Top

American Lithium Corp.

TSXV Exchange | Nov 12, 2019, 5:12 PM EST | Real-time price

LI $ 0.13 RT
CHANGE
-0.005 (-3.7037%)
VOLUME
109,700
Day Low: 0.13
Day High: 0.135
 Back
American Lithium Reports on Successful Phase I Conclusion and Commences Phase II Drill Program at Nevada TLC Project

VANCOUVER, British Columbia, June 19, 2019 (GLOBE NEWSWIRE) -- American Lithium Corp. (LI.V) (LIACF) (5LA1.F) a leading acquisition, exploration and development operator is extremely pleased to announce assay results from the final five scheduled Phase I drill holes on its growing TLC sedimentary lithium project located just outside the regional mining centre of Tonopah, Nevada.

Highlights

  • Best grade and thickness to date with 1237 ppm lithium (Li) over 67.1 m in hole TLC -1916;
  • Four additional drill holes with “best in class” grades and continued consistent near-surface thickness and grades;
  • Core drilling rig mobilized to verify Reverse Circulation (“RC”) drill results on certain drill holes, test the western extension of the mineralized zone and identify depth to the water table and core sampling for metallurgical studies;
  • 8 additional RC drill holes scheduled to target mineral zone extensions to the north, south and west;

Summary Results for Drill Holes TLC-1913 to TLC-1916 and TLC-1918

Drill Hole IDTop (m)Bottom (m)Interval (m)Grade
(Li ppm)
TLC-191313.767.053.31125
TLC-191416.871.754.91034
TLC-191530.567.136.61142
TLC-191629.096.167.11237
TLC-19183.070.167.11083
Lithium cut-off grade of 600 ppm

An updated map indicating the locations of the 18-hole Phase I drill program is available at: https://www.americanlithiumcorp.com/projects/tlc-nevada/

Mike Kobler, CEO of American Lithium notes, “We couldn’t be happier to see the last 5 drill holes demonstrate consistent high-grade mineralization. From a comparative industry standpoint Ganfeng’s recent investment in the sedimentary lithium of Sonoran Lithium alongside Tesla’s recent public discussions regarding direct investment in lithium mining evidences the importance of continuing to develop our TLC Nevada project.”

Holes TLC-19013 through 1916 and TLC 1918 all have shallow depths to mineralization and significant continuous mineralization.

Summary Results Using Varied Lithium Cut-off Grades

Drill Hole IDTop (m)Bottom (m)Interval (m)Grade
(Li ppm)
Bottom Cut
(Li ppm)
TLC-19133.080.777.7665300
or13.767.053.31125600
or15.257.942.712311000
TLC-19140.086.986.9810300
or16.871.754.91034600
or21.359.438.111951000
TLC-19153.076.273.2808300
or30.567.136.61142600
or30.557.927.412321000
TLC-19163.094.491.4942300
or29.096.167.11237600
or30.542.712.214251000
 and
or50.376.225.914251000
TLC-19183.086.883.8939300
or3.070.167.11083600
or24.467.142.712851000

With a Core recovery drill rig set to get turning this week, American Lithium looks forward to further drill results to expand on the potential of the TLC project.

QA/QC Statement
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 info@americanlithiumcorp.com or visit our website at www.americanlithiumcorp.com. Follow us on FacebookTwitter and LinkedIn.

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 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 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.

CONTACT
Tyler Ross, VP Investor Relations
+1 (604) 428-6128 Ext. 205
tyler@americanlithiumcorp.com
info@americanlithiumcorp.com

Primary Logo

Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. View delay times for all exchanges. Market Data powered by QuoteMedia. See the QuoteMedia Terms of Use.