American Lithium Corp. (“American Lithium” or the “Company”)
(TSX-V:LI | OTCQB:LIACF | Frankfurt:5LA1) is pleased to announce
positive prospecting, mapping and sampling results from the
Company’s Macusani Uranium Project (“Macusani”), located in the
Puno region in southeastern Peru, and to provide an update on
upcoming drilling plans for the project.
Highlights:
- 2021 radiometric
prospecting and sampling work has identified possible extensions to
five existing uranium deposits and three new anomalies for drill
testing (see Figure 1 – Macusani Project Location Map with new
target areas highlighted, below);
- Results include
over 90 grab sample with grades ranging from a low of of 6.3 ppm U
to a high of 377,400 ppm U (44.5% U3O8) with all samples averaging
18,270 ppm U (2.15% U3O8) 1;
- Drilling is
planned at Macusani to expand existing uranium resources and to
test for new deposits.
- Permitting
process, including environmental permits and community access
agreements have been filed, with drilling anticipated to commence
once exploration permit issued: and
Dr. Laurence Stefan, COO of American Lithium,
states, “The results of the radiometric prospecting and sampling
program continue to confirm the exciting potential for further
resource expansion at Macusani, which is currently one of the
largest undeveloped uranium projects globally. Our uranium mineral
concessions cover the majority of the entire Macusani Uranium
District, which contains all known uranium resources in Peru. We
look forward to drill testing multiple targets starting next
month.”
About Macusani Uranium
Project:Macusani is a low-capex, large-scale
pre-development stage uranium project containing significant
measured, indicated and inferred uranium resources, and has an
NPV(8%) of $603.1 million, IRR of 40.6% and a 1.8-year payback (all
after-tax @ $50/lb U3O8 selling price).2, 3 The Macusani project
has a large resource base with Indicated resources of 95.19 M
tonnes grading 248 ppm U3O8, containing 51.9 M lbs U3O8 and
Inferred Resources of 130.02 M tonnes grading 251 ppm U3O8,
containing 72.1 M lbs U3O8. Macusani is located approximately 25
kilometres away from the Company’s Falchani Lithium deposit.
Notes1 Grab samples are
selective, and the selected nature of such sampling does not
necessarily reflect potential uranium contents expected from future
drill testing, but they do indicate the presence of uranium
mineralization and mineralizing systems in the surface rocks
collected.
2 "Macusani Project, Macusani, Peru, NI
43-101 Report – Preliminary Economic Assessment” prepared by Mr.
Michael Short and Mr. Thomas Apelt, of GBM Minerals Engineering
Consultants Limited; Mr. David Young, of The Mineral Corporation;
and Mr. Mark Mounde, of Wardell Armstrong International Limited
dated January 12, 2016.
3 Readers are cautioned that the PEA is
preliminary in nature and includes inferred mineral resources that
are considered too speculative geologically to have the economic
considerations applied to them that would enable them to be
categorized as mineral reserves. There is no certainty the results
of the PEA will be realized. Mineral resources are not mineral
reserves and do not have demonstrated economic viability.
Additional work is required to upgrade the mineral resources to
mineral reserves. In addition, the mineral resource estimates could
be materially affected by environmental, geotechnical, permitting,
legal, title, taxation, socio-political, marketing or other
relevant factors, including the title to the 32 affected
concessions that impact approximately 30% of the uranium mineral
resources at Macusani. See below “Cautionary Note Regarding
Macusani Concessions.”
A map accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1501f936-a07c-464c-a30a-3605908446b9
Details:Recently completed
radiometric prospecting, mapping and sampling work successfully
generated additional drill target areas on Macusani. This work has
been integrated with previous exploration results completed earlier
in 2021 to form the basis of the upcoming diamond drill program,
expected to commence in October, subject to permitting being
finalized.
The exploration work completed this season
consisted of ~12,000 radiometric scintillometer station readings
coupled with the collection of over 90 outcrop sample stations with
associated geological observations. Radiometric prospecting was
completed using SAIC Exploranium GS-135 Plus hand-held
spectrometers with sample station results recorded as counts per
second (CPS) and map coordinates recorded using handheld GPS.
