VANCOUVER, British Columbia, May 22, 2019 (GLOBE NEWSWIRE) -- American Lithium Corp. (LI.V) (LIACF) (5LA1.F) (“American Lithium” or the “Company”) a leading acquisition, exploration and development operator is extremely pleased to announce continued outstanding assay results from the Phase I drill program on its growing TLC sedimentary lithium project (“TLC”) located just outside the regional mining centre of Tonopah, Nevada.
The Company’s positive drill results come at a time of significant renewed interest in the lithium sector as the United State Senate introduces bipartisan legislation to secure mineral resources and supply chains in order to reduce reliance on foreign sources. The American Minerals Security Act features lithium as one of several "critical minerals" to the auto and energy industries.
With the U.S. producing only 1% of the global lithium supply and only 7% of the refined lithium chemical supply against China’s dominant 51%, the situation is best summed up by Benchmark Mineral Intelligence’s Managing Director, Simon Moores who notes, “these supply chains are the oil pipelines of tomorrow. The lithium ion battery is to the 21st century what the oil barrel was to the 20th century,” As noted in a Bloomberg article recently, boosting local production of the raw minerals would be the first step toward building out a rechargeable battery industry that’s so far been concentrated in Asia.
With growing governmental visibility, accountability and potentially game-changing legislative focus in mind, American Lithium is pleased to report on our latest assay results from holes 8 through 12 as we increasingly ascertain positive results and implied scope of our ongoing 18-hole drill program.
- Grade and thickness remain consistent with previous results of TLC-1901 through TLC-1907;
- Extends known mineralization to the south and to the west;
- Lithium grades continue to demonstrate consistent grades throughout wide near surface down hole intervals;
- Permitting modifications have been received to drill three core recovery holes including the extension of TLC-0908 which concluded just as an occurrence of strong lithium mineralization was identified;
- The Company is moving ahead towards the completion of a regulatory compliant NI 43-101 Resource Estimate;
- Work continues with metallurgical studies, infrastructure and potential mining and processing cost evaluations;
- 5 additional drill hole assays are pending and anticipated shortly for completion of the Phase I program.
|Drill Hole ID||Top (m)||Bottom (m)||Interval (m)||Grade |
|Drill intersections at a lithium cut-off grade of 600 ppm|
An updated map indicating the current status and locations of the 18-hole drill program is available at: https://www.americanlithiumcorp.com/projects/tlc-nevada/
Mike Kobler, CEO of American Lithium notes, “Drill results at TLC continue to demonstrate the extension and robust nature of lithium mineralization. While there are still five drill holes outstanding in this program, American Lithium is looking beyond the great results from single drill holes and commissioning a resource report on the TLC project. The Company is also continuing work on metallurgical recovery and starting studies on infrastructure, mining and processing costs.”
Holes TLC-1909 through 1911 all have shallow depths to mineralization and significant continuous mineralization. TLC-1908 appears to be offset by a fault and is slightly down dropped with strong mineralization at the end of hole. The company will twin this hole with core recovery and drill to the crystalline basement rocks to ensure that our resource modelling captures the full mineralized interval.
|Drill Hole ID||Top (m)||Bottom (m)||Interval (m)||Grade |
|Bottom Cut |
|Drill intersections at various lithium cut-off grades|
Additional drill results are anticipated within the next two weeks and should aid in the determination of area-wide grade and thickness assessment. Company management looks forward to providing further results as they become available.
Drilling was conducted by Harris Exploration Drilling and Associates Inc., of Fallon, Nevada utilizing a “1500 Explorer” reverse circulation rig with a 5 ½ diameter hole with face centred bit. Sampling was conducted using a riffle splitter or a cyclone splitter depending on the moisture content of the sampled material. 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. Duplicates and standard material are inserted into the sample stream on a 5% and 5% basis, and blank material was inserted into the sample stream. 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.
About the TLC Discovery
The TLC sedimentary lithium discovery is an exploration and development project located 12km northwest of Tonopah, Nevada and easily accessible by paved highway. The fieldwork to-date indicates a near surface, relatively flat-lying, free digging lithium sedimentary region that offers the potential of hosting a wide area of high-grade lithium mineralization. With drilling ongoing, the company expects to deliver a maiden resource and early stage economic study in 2019. Just south of the Crescent Dunes Solar Energy Plant, the project is favorably located for future production given the immediate access to some of the cheapest electricity in Nevada.
About American Lithium Corp. (LI.V) (LIACF) (5LA1.F)
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 its recent TLC discovery and FLV Project located in the highly prospective Esmeralda Lithium District in Nevada. These projects, within 48 km (30 miles) of each other, are close to infrastructure, 3.5 hours south of the Tesla Gigafactory, and similar mineralization characteristics as Albemarle’s Silver Peak Lithium Mine, and the advancing deposits and resources including Ioneer Inc.’s (formerly Global Geosciences) Rhyolite Ridge and Cypress Development Corp’s Clayton Valley Project.
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.
American Lithium is a Venture 50 company. For more information, please contact the Company at email@example.com or visit our website at www.americanlithiumcorp.com. Follow us on Facebook, Twitter and LinkedIn.
On behalf of the Board,
American Lithium Corp.
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.