American Lithium Corp. (“American Lithium” or the “Company”)
(TSX-V:LI | OTCQB:LIACF | Frankfurt:5LA1) is pleased to provide an
update on developments and plans across all of its projects and at
the corporate level.
Highlights:
- Tonopah
Lithium Claims (“TLC”):
- Big Smoky /
Crescent Dunes acquisition closed – TLC now at approximately 12,975
contiguous acres;
- Received BLM
approval to drill up to 15 new holes (approx. 2,000 metres (“m”))
to test high grade target areas (up to 2,361 parts per million
(“ppm”) lithium (“Li”) at surface) on recently acquired land in
Nevada;
- Reverse
Circulation (“RC”) drills to be mobilized in 2-3 weeks;
- Plans to twin
several holes to test for repeated sections of lithium claystone,
drill to basement and determine depth to the water table;
- Optimization of
process engineering and pre-concentration work being fast-tracked
to enable completion of a Preliminary Economic Assessment (“PEA”)
during Q1 2022; and
- Approval of Plan
of Operations (“PO”) for next phase of development anticipated in
late 2021.
- Falchani
Lithium Project:
- Plans to
mobilize two Company drills for up to 40 drill holes (approx. 8,000
m) of diamond drilling in and around Falchani; also testing the
newly discovered lithium-rich anomalies west of Falchani;
- Infill and
extension drilling on the Falchani deposit, mainly focused around
Tres Hermanas;
- Targeting
reclassification of the large, inferred category of the current
Falchani mineral resource to measured and indicated and expansion
of existing resources;
- Exploration
drilling to commence on 2 key target areas 5-6 kilometres (“km”)
west of Falchani identified in recent field work, including grab
samples1 of up to 3,272 ppm Li; and
- Process to
update existing PEA on Falchani for cesium and potassium
by-products will commence shortly and will also reflect any
resource reclassification and resource expansion.
- Macusani
Uranium Project:
- Plan to launch
extension and exploration drilling at Macusani later this year
utilizing remaining two Company diamond drills;
- Plan 12,000 m
(70 holes) of diamond drilling on high grade, near surface
exploration targets, following recent field work where 90 grab
samples1 averaged 18,270 ppm (2.15% U3O8);
- Targeting
expansion of current deposits / resources and test newly discovered
radiometric anomalies;
- Process to
update existing PEA on Macusani to commence shortly;
- Updated PEA to
focus on economic benefits of gravity pre-concentration, which has
successfully doubled grades to 570-623 ppm uranium (“U”); and
- Potential to
significantly increase throughput / life of mine; through the
inclusion of additional resources not previously included in
existing PEA (2016).
-
Corporate:
- Executive team
continues to focus on strong community relations with all required
consents and authorizations in place for next phase of development
at Falchani and Macusani;
- All roads and
infrastructure are in place and relevant communities are fully
engaged;
- Recent meeting
of management with President Castillo of Peru has provided
additional impetus for mobilization to occur in Peru later this
month;
- Ongoing
engagement with all relevant stakeholders including positioning TLC
as large-scale lithium development project with minimal
environmental and cultural impacts; and
- An application
for a listing on the NYSE American Exchange has been filed.
Simon Clarke, CEO of American Lithium
states, “The Company continues to move its projects
through the development cycle as expeditiously as possible and, in
the months ahead, expects to achieve numerous milestones in both
Nevada and Peru. I would like to thank all our people for their
continued hard work and engagement. Integrating companies’
post-merger takes time; however, the process is unfolding well. The
positive impact that our new colleagues have brought and their
technical expertise in developing unique styles of lithium and
uranium mineralization is a great asset going forward. In addition,
we are excited at the potential to up list onto the NYSE American,
which we believe will provide greater exposure as American Lithium
continues to evolve into a leading lithium developer focused on the
Americas.”
TLC
With the acquisition of Big Smoky, north and
contiguous to TLC, and additional staking to the east and south,
the project has grown to a total of approximately 12,975 acres. As
numerous other parties continue to stake and acquire land in the
immediate vicinity, the Company’s strategy is to protect and build
a buffer around its most prospective acreage while adding highly
prospective, contiguous acreage where it can.
An RC drill program of up to 15 exploration
drill holes (~2,000 m) on the newly acquired ground, where surface
sampling1 yielded results of up to 2,361 ppm Li, is expected to
commence in two to three weeks. Up to 10 drill holes are planned on
the northern ground and up to 5 holes on the new eastern ground. In
addition, the Company plans to twin previously drilled mineralized
holes (which form part of the existing resource), taking them
deeper to establish the depth to the water table, test for deeper
lithium mineralization potential and to provide material for the
next phase of metallurgical processing test work.