Additional site, soil and rock observations are also recorded at
prospected sites. Radiometric stations were completed initially on
an approximately (~) 100 m by 100 m grid, which was tightened to
~50 m by 50 m and further, to ~25 m by 25 m when anomalous
radioactivity was encountered to delineated fracture and
disseminated uranium mineralization zones and trends.
CPS measurements from hand-held spectrometers
and scintillometers measure radioactivity of certain decay products
of uranium, thorium and potassium, and are not necessarily a direct
indication of uranium contents. However, experience and previous
equilibrium and geochemical reconciliation work completed over the
past 16-year history of the Macusani conclude that CPS measurements
from radiometric prospecting can provide an indication of uranium
mineralization with no thorium and minimal potassium interference.
Background radioactivity of the host rhyolite volcanic flows is
usually <200 CPS. Over 90 grab samples were collected from
surface outcrop or sub-crop buried under thin soil cover from
prospected areas on the Macusani. Most sample sites had indications
of radiometric or visible uranium mineralization, with attempts to
collect a representative sample of the observed outcrop/sub-crop,
however, the selected nature of such sampling does not necessarily
reflect potential uranium contents expected from future drill
testing, but they do indicate the presence of uranium
mineralization and mineralizing systems in the surface rocks
collected.
The samples range in uranium contents from a low
of 6.3 ppm U to a high of 377,400 ppm U (44.5% U3O8). The average
of all samples collected and analyzed is 18,270 ppm U (2.15%
U3O8).
Uranium mineralization identified along
fractures and disseminated within the host rhyolite matrix were
collected using geological hammers with samples up to several
kilograms placed in sealed bags for shipping to analytical labs in
Lima. Sample site map coordinates are recorded using hand-help GPS,
radiometric measurements recorded using handheld spectrometers as
described previously, above, sites and samples are described and
photographed by Company geologists.
The results of radiometric prospecting, mapping
and sampling reveal several positive trends in the mineralized
areas highlighted by the red stars in Figure 1.
Quality Assurance, Quality Control
(“QA/QC”) and Data VerificationRadiometric prospecting is
completed in a grid-pattern using SAIC Exploranium GS-135 Plus
hand-held spectrometers (maximum reading ~65,600) with periodic
sample station results recorded as CPS. The reader is cautioned
that CPS measurements from hand-held spectrometers and
scintillometers measure radioactivity of certain decay products of
uranium, thorium and potassium, and are not necessarily a direct
indication of uranium contents.
Outcrop grab samples are collected from exposed
outcrop, with samples placed in sealed bags and shipped to
Certimin’s sample analytical laboratory in Lima for sample
preparation, processing and ICP-MS/OES multi-element analysis.
Where Uranium contents exceed 10,000 ppm U (max detection limits
for ICP technique), the original sample solutions are diluted and
re-analyzed using the same ICP-MS methods. Certimin is an ISO 9000
certified assay laboratory. The selected grab samples are not
necessarily representative of the grades of mineralization hosted
on the property. The Company’s Qualified Person, Mr. Ted O’Connor,
has verified the data disclosed, including radiometric prospecting
and outcrop sampling procedures and analytical data. The QA/QC
program is designed to include a comprehensive analytical quality
assurance and control routine comprising the systematic use of
Company inserted standards, blanks and field duplicate samples, and
internal laboratory standards.
Qualified PersonMr. 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 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
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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 |
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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 (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, completion of an updated PEA, including the
timing thereof, 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
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 “Risk
Factors” section of American Lithium’s Management’s Discussion and
Analysis filed on June 25, 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
ConcessionsThirty-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 the 32 of the concessions
invalid due to late receipt of the annual validity payment.
Macusani successfully applied for injunctive relief on 32
concessions in a Court in Lima, Peru, and the grant of the
Precautionary Measures (Medida Cautelar) has restored the title,
rights and validity of those 32 concessions to Macusani until a
final decision is obtained in at the last stage of the judicial
process. If American Lithium’s subsidiary Macusani does not obtain
a successful resolution of Processes, Macusani’s title to the
concessions could be revoked.
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