American Lithium launches Pre-Feasibility work at Falchani, with initiation of EIA with SRK
American Lithium launches Pre-Feasibility work at Falchani, with initiation of
EIA with SRK
VANCOUVER, British Columbia, July 11, 2022 -- American Lithium Corp. (“American Lithium” or the “Company”) (TSX-V:LI |
OTCQB:LIACF | Frankfurt:5LA1) is pleased to announce that it has commenced the environmental work required for a pre-
feasibility study on the Falchani Lithium project with the initiation of an Environmental Impact Assessment (“EIA”) with SRK
Peru (“SRK”). The EIA process will be run in parallel with work to update the Company’s existing PEA on Falchani and the
Company believes that both of these steps will position it to fast-track a Pre-Feasibility Study on the Project.
Highlights:
• The SRK led EIA will provide all environmental work needed to complete a pre-feasibility study on the Falchani Project,
including enabling any additional drilling required. Key elements include:
◦ EDASI SAC, a Lima headquartered environmental services company, has been contracted to immediately
commence detailed hydrological / hydrogeological studies at Falchani, focusing on the upper 150 m below
surface to investigate water table parameters;
◦ Permits have been submitted to relevant authorities for biological / hydrobiological monitoring studies and
required cultural / archeological work for the EIA; and
◦ It is anticipated that EIA will also enable any additional drilling required for Pre-Feasibility to occur during Fall,
2022.
• In the interim, and in parallel with the above EIA work, the Company remains focused on launching planned infill and
extension drilling in and around the Falchani Deposit as soon as possible:
◦ Company continues to work closely with its communities to keep approvals current as it awaits final regulatory
permits for this exploration / development drill program; and
◦ Company