As reported on August 19, 2021, the PO submitted
to, and accepted as complete by, the Bureau of Land Management
(“BLM”) to drill up to an additional 110 holes (~15,000 m) and up
to five test pits on the original TLC claims area is expected to
receive final approval in late 2021.
Metallurgical optimization test work has
accelerated and continues to focus on upgrading, using gravity
separation techniques, as well as three viable options to process
TLC claystones for lithium extraction: warm sulphuric acid
leaching; hydrochloric acid leaching and salt roast-water leaching.
Work being completed by TECMMINE in Peru as well as Hazen Research
and McClelland Laboratories in the US, continues to generate high
levels of lithium extraction. Final phases of test work will also
include impurity removal and lithium compound precipitation at
ANSTO in Sydney, Australia, where similar work was successful in
the final optimization of Falchani mineralization.
Finally, the Company has engaged Minviro Ltd,
sustainability consultants, to complete a Life Cycle Assessment on
the production of battery-grade lithium products at TLC,
integrating environmental impact data into the decision-making
process as the Company looks to finalize and optimize its
flow-sheet design.
All technical and sustainability information
will be integrated into a PEA expected to be completed in Q1
2022.
FALCHANI
At Falchani, the Company is planning an in-fill
/ resource expansion drill program as well as exploration drilling.
The in-fill drill program will focus on the immediate Falchani
resource area to upgrade the classification of mineral resources to
Measured and Indicated categories. Resource expansion is focused on
drill testing north and west of the existing Falchani resource
area, where the deposit remains open, and immediately southwest of
the deposit where the outcropping Tres Hermanas target is a top
priority. Tres Hermanas is a series of outcrops of dipping
lithium-rich tuff 75-90 m thick and 750 m long with extensive
surface trench samples averaging 3,500 ppm Li from 84 samples1.
The exploration drill program will focus on
targets near the community of Quelcaya, 5 to 6 km west of Falchani
and will follow up high-grade lithium surface grab sample results1
of up to 3,272 ppm Li.
Two of the Company’s diamond drill rigs are
expected to mobilize later this month, following receipt of final
exploration permits, to complete the 40-hole (8,000 m) program.
Access agreements and approvals have been received from all
relevant communities for the programs, as these communities will be
actively involved in the ongoing drilling campaigns.
Plans are being implemented to update the
current Falchani PEA to include potential by-products, SOP
(sulphate of potash) and Cesium, following initial successful
extraction in test work. The updating of the PEA is expected to
commence shortly and will also include the planned resource
expansion/reclassification drill results.
MACUSANI
The Company is also planning an exploration and
resource expansion drill program at the Macusani Uranium project.
The resource expansion program will focus on areas between existing
uranium deposits of the Kihitian Complex as radiometric prospecting
and sampling work suggests that several of the deposits may be
linked. Extension drilling to the northeast and southwest of the
Colibri II-Tupurumani deposits will be completed, based also on
sampling and prospecting results. As announced September 28, 2021,
recent mapping and surface sampling generated over 90 grab samples1
collected immediately at surface with uranium mineralization
averaging 18,270 ppm U (2.15% U3O8). This program also identified 3
new exploration targets.
Two additional Company owned diamond drill rigs
are expected to mobilize later in the year to start the 70 hole
(12,000 m) Macusani project drill program, on receipt of final
permits. As at Falchani, access agreements and approvals for this
program have already been received from the relevant communities
and these communities will be actively involved.
The Company plans to begin updating the Macusani
Uranium PEA to include the recent successes in pre-concentrating
uranium mineralization into the fine fraction. Test work from three
different uranium deposits has shown that 73-82% of the uranium is
retained in 31-35% of the original mass, effectively increasing the
grade 2.3 times using simple scrubbing and screening in a short,
20-minute cycle. In summary, original mineralization head grades of
245-273 ppm U were upgraded to 570-623 ppm U.
The original Macusani PEA considered only 56% of
the total mineral resources in the study2. Gravimetric upgrading
highlights the opportunity to include additional uranium resources,
not previously considered, into the updated PEA offering the
potential to vastly increase the potential life of mine production.
Higher feed grades also have implications for potential capital and
operating cost savings due to smaller throughput requiring a much
smaller back-end plant footprint and less energy and reagent use
per feed tonne. The updated PEA will also consider using tank leach
processing versus the original heap leach option to increase
uranium recoveries and add scalability to any potential
operation.
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 Dr. 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.
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.
NYSE American ListingReaders
are cautioned that while the Company is pursuing a listing on NYSE
American at this time, there can be no guarantee that a listing
will be completed. Completion of any listing remains subject to
applicable regulatory approvals and the satisfaction of listing
requirements. In the event a listing is completed, it is
anticipated that the common shares of the Company would continue to
trade on the TSX Venture Exchange.
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 the 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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