British Columbia, July 11, 2019 (GLOBE NEWSWIRE) — American Lithium
Corp. (“ALC” or “the Company”) (LI.V) (LIACF) (5LA1.F) a leading
acquisition, exploration and development operator is extremely pleased
to provide an update on its promising TLC sedimentary lithium project
located just 12 kilometers from the regional mining centre of Tonopah,
- Core samples from 5 drill holes confirm stratigraphic and extension of mineralized lithium horizon over 6 square kilometers. An additional 5 reverse circulation drill holes have been permitted and the Company is waiting for drill rig availability to drill these holes. Assay results for the core holes are pending.
- 2nd phase leach testing returned exceptional results indicating a 90% Lithium extraction in 10 minutes with a fifty percent (50%) reduction in reagent consumption. The results confirmed continuous process capability for lithium recovery at scale. The Company therefore believes processing scalability will not limit the scope or size of a proposed mining operation.
- The Company has strategically expanded its acreage position to 1650 ha or 4,000 acres in 200 lode claims.
- Company has engaged renowned sediment hosted lithium expert, Jerry Aiken, to produce a maiden lithium resource estimate.
- Preliminary mineralogy indicates dominance of lepidolite. Mass balance suggests significant free lithium in addition to the lithium present in the lepidolite.
- American Lithium officially moves from exploration into resource delineation drilling.
- Company establishes geological and permitting field office and sample processing facility in Tonopah Nevada.
- Counter-current leach tests initiated. Focus on reagent consumption, temperature and resulting economics.
- Commencement of environmental studies towards a Plan of Operations. Completes all required spring season biological surveys.
- Engages Nevada Water Resource Professional to validate water availability as preliminary investigations indicate multiple sources with adequate capacity.
Mike Kobler, CEO of American Lithium notes, “With 23 drill holes over a six km square area we haven’t yet fully identified the actual boundaries of the thick beds of TLC lithium claystone mineralization throughout our holdings.”
core drill holes were drilled to more accurately define stratigraphy
and confirm assays from RC drill holes; TLC-0901 and 0917. Three
additional holes were drilled to the north of the known mineralized
areas. While assays are pending on these drill holes, the stratigraphy
on the three step out locations is consistent with lithium enriched
targets to the south. An updated map indicating the locations of the
5-hole Phase II drill program is available at:
American Lithium has engaged Jerry Aiken to author a 43-101 compliant lithium resource for the TLC project. The work has commenced, and the resource model is expected to include the results from the five most recent drill holes and potentially an additional five drill targets that are permitted but not yet completed. Mr. Aiken is a registered professional geologist with 45 years of experience in the mining industry, including the last 25 years focused on industrial minerals. During his career, he spent 29 years with Rio Tinto Exploration and US Borax, and in addition to his extensive knowledge of Nevada and the Western US, his lithium and borates experience includes significant operations in Mexico, Canada, South America and Europe.
Operationally, environmental studies are in early stages but have not identified any unanticipated or noteworthy issues to-date.
Mr. Kobler continues, “Our Company is committed to producing a lithium resource and rapidly developing the TLC project. With continued strong investment in development stage lithium projects worldwide we see great potential for the development of our domestic TLC resource which clearly benefits from excellent infrastructural and environmental conditions. I’m really pleased to help develop what is increasingly becoming a made-in-the-USA success story.”
In related news, the Company announces it will complete a non-brokered private placement financing for proceeds of approximately $1,000,000. The private placement will consist of up to 7,000,000 units of the Company at a price of $0.15 per unit. Each unit will be composed of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of $0.25 per share for a period of 24 months from the closing date.
The Company may pay a finder’s fee in connection with the issue and sale of some or all of the units issued under the private placement. The securities issued in connection with the private placement will be subject to a four-month hold period under applicable exchange policies and securities laws. Insiders of the Company will be purchasing a portion of the private placement.
Drilling was conducted by Harris Exploration Drilling and Associates Inc., of Fallon, Nevada utilizing a core drill rig using HQ sized core recovery. Drill core is transported to the Company’s data logging facility in nearby Tonopah where is logged, with select sections measured for density by immersion method and then split with an 8” rock saw with half being sent for metallurgical work, one quarter sent for assay and one quarter reserved for record. Sampling was conducted over 5-foot (1.52m) intervals. Sample custody was maintained by the company’s consultants throughout the sampling and logging process. The company has a rigorous QA/QC program utilizing blanks, duplicates and a high and a low-grade lithium standard material. Sample duplicates, standard and blank material are inserted into the sample stream on a 5% basis for each category with both a high-and low-grade lithium standard used. Samples were sent to American Assay Laboratories in Sparks Nevada for analysis utilizing the ICP-MS analysis protocol. Selected check assays samples were sent to the Bureau Veritas in Reno/Vancouver for analysis by ICP-MS.