10/12/2016 Corporate News

American Lithium reports near surface Lithium brine results from auger sampling at Fish Lake Valley North Playa -Grades of up to 537 mg/L Lithium

October 12, 2016, American Lithium Corp(TSXV: Li) (OTCQB: LiACF) (Frankfurt: 5LA; WKN: A2AHEL) (“American Lithium” or the “Company”), is pleased to report results from ongoing near surface auger sampling on the North Playa, Fish Lake Valley (FLV) Esmeralda County, Nevada. A total of 25 samples are reported here, with the highest grade sample being 537 mg/L Li. The average of the samples was 292.4 mg/L Li and the lowest grade sample was 2.4 mg/L Li.

Sample Number mg/L Sample Number Mg/L
1431001 434 1431014 503
1431002 321 1431015 369
1431003 537 1431016 397
1431004 479 1431017 102
1431005 510 1431018 47.9
1431006 398 1431019 94.2
1431007 401 1431020 24.5
1431008 488 1431021 23.8
1431009 380 1431022 2.4
1431010 47.0 1431023 98.7
1431011 382 1431024 412
1431012 286 1431025 188
1431013 385

These sample sites were located around the circumference of the North Playa demonstrating pervasive lithium enrichment in near surface brines through the North Playa. Further sampling is currently focused on near surface brine on a north-south line through the middle of the playa. Two sonic drill holes have been completed on the South Playa target and samples sent in for testing. One sonic drill hole has been completed on the North Playa with further drilling planned in the coming weeks. Once the Phase II drilling has been completed on the North Playa, the drill rig will be moved to test the Clayton Valley 1 project just north of the Albemarle lithium plant in Clayton Valley Nevada.

“These sampling results demonstrate that the North Playa is a lithium enriched basin and we are excited to be focused on identifying the most potentially economic aspects of the mineralizing system.” commented Michael Kobler, COO of American Lithium. “Few other lithium exploration companies have been able to develop their projects so quickly in the last year as we have and American Lithium will continue to have a busy fall as our exploration programs progress.”

In previous programs, near surface brines were sampled using a conventional hand held auger to sample sub surface brines at a depth of 78” (2m), The brine was sampled at the bottom of the auger hole and then separated from residual clays before being sent for analysis. For this expanded near surface brine sampling program the Company has developed a new methodology for sampling. Instead of an auger system, a four inch diameter pipe is driven into the ground to a depth of approximately 55” (1.4m) and then pulled out of the hole. A 2.5” (6.3cm) perforated pvc pipe is placed in the hole to keep it open while clay solids settle to the bottom of the hole. The brine is then sampled just above the settled material at the bottom of the hole. Samples are collected and shipped to Florin Analytical Services in Reno, Nevada where the lithium content is measured by ICP analysis with an atomic absorption finish.

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 visit the Company’s website at www.americanlithiumcorp.com or call 1-604-689-7422.

On behalf of the Board,

American Lithium Corp.

Michael Kobler,
Executive Director

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 statements

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.