Ameriwest Lithium Signs Binding Letter of Intent to Acquire the Bornite Copper Project
AMERIWEST LITHIUM SIGNS BINDING LETTER OF INTENT
TO ACQUIRE THE BORNITE COPPER PROJECT
Vancouver, BC – April 4, 2025: Ameriwest Lithium Inc. (“Ameriwest” or the “Company”) (CSE:
AWLI) (OTC: AWLIF) (FSE: 5HV0) announces that Ameriwest has signed a binding l etter of
intent dated April 4, 2025 (the “LOI”) to acquire 34 unpatented mineral claims located in Marion
County, Oregon, together with certain related technical information (the “Transaction”), from an
arm’s length private company (the “Vendor”). The claims are known as the Bornite project (the
“Bornite Project”).
The Bornite Project hosts a copper, gold, and silver deposit located about 50 miles east of Salem,
Oregon. The deposit is contained within a roughly cylindrical, vertically standing, cigar -shaped
breccia pipe. The formation is 450 feet in diameter , extending from the surface down 1,000 feet ,
and is open at depth. Copper minerals, principally bornite and chalcopyrite, were deposited as part
of the breccia matrix , mainly along the pipe’s margins. Higher grade mineralization is found on
the pipe’s outer shell, with lower grade mineralization within the pipe’s interior.
In the early 1990s, Plexus Resources Corporation (“Plexus”) advanced the property through
exploration, identifying a resource of 3.2 million tons at a 2.2% copper grade, 0.017 opt gold grade,
and 0.54 opt silver grade, containing 138.5 million pounds of copper, 54,000 ounces of gold, and
1.7 million ounces of silver at a 0.5% Cu cut-off grade. At that time, Plexus planned to construct
a 1,400-ton- per-day underground mine with an eight -year mine life subject to permitting and
financing (source: Plexus 1991 annual report).
The resource estimate above was completed before the implementation of National Instrument 43-
101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and is being treated as a historic
estimate by Ameriwest. The resources were not categorized as measured, indicated, or inferred.
No current resources have been defined on the Bornite Project that meet NI 43 -101 or CIM
Definition Standards for Mineral Resources & Mineral Reserves. However, the historical data
acquired by Ameriwest as part of the Transaction will be used to guide future exploration on the
property.
Pursuant to the LOI, Ameriwest will acquire a 100% interest in the Bornite Project by paying the
Vendor US$35,000 upon the completion of a financing by Ameriwest for gross proceeds of not
less than CDN$1.0 million (the “Financing ”), with a further US$65,000 payment required upon
the closing of the Transaction (the “Closing ”). The terms of the Financing have yet to be
determined, but the Company anticipates complet ing the Financing within 90 days of the date of
the LOI.
The LOI includes standard representations, warranties, covenants and conditions for a transaction
of this nature, a 150- day exclusivity period for the benefit of Ameriwest, and a provision that
obligates the parties to successfully negotiat e a definitive purchase agreement (the “Definitive
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Agreement”) in respect of the Transaction within 120 days of the date of the LOI. If the Closing
has not occurred on or before July 31, 2025, Ameriwest agrees to pay the claim maintenance fees
for the Bornite Claims due for the 2025/2026 year on or before that date, either by direct payment
of the fees and filing the necessary paperwork with the appropriate government agency or by
payment of US$10,000 to the Vendor , who in-turn shall immediately make the payment and file
the necessary paperwork with the appropriate government agency. Any difference between the
US$10,000 and the actual claims fee, filing costs, and reasonabl e legal fees paid by the Vendor
are less than the US$10,000 payment, the difference shall be subtracted from the US$65,000 to be
paid at Closing.
At the Closing, Ameriwest will grant the Vendor an advance minimum royalty (“AMR”) of
US$15,000 per year , payable on the first anniversary date of the Definitive Agreement and
annually thereafter. Upon the commencement of commercial production on the Bornite Project ,
Ameriwest will grant the Vendor a 2% net smelter royalty (the “NSR”), with credit to be given for
any AMR payments previously made by the Company. Ameriwest shall have the option of
acquiring 1% of the 2% NSR from the Vendor for US$1 million , payable at any time. The
Transaction is subject to regulatory approval.
David Watkinson, President and CEO of Ameriwest, stated, “As a young mining engineer, I
worked for Plexus in the early 1990s on technical aspects of the Bornite Project, including the
mine design. I am very familiar with the deposit, which I believe has the potential to become a
small high-grade (>2% Cu) underground copper mine , subject to exploration success and other
factors. With the designation of copper as a critical metal by the U.S. Department of Energy, this
property can be developed in a socially and environmentally responsible manner for the benefit of
the United States and its residents.”
About Ameriwest Lithium Inc.
Ameriwest is a n exploration company focused on identifying and acquiring strategic critical
mineral projects for exploration and resource development. The Company is advancing its
Thompson Valley lithium clay property in Arizona and is in the process of optioning its Railroad
Valley lithium brine property in Nevada to Pure Energy Minerals Ltd. (TSXV: PE).
Qualified Person
All scientific and technical information disclosed in this new release was reviewed and approved
by David Watkinson, P.Eng., a consultant to Ameriwest and a non-independent qualified person
under NI 43-101.
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For more information on the Company, investors should review the Company’s filings available
at www.sedarplus.ca.
On Behalf of the Board of Directors
David Watkinson, P.Eng.
Chief Executive Officer
For further information, please contact:
Ameriwest Lithium Inc.
Investor Relations
416 918-6785
The Canadian Securities Exchange has not in any way passed upon the merits of the matters
referenced herein and has neither approved nor disapproved the contents of this news release.
Caution Regarding Forward-Looking Information
Certain statements contained in this news release, including those related to the Transaction and the Financing, may constitute
forward‐looking information. Forward‐looking information is often, but not always, identified by the use of words such as
“anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions . Forward‐looking
information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to diff er
materially from those anticipated in such forward‐looking information. The Company’s actual results could differ materially from
those anticipated in this forward‐looking information as a result of regulatory decisions, competitive factors in the industr ies in
which the Company operates, prevailing economic conditions, changes to the Company’s strategic growth plans, and other factors,
many of which are beyond the control of the Company. The Company believes that the expectations reflected in the forward‐
looking information are reasonable, but no assurance can be given that these expectations will prove to be correct, and such forward‐
looking information should not be unduly relied upon. Any forward‐looking information contained in this news release represents
the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention
or obligation to update or revise any forward‐looking information, whether as a result of new information, future events or
otherwise, except as required by applicable securities legislation.