American Lithium Continues Drilling To Expand Resource And Provide Bulk Sample Materials For Additional Processing Options A...
18 November 2020 - 1:00AM
American Lithium Corp. (TSXV: LI) (OTCQB: LIACF)
(Frankfurt: 5LA1) (“American Lithium” or the “Company”), a
leading lithium exploration and development operator is pleased to
report commencement of the phase III drill campaign to expand the
current 5.37 million tonnes (Mt) Lithium Carbonate Equivalent (LCE)
at the Company’s wholly owned TLC sedimentary lithium project in
Nevada, USA. Further, the program will provide bulk material to
continue independent testing and validation of existing work on
economical production of lithium by both hydrometallurgical and
thermal processing methods. To date, all holes drilled at TLC have
intersected significant lithium.
A maiden pit constrained resource of 1.107
billion tonnes measured and indicated (“M+I”) plus
362 Mt Inferred was established through the phase I & II
drilling program of 2019-2020. This program included 23 RC drill
holes and 5 core holes to yield this 5.37 million tonnes
LCE M+I and 1.76 million tonnes LCE Inferred at a
400 ppm cut-off grade. Already established as one of North
America’s largest confirmed sedimentary resources, this TLC
resource is open both to the north and west on existing claims. In
July 2020, an additional 52 claims comprising 1,074 (+26%) acres
contiguous to the existing TLC property were added to the project
due to evidence that the lithium structures continue in these
directions.
Boart Longyear Company of Glendale, Arizona is
contracted to complete six 6” diameter sonic drill holes. Since the
ore is close to the surface the holes will be no more than 400 feet
in depth. Initially, the drilling will focus north and northwest in
the existing resource to upgrade inferred resources into measured
& indicated resources. This drilling will test the newly
acquired claim block to potentially further expand the resource on
the site.
A key benefit from the recovered core in this
drilling program is the availability of significant bulk samples to
validate and optimize the Company’s hydrometallurgical and thermal
processing options. American Lithium continues to work on numerous
attractive process variations to seek the optimum flow-sheet for
planned economic studies early in 2021.
Mike Kobler, CEO of American Lithium, notes
“This phase III drilling program offers a strong opportunity to
extend the size of this lithium deposit. We are most enthusiastic
that our particular mineralization may offer more than one
advantageous cost effective production opportunity that can be a
real game-changer to fulfill the critical and expanding need for
domestic lithium production in North America.”
Please watch our corporate video at
https://www.americanlithiumcorp.com/our-company/ and review our
informative short project update videos and related background
information at
https://www.americanlithiumcorp.com/projects/tlc-nevada/.
About The TLC ProjectThe TLC
sedimentary lithium discovery that transformed into an exploration
and development project is located 12 kilometres northwest of
Tonopah, Nevada, with easy access by paved highway. Work to date
has identified a 5.3-million-tonne measured and indicated lithium
carbonate equivalent resource, with an additional 1.7 million
tonnes inferred, placing the Company's resource amongst a handful
of lithium deposits in North America capable of development. TLC is
near the surface, relatively flat-lying and a free-digging lithium
sedimentary deposit that the company expects to advance through an
early-stage economic study in 2021. Neighboring the Crescent Dunes
solar energy plant, the project is favourably located for future
production given the immediate access to some of the cheapest
electricity in Nevada and availability of local labor, raw
materials and water.
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. The Company
is currently exploring and developing the TLC project located in
the highly prospective Esmeralda lithium district in Nevada. TLC is
close to infrastructure, 3.5 hours south of the Tesla Gigafactory,
and in the same basinal environment as Albemarle's Silver Peak
lithium mine, and several advancing deposits and resources,
including Ioneer Ltd.'s (formerly Global Geoscience) Rhyolite Ridge
and Cypress Development Corp.'s Clayton Valley project.
The technical information within this news
release has been reviewed and approved by Bruce Kienlen, P.Geo., a
consultant to the Company and a qualified person under National
Instrument 43-101.
For more information, please contact the Company
at info@americanlithiumcorp.com or visit our website at
www.americanlithiumcorp.com.
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.
Forward-looking
statementsStatements 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.
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