American Lithium Sees 1,690 Ppm Sample Grades at New Tonopah Claystone Claims (TLC)
Vancouver, British Columbia--(Newsfile Corp. - September 24, 2018) - American Lithium Corp. (TSXV: LI) (OTCQB: LIACF) (FSE: 5LA) ("American Lithium" or the "Company") is pleased to announce the purchase of it's second sedimentary lithium project, the Tonopah Lithium Claims, (TLC Project). Purchased from Nevada Alaska Mining Co., (NAM), the TLC Project consists of 75 lode claims covering 1,550 acres (625 hectares), located northeast of Tonopah Nevada, hosting high grade lithium in claystones.
During 2018, 37 different outcrop locations on the property were sampled and assayed with lithium grades ranging from 120 parts per million (ppm) to 1,690 ppm. The average grade of the lithium in surface outcrop is 766 ppm Li. American Lithium consultants visited the project and noted highly anomalous lithium grades in clay across the project. On the basis of NAM's sampling and field review by the Company's geologists, the claystone beds are generally shallow dipping and suggest widespread consistent mineralization and thickness throughout the sampling locations. Ongoing work is being completed to validate these assays and field relationships.
The TLC claystone target is a near surface, relatively flat laying, free digging lithium target which is easily accessible and only 12 miles from the mining center of Tonopah Nevada. (See Figure 1 below). In addition, it is just south of the Crescent Dunes Solar Energy Plant, the cheapest source of electricity in Nevada.
CEO, Mike Kobler states "The TLC purchase is an excellent opportunity to expand our lithium portfolio in Nevada and came about as result of our multi-year working relationship with Nevada Alaska Mining and our focus on lithium claystones. During my initial Project visit, I was impressed by its proximity to infrastructure, its ease of exploration and its ability to advance to resource with minimal expenditures."
Terms of the Purchase:
- Payments of USD $50,000 on signing (already paid) and USD $50,000 within 90 days;
- Issue of 250,000 common shares of American Lithium;
- If Company calculates a mineral resource on the Project exceeding 500,000 tons of Lithium Carbonate Equivalent (LCE) in all reserve categories, the Company will issue a bonus payment of 250,000 shares to the Royalty Holder; and 250,000 shares on calculation of a cumulative 1,500,000 tons of LCE on the Project;
- The claims are subject to an overriding 2.5% Gross Royalty, of which 1.25% can be purchased within 3 years for $1 million.
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NAM samples were delivered to and assayed by ALS Minerals in Reno Nevada utilizing an ME-ICP41, (ICP-OES) analysis package. The technical information within this news release has been reviewed and approved by Michael Collins, P.Geo., a consultant to the Company and a qualified person under National Instrument 43-101.
About American Lithium Corp.
American Lithium is actively engaged in the acquisition, exploration and development of lithium deposits within mining-friendly jurisdictions throughout the Americas. American Lithium holds options to acquire Nevada lithium claims of over 22,000 acres (8,900 ha) in Fish Lake Valley, Esmeralda Lithium District; The Company's Fish Lake Valley Lithium properties are located approximately 38 kilometres from Albemarle's Silver Peak, the largest lithium operation in the United States, and adjoining the highly recognized Global Geosciences Rhyolite Ridge Claystone Project.
On behalf of the Board,
American Lithium Corp.
Michael Kobler, Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this release that are forward-looking information are subject to various risks and uncertainties concerning the specific factors disclosed here. Information provided in this release is necessarily summarized and may not contain all available material information. All such forward-looking information and statements are based on certain assumptions and analyses made by American Lithium management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include those described under the heading "Risks Factors" in American Lithium's most recently filed MD&A. The Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information or statements.