from 232’ to 261’ (EOH); the entire hole
from 25’ to 261’ (71.9 m thickness) has lower grade lithium
mineralization averaging 557 ppm Li (max. 1,180 ppm Li – 5’ sample
from 240’).
- interpretation
suggests that the southeastern portion of the project is closer to
the Big Smokey Basin edge in a higher energy depositional
environment more proximal to the sediment source.
Simon Clarke, CEO of American Lithium
states, “We are very pleased that these results continue
to expand the drilled resource footprint with higher grades and
consistently thicker mineralization than the existing TLC resource.
Our main focus for the diamond drilling has been to expand and high
grade our existing resource and these results successfully achieve
both objectives. This will enable us to better position starter
pits under our mining plan to initially focus on higher grade
sections of the resource thereby maximizing Project returns. We are
also looking forward to updating the mineral resource estimate for
TLC in conjunction with finalizing our maiden PEA.”
Completion of Ranch Acquisition and
additional water rights.The Company also announces that it
has completed the acquisition of the Reason Ranch, and its
accompanying water-rights, located in the Big Smoky Valley near
Tonopah, Nevada. Through the acquisition, the Company has secured
significant additional water rights for the TLC project. In
consideration for the acquisition, the Company has paid a total of
US$3,125,000 to the arms-length vendors of the property. For
further information regarding the acquisition, readers are
encouraged to review the news release issued by the Company on May
26, 2022.
Figure 1 – TLC Project Drill Hole Location
Map
Quality Assurance, Quality Control and
Data VerificationDiamond drilling is being conducted by
First Drilling of Montrose, Colorado using large diameter PQ
coring, drilling entirely vertical holes. Drill core samples are
nominally 5-foot (1.53 m) and are cut longitudinally, and one half
is cut a second time longitudinally with a diamond saw with
one-quarter of the core placed in sealed bags and shipped to
Paragon analytical laboratory in Reno, Nevada for sample
preparation, processing and ICP-MS multi-element analysis, and the
remaining three-quarter core retained in core boxes. Paragon is an
ISO 9000 certified assay laboratory. The QA/QC program includes a
comprehensive analytical quality assurance and control routine
comprising the systematic use of Company inserted standards, blanks
and field duplicate samples, internal laboratory standards and has
also included check analyses at other accredited laboratories.
Downhole thicknesses for vertical drill holes are considered
accurate true thickness intersections.
Qualified PersonMr. Ted
O’Connor, P.Geo., Executive Vice President 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 development of large-scale 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 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-stage projects in southeastern Peru. Both Falchani and
Macusani have been through robust preliminary economic assessments,
exhibit strong significant expansion potential and enjoy strong
community support. Pre-feasibility work has now commenced at
Falchani.
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
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 InformationThis 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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