American Lithium intersects up to 2,900 ppm Li in best results to date from thick lithium claystone averaging 1,550 ppm Li over 50.3 m in hole TLC-2206C
American Lithium intersects up to 2,900 ppm Li in best results to date from thick
lithium claystone averaging 1,550 ppm Li over 50.3 m in hole TLC-2206C
VANCOUVER, BRITISH COLUMBIA , July 14, 2022 – American Lithium Corp . (“American Lithium” or the
“Company”) (TSX-V:LI | OTCQB:LIACF | Frankfurt:5LA1) is pleased to provide an update of initial diamond
drill results from the program currently underway at the Tonopah Lithium Claims (“TLC”) project located
northwest of Tonopah, Nevada. This diamond drill program is focused on expanding the existing large -
scale near surface TLC resource. An update on Reverse Circulation (“RC") drill program results to date is
expected to be released in the coming weeks.
Resource Expansion and In-fill Core Drilling:
Link to: Figure 1 – TLC Project Drill Hole Location Map (also see below)
• Large drill program launched in February 2022 under Plan of Operations finalized in January 2022.
• Large diameter diamond drill rig focused on infill and extension drilling around existing resource area
with RC drill rig focused on additional exploration on the project.
• Expedited l aboratory results from the first 5 diamond drill hole s submitted , all intersected thick
lithium mineralization with some of the highest grade -thickness intervals drilled to date at TLC, and
well above the mineral resource cut-off grade (400 ppm Li).
• TLC-2206C - 50.3 metres (“m”) (165’ feet) of 1,550 ppm Li from 145’ to 310’ downhole; includes 11.0
m averaging 2,104 ppm Li from 225’ to 261.2’; entire hole from 30’ to 351’ (End of Hole; “EOH” – 97.8
m true thickness) is mineralized averaging 1012 ppm Li (maximum 2,900 ppm Li – 4.4’ sample from
234.5’).
• TLC-2201C - 50.3 m (165’) of 1,247 ppm Li from 40’ to 205’ downhole; entire hole from 9’ to 292’ (End
of Hole; “EOH” - 89 m true thickness) is mineralized averaging 883 ppm Li (maximum 2,100 ppm Li –
5’ sample from 205’).
• TLC-2205C - 51.8 m (170’) of 1,221 ppm Li from 145’ to 315’ downhole; interval 110’ to 342’ (73.8 m
thickness) is mineralized averaging 1009 ppm Li (max. 2,500 ppm Li – 5’ sample from 205’).
• TLC-2202C - 50.3 m (165’) of 1,118 ppm Li from 60’ to 225’ downhole; interval 23’ to 2 60’ (72.2 m
thickness) is mineralized averaging 999 ppm Li (max. 1,910 ppm Li – 5’ sample from 130’).
• TLC-2203C – 30.5 m (100’) of 732 ppm Li from 30’ to 130’ downhole; and 8.8 m of 919 ppm Li from
232’ to 261’ (EOH); the entire hole from 25’ to 261’ (71.9 m thickne ss) has lower grade lithium
mineralization averaging 557 ppm Li (max. 1,180 ppm Li – 5’ sample from 240’).
o interpretation suggests that the southeastern portion of the project is closer to the Big Smokey
Basin edge in a higher energy depositional environment more proximal to the sediment source.
Simon Clarke, CEO of American Lithium states , “We are very pleased that t hese results continue to
expand the drilled resource footprint with higher grades and consistently thicker mineralization than the
existing TLC resource. Our main focus for the diamond drilling has been to expand and high grade our
existing resource and these results successfully achieve both objectives . This will enable us to better
position starter pits under our mining plan to initially focus on higher grade sections of the resource
thereby maximizing Project returns. We are also looking forward to updating the mineral resource
estimate for TLC in conjunction with finalizing our maiden PEA.”
Completion of Ranch Acquisition and additional water rights.
The Company also announces that it has completed the acquisition of the Reason Ranch, and its
accompanying water -rights, located in the Big Smoky Valley near Tonopah, Nevada. Through the
acquisition, the Company has secured significant additional water rights for the TLC project. In
consideration for the acquisition, the Company has paid a total of US$3,125,000 to the arms -length
vendors of the property. For further information regarding the acq uisition, readers are encouraged to
review the news release issued by the Company on May 26, 2022.
Figure 1 – TLC Project Drill Hole Location Map
Quality Assurance, Quality Control and Data Verification
Diamond drilling is being conducted by First Drilling of Montrose, Colorado using large diameter PQ coring,
drilling entirely vertical holes. Drill core samples are nominally 5-foot (1.53 m) and are cut longitudinally,
and one half is cut a second time longitudinally with a diamond saw with one-quarter of the core placed
in sealed bags and shipped to Paragon analytical laboratory in Reno, Nevada for sample preparation,
processing and ICP -MS multi-element analysis, and the remaining three -quarter core retained in core
boxes. Paragon is an ISO 9000 certified assay laboratory. The QA/QC program includes a comprehensive
analytical quality assurance and control routine comprising the systematic use of Company inserted
standards, blanks and field duplicate samples, internal laboratory standards and has also included check
analyses at other accredited laboratories. Downhole thicknesses for vertical drill holes are considered
accurate true thickness intersections.
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 development of large-scale
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 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 deve lopment-stage
projects in southeastern Peru. Both Falchani and Macusani have been through robust preliminary
economic assessments, exhibit strong significant expansion potential and enjoy strong community
support. Pre-feasibility work has now commenced at Falchani.
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.
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
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 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.