American Lithium Commences EIA Drilling at Falchani and Awards PEA Update Work to DRA Global and Stantec Inc.
American Lithium Commences EIA Drilling at Falchani and Awards PEA Update
Work to DRA Global and Stantec Inc.
VANCOUVER, BRITISH COLUMBIA, August 24, 2022 – American Lithium Corp. (“American Lithium” or the
“Company”) (TSX-V:LI | OTCQB:LIACF | Frankfurt:5LA1) is pleased to announce that it has commenced an
Environmental Impact Assessment (“EIA”) hydrology drilling program (designed by SRK Peru and EDASI
SAC) at its wholly owned Falchani lithium project in Southern Peru.
The Company also announces it has engaged DRA Global and Stantec Inc. to jointly produce an updated
Preliminary Economic Assessment (“PEA”) for Falchani . Th e updated PEA will focus on incorporating
Sulphate of Potash (“ SOP”) and Cesium (“Cs”) by-products, the material increase in lithium carbonate
(“LCE”) pricing and the results of the current drilling.
Highlights:
• Diamond drilling has commenced at Falchani as part of the EIA hydrological study.
• The program consists of 10 vertical holes up to 150 metres depth within and adjacent to, the Falchani
resource footprint (see Figure 1 – EIA Diamond Drill Hole Location Map, below and link).
• The program includes installation of downhole piezometers to monitor water table and local
groundwater parameters.
• Parallel with the EIA work , the Company remains focused on launching its planned infill and
expansion drilling in and around the Falchani Deposit as final permits are received.
Simon Clarke, CEO of American Lithium state d, “We are very excited to be diamond drilling again at
Falchani for the first time since before COVID-19. We are also pleased that this work and other recent
successes will allow DRA Global to update the Falchani PEA. We anticipate this update will build on and
improve the already robust economics of the original PEA and will further highlight the quality and scale
of this large lithium deposit.”
Figure 1 – EIA Diamond Drill Hole Location Map
Qualified Person
Mr. Ted O’Connor, P.Geo., Executive Vice President 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 Lithium
American 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 southeas tern 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 [email protected] or visit our website
at www.americanlithiumcorp.com for project update videos and related background information.
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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: [email protected]
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 adequa cy or accuracy of this press
release.
Cautionary Statement Regarding Forward Looking Information
This 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 ability to appeal the judicial ruling, 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 simi lar 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 Lit hium 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 assumpt ions related to: American Lithium’s ability to achieve its
stated goals; 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 ti me, 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 insuran ce and the associated costs; the judicial appeal process in Peru, 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 Commis sion 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 i nterruptions 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 o btain 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, incl uding 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 obliga tion 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 Am erican 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 h as 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 t he
last stage of the judicial process. The favourable judge’s ruling confirming title to all 32 concessions from November
3, 2021 represents the final stage of the current judicial process. However, this ruling has recently been appealed by
MINEM and INGEM MET. American Lithium has no assurance that the outcome of these appeals will be in the
Company’s favour.