American Lithium Corp. (“American Lithium” or the “Company”)
(TSX-V:LI | OTCQB:LIACF | Frankfurt:5LA1) is pleased to announce
the highest lithium extraction results to date, achieving 97.4%
extraction utilizing warm sulfuric acid leach on Tonopah Lithium
Claims (“TLC”) claystone mineralization.
Highlights:
- Latest TLC test
work run by TECMMINE in Lima, Peru has achieved 97.4% lithium
extraction using warm sulfuric acid leach, the highest results
achieved to date from any recovery process.
- On-going test
work for the sulfuric acid process route will continue to be
optimized by varying leach time, acid concentration, temperature,
solid-liquid ratios and grind/particle size.
- Metallurgical
work on the TLC claystone mineralization continues to demonstrate
amenability to three process options to extract lithium:
- i) leaching with
sulfuric acid (H2SO4) at 90°C (97.4% extraction);
- ii) salt
roasting followed by water leaching (initial 82% extraction);
and
- iii) leaching
with hydrochloric acid (HCl) at 90°C (initial 95.1%
extraction).
- Continued
metallurgical work will aim to take each processing option through
to the lithium carbonate and/or lithium hydroxide precipitation
stage and to focus on optimizing all 3 processing options and
related flow-sheet designs.
- Thereafter, the
Company will select the best option to enable a robust Preliminary
Economic Assessment (“PEA”) with economic benefits maximized and
environmental impacts minimized.
Dr. Laurence Stefan, COO of American Lithium,
stated, “We are pleased to have achieved the highest lithium
extraction to date from TLC using simple sulfuric acid processing
with almost the entire amount of lithium available extracted into
sulfate solution. We continue to focus on optimizing the best
process routes from both economic and environmental perspectives
and, thereafter, to advance TLC through PEA towards future
development.”
TLC Process UpdateProcess work
has previously demonstrated that TLC claystones are amenable to
rapid lithium extraction using warm sulfuric acid leaching,
reaching 92% lithium extraction in 10 minutes. In addition, up to
82% lithium extraction has been achieved using salt roasting
followed by water leaching (refer to previous news release, dated
June 29, 2021). The latest test work run at TECMMINE achieved 97.4%
lithium extraction into sulfate solution using H2SO4 at
temperatures of 900C with 60-minute leaching.
Optimization test work will continue into Fall
2021 using all three potential process options: hydrochloric acid,
sulfuric acid as well as salt roasting/water leaching. American
Lithium is committed to producing a world class process to supply
cost competitive lithium products in an environmentally sound
manner.
Stock Option GrantThe Company
also announces the granting, subject to regulatory acceptance, of
500,000 incentive stock options to an advisor / consultant of the
Company (the “Options”). The Options have a term of 5 years and are
exercisable at a price of $1.81 per common
share.
Qualified PersonsMr. Ted
O’Connor, P.Geo., a Director of American Lithium, and a Qualified
Person as defined by National Instrument 43-101 Standards of
Disclosure for Mineral Projects, has reviewed and approved the
scientific and technical geological information contained in this
news release.
About American
LithiumAmerican Lithium, a member of the TSX Venture 50,
is actively engaged in the acquisition, exploration and development
of lithium projects within mining-friendly jurisdictions throughout
the Americas. The Company is currently focused on enabling the
shift to the new energy paradigm through the continued exploration
and development of its strategically located TLC lithium claystone
project in the richly mineralized Esmeralda lithium district in
Nevada as well as continuing to advance its Falchani lithium and
Macusani uranium development projects in southeastern Peru. Both
Falchani and Macusani have been through preliminary economic
assessments, exhibit strong additional exploration potential and
are situated near significant infrastructure.
The TSX Venture 50 is a ranking of the top
performers in each of 5 industry sectors in the TSX Venture
Exchange over the last year.
For more information, please contact the Company
at info@americanlithiumcorp.com or visit our website
at www.americanlithiumcorp.com for project update videos and
related background information.
Follow us
on Facebook, Twitter and LinkedIn.
On behalf of the Board of Directors of
American Lithium Corp.
“Simon Clarke”
CEO & Director
Tel: 604 428 6128
For further information, please contact:
American Lithium Corp. |
Email: info@americanlithiumcorp.com |
Website: www.americanlithiumcorp.com |
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
Cautionary Statement Regarding Forward
Looking InformationThis news release contains certain
forward-looking information and forward-looking statements
(collectively “forward-looking statements”) within the meaning of
applicable securities legislation. All statements, other than
statements of historical fact, are forward-looking statements.
