September 06, 2016
Vancouver, British Columbia, September 6th, 2016 - American Lithium Corp. (TSXV: LI) (OTCQB: LIACF) (Frankfurt: 5LA; WKN: A2AHEL) (“American Lithium” or the “Company”), is pleased to announce that it has started Phase 2 sonic drilling on three discrete lithium brine targets at its Fish Lake Valley South Playa and Clayton-Valley-1 Projects, all located in Esmeralda County, Nevada. The drill program is designed to collect information on aquifer characteristics and lithium values in aquifer brines in order to support development of the Company’s lithium resources.
- American Lithium has received 3 drill permits for drilling at the Fish Lake Valley South Playa and the Clayton-Valley-1 projects;
- Drilling will target lithium-bearing brines in the Upper Fish Lake Formation rocks which also host the lithium brine production at Albemarle’s Clayton Valley Lithium Brine production facility;
- Results from this program will be used to update the Fish Lake Valley Basin Aquifer Model and for resource modeling in the three projects in the fall of 2016.
Two permits have been received for drilling at the Fish Lake Valley South Playa Project, and one permit for drilling at the Clayton-Valley-1 Project. The full drill program provides for 13 holes in total. The Company will utilize a sonic drill which is unique in that it can both take continuous samples of drill core while also being able to sample subsurface water in intersected aquifers and pump test these same aquifers. This unique ability will allow the Company to derive more information from the program than either an RD or diamond drill program. The sonic drill can effectively sample sediments and test aquifers to a depth of 150m (500’).
The Company is also currently completing a grid sampling project at the Fish Lake Valley North Playa project area. One-metre deep brine samples are being collected over a 300 metre grid area at the North Playa. An extensive drill program is expected to begin at the North Playa within two weeks.
“From a standing start in January, American Lithium is pleased to be drill testing three world-class potential lithium brine targets so quickly,” commented Michael Kobler, Executive Director and COO of American Lithium. “The planned drilling on the South Bowl Playa lithium brine project is the first program to explore the Company’s expanded target package in Fish Lake Valley, Nevada, where the Company controls over 18,550 contiguous acres.”
Phase 1 Exploration Program Results
- Near-surface brine sampling outlined a broad lithium /boron/potassium anomaly on the northern portions of the northern playa, roughly 1.3 x 2 miles long, which has a smaller higher grade core which ranges from 100 to 150 mg/L lithium (average 122.5 mg/L), 1,500 to 2,670 mg/L boron (average 2,219 mg/L), and 5,400 to 8,400 mg/L potassium (average 7,030 mg/L).
- A direct push drill program was conducted on the northern end of the playa, with 1,240.58 feet (378.09 meters) of drilling in 20 holes at 17 discrete sites, over an area of 3,356 feet (1,023 meters) by 2,776 feet (846 meters). Drilling ranged from 34 feet (10.36 meters) to 81 feet (24.69 meters), and averaged 62 feet (18.90 meters). Average grades of all samples are 47.05 mg/L lithium, 992.7 mg/L boron, and 0.535% potassium respectively, with lithium values ranging from 7.6 mg/L to 151.3 mg/L, boron ranging from 146 to 2,160.7 mg/L, and potassium ranging from 0.1 to 1.3%.
- The anomaly outlined by the program is 1,476 by 2,461 feet (450 meters by 750 meters), and is open to expansion to the east and to the south. A 50 mg/L lithium cutoff is used to define this anomaly with average grades of 90.97 mg/L lithium, 1,532.92 mg/L boron, and 0.88% potassium respectively.
Source: NI 43-101Technical Report, Fish Lake Valley Lithium-Brine Property, Esmeralda County, Nevada, USA, Nov 2015
Michael Collins, P.Geo. is the Company's designated Qualified Person within the meaning of National Instrument 43-101, and has reviewed and approved the technical information contained in this news release.
About American Lithium Corp.
American Lithium Corp. 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 brine claims totaling 22,332 acres (9,038 ha), including 18,552 contiguous acres (7,508 ha) in Fish Lake Valley, Esmeralda County; 2,240 acre (907 ha) San Emidio Project in Washoe County; and the 1,540 acre (623 ha) Clayton-Valley-1 Project. The Company’s Fish Lake Valley lithium brine properties are located approximately 38 kilometers from Albemarle's Silver Peak, the largest lithium operation in the U.S., approximately 3.5 hours from the Tesla Gigafactory.
American Lithium is listed on the TSXV under the trading symbol “Li”. For further information, please call 1-604-689-7422 or visit the Company's website at www.americanlithiumcorp.com.
On behalf of the Board,
American Lithium Corp.
President and 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 document 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.