American Lithium Completes Sampling Program at the Borate Hills Project
07 October 2010 - 11:30PM
Marketwired
American Lithium Minerals Inc. (OTCBB: AMLM)
(www.AmericanLithium.com) (the "Company") has completed a sampling
program over the Borate Hills Project in Nevada. A total of 465
surface and trench samples were collected from the North and South
Borate Hills project. The average for all samples from North and
South Borate Hills were 1348 ppm Lithium, 4621 ppm Boron and 7000
ppm Strontium. For South Borate Hills only, the average sample
grades were 1537 ppm Lithium, 4945 ppm Boron and 10442 pm
Strontium. Sample grades ran as high as 3000 ppm lithium (0.3%).
The average results of the surface sampling program are encouraging
given not all samples are from the mineralized unit as only a
portion of the deposit is exposed at surface and is thought to be
somewhat leached at surface.
The company has completed a mapping program of South Borate
Hills and is currently mapping the North Borate Hills. Based on the
sampling and mapping results, American Lithium Minerals has
developed a fall drill program on the higher grade South Borate
Hills project and has filed a Notice of Intent with the Bureau of
Land Management for16 drill sites.
The Borate Hills Project is a large co-product lithium and boron
deposit located 20 miles west of the only producing lithium mine in
North America. American Lithium and JOGMEC are currently completing
an economic pre-feasibility study for the Borate Hills Project.
The Nevada, United States location is strategic for the
concentration of US manufacturing requiring lithium; including
automotive batteries, power storage and consumer electronics; as
well as a known mining state with excellent road, rail and power
infrastructure. American Lithium is also active in grassroots
exploration for lithium deposits in the Great Basin of the United
States with ten other highly prospective projects in Nevada and
Utah.
About the Borate Hills Project
The Borate Hills Project consists of the North and South Borate
Hills Projects. The boron and lithium mineralization is contained
in a strata-bound formation that is a combination of a claystone
unit and a volcanic tuff with no clay. In the early 1980s, US Borax
drilled the North Borate Hills Deposit and stated the project was
the second largest boron deposit in the United States after their
current producing borate mine, Kramer Borate in California.
Subsequently, US Borax discovered the South Borate Hills Deposit in
1986 and identified a larger project having higher lithium values
with an extent of 1.5 miles and thicknesses of up to 1300 feet.
About Japan Oil, Gas and Metals National
Corporation (JOGMEC)
Japan Oil, Gas and Metals National Corporation (JOGMEC) was
established on February 29, 2004 pursuant to the Law Concerning the
Japan Oil, Gas and Metals National Corporation, which was
promulgated on July 26, 2002. JOGMEC integrates the functions of
the former Japan National Oil Corporation, which was in charge of
securing a stable supply of oil and natural gas, and the former
Metal Mining Agency of Japan, which was in charge of ensuring a
stable supply of nonferrous metal and mineral resources and
implementing mine pollution control measures.
About American Lithium Minerals
American Lithium Minerals is a U.S.-based mineral exploration
company focused on the development of lithium and boron resources
in Nevada. The company's key objective is to develop world-class
lithium projects that will capitalize on surging demand for
lithium-ion batteries, particularly for hybrid and electric
vehicles. Lithium is a high-priority and strategic mineral for the
U.S. The country's green energy legislation and long-term energy
policies depend on developing a vibrant, domestic lithium-ion
battery manufacturing sector.
About Lithium
As a result of lithium-ion battery demand for hybrid-electric
and electric cars, the increase in demand for lithium carbonate is
expected to increase four-fold over the next decade. High demand
and low supply has already resulted in an increase in lithium
carbonate (Li2CO3) prices. There is currently only one producer of
lithium carbonate in the United States, Chemetall's Clayton Valley
Operation. The Great Basin of the United States represents
excellent potential for the discovery of new lithium brine deposits
and American Lithium Minerals is well positioned for detection with
its projects. Lithium is used for batteries, specialty glass,
lubricants, pharmaceuticals and lithium alloys. Lithium ion
(Li-ion) batteries have become the rechargeable battery of choice
in cell phones, computers, hybrid-electric cars and electric cars.
GM, Ford, Toyota, Dodge, Chrysler, Mitsubishi, Nissan, Tesla,
Saturn and Mercedes-Benz have all announced plans to build Li-ion
battery-powered cars. Demand for lithium-powered vehicles is
expected to increase fivefold by 2012. The domestic automotive
industry must secure a lithium source to supply the next generation
of hybrid-electric and electric vehicles. Over 60% of cell phones
and 90% of laptops use lithium batteries. The worldwide market for
lithium batteries is estimated at over $4 billion per year.
Forward-Looking Statements
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
mineral exploration and difficulties associated with obtaining
financing on acceptable terms. We are not in control of lithium
prices and these could vary to make development uneconomic. These
forward-looking statements are made as of the date of this news
release, and we assume no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements.
Although we believe that the beliefs, plans, expectations and
intentions contained in this press release are reasonable, there
can be no assurance that such beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consult all
of the information set forth herein and should also refer to the
risk factors disclosure outlined in our most recent annual report
for our last fiscal year, our quarterly reports, and other periodic
reports filed from time-to-time with the Securities and Exchange
Commission.
For Additional Information, Contact: Stephen Cook Vice
President/Investor Relations Tel: 877-717-2656 E-mail:
info@americanlithium.com
American Lithium Minerals (PK) (USOTC:AMLM)
Historical Stock Chart
From Oct 2024 to Nov 2024
American Lithium Minerals (PK) (USOTC:AMLM)
Historical Stock Chart
From Nov 2023 to Nov 2024