Forward-looking statements in this news release include, but are
not limited to, statements regarding the plans, objectives and
advancement of the TLC, Falchani and Macusani Projects (the
“Projects”), exploration drilling plans, in-fill and expansion
drilling plans, results of exploration and development plans,
expansion of resources and testing of new deposits, environmental
and social community permitting, and any other statements regarding
the business plans, expectations and objectives of American
Lithium. Forward-looking statements are frequently identified by
such words as "may", "will", "plan", "expect", "anticipate",
"estimate", "intend", “indicate”, “scheduled”, “target”, “goal”,
“potential”, “subject”, “efforts”, “option” and similar words, or
the negative connotations thereof, referring to future events and
results. Forward-looking statements are based on the current
opinions and expectations of management are not, and cannot be, a
guarantee of future results or events. Although American Lithium
believes that the current opinions and expectations reflected in
such forward-looking statements are reasonable based on information
available at the time, undue reliance should not be placed on
forward-looking statements since American Lithium can provide no
assurance that such opinions and expectations will prove to be
correct. All forward-looking statements are inherently uncertain
and subject to a variety of assumptions, risks and uncertainties,
including risks, uncertainties and assumptions related to: American
Lithium’s ability to achieve its stated goals, including the
anticipated benefits of the acquisition of Plateau Energy Metals
Inc. (“Plateau”); the estimated costs associated with the
advancement of the Projects; risks and uncertainties relating to
the COVID-19 pandemic and the extent and manner to which measures
taken by governments and their agencies, American Lithium or others
to attempt to reduce the spread of COVID-19 could affect American
Lithium, which could have a material adverse impact on many aspects
of American Lithium’s businesses including but not limited to: the
ability to access mineral properties for indeterminate amounts of
time, the health of the employees or consultants resulting in
delays or diminished capacity, social or political instability in
Peru which in turn could impact American Lithium’s ability to
maintain the continuity of its business operating requirements, may
result in the reduced availability or failures of various local
administration and critical infrastructure, reduced demand for the
American Lithium’s potential products, availability of materials,
global travel restrictions, and the availability of insurance and
the associated costs; risks related to the certainty of title to
the properties of American Lithium, including the status of the
“Precautionary Measures” filed by American Lithium’s subsidiary
Macusani Yellowcake S.A.C. (“Macusani”), the outcome of the
administrative process, the judicial process, and any and all
future remedies pursued by American Lithium and its subsidiary
Macusani to resolve the title for 32 of its concessions; risks
regarding the ongoing Ontario Securities Commission regulatory
proceedings; the ongoing ability to work cooperatively with
stakeholders, including but not limited to local communities and
all levels of government; the potential for delays in exploration
or development activities due to the COVID-19 pandemic; the
interpretation of drill results, the geology, grade and continuity
of mineral deposits; the possibility that any future exploration,
development or mining results will not be consistent with our
expectations; risks that permits will not be obtained as planned or
delays in obtaining permits; mining and development risks,
including risks related to accidents, equipment breakdowns, labour
disputes (including work stoppages, strikes and loss of personnel)
or other unanticipated difficulties with or interruptions in
exploration and development; risks related to commodity price and
foreign exchange rate fluctuations; risks related to foreign
operations; the cyclical nature of the industry in which American
Lithium operates; risks related to failure to obtain adequate
financing on a timely basis and on acceptable terms or delays in
obtaining governmental approvals; risks related to environmental
regulation and liability; political and regulatory risks associated
with mining and exploration; risks related to the uncertain global
economic environment and the effects upon the global market
generally, and due to the COVID-19 pandemic measures taken to
reduce the spread of COVID-19, any of which could continue to
negatively affect global financial markets, including the trading
price of American Lithium’s shares and could negatively affect
American Lithium’s ability to raise capital and may also result in
additional and unknown risks or liabilities to American Lithium.
Other risks and uncertainties related to prospects, properties and
business strategy of American Lithium are identified in the “Risks
and Uncertainties” section of Plateau’s Management’s Discussion and
Analysis filed on January 19, 2021, in the “Risk Factors” section
of American Lithium’s Management’s Discussion and Analysis filed on
January 29, 2021, and in recent securities filings available at
www.sedar.com. Actual events or results may differ materially from
those projected in the forward-looking statements. American Lithium
undertakes no obligation to update forward-looking statements
except as required by applicable securities laws. Investors should
not place undue reliance on forward-looking statements.
Cautionary Note Regarding Macusani
Concessions Thirty-two of the 151 concessions held by
American Lithium’s subsidiary Macusani, are currently subject to
Administrative and Judicial processes (together, the “Processes”)
in Peru to overturn resolutions issued by INGEMMET and the Mining
Council of MINEM in February 2019 and July 2019, respectively,
which declared Macusani’s title to 32 of the concessions invalid
due to late receipt of the annual validity payments. In November
2019, Macusani applied for injunctive relief on 32 concessions in a
Court in Lima, Peru and was successful in obtaining such an
injunction on 17 of the concessions including three of the four
concessions included in the Macusani Uranium Project PEA. The grant
of the Precautionary Measure (Medida Cautelar) has restored the
title, rights and validity of those 17 concessions to Macusani
until a final decision is obtained at the last stage of the
judicial process. A Precautionary Measure application was made at
the same time for the remaining 15 concessions and was ultimately
granted by a Court in Lima, Peru on March 2, 2021 which has also
restored the title, rights and validity of those 15 remaining
concessions to Macusani, with the result being that all 32
concessions are now protected by Precautionary Measure (Medida
Cautelar) until a final decision on this matter is obtained at the
last stage of the judicial process. A final date for the last stage
of the judicial process has not yet been set. If American Lithium’s
subsidiary Macusani does not obtain a successful resolution of the
Processes, its title to the concessions could be revoked.
American Lithium (TSXV:LI)
Historical Stock Chart
From Mar 2024 to Apr 2024
American Lithium (TSXV:LI)
Historical Stock Chart
From Apr 2023 to Apr 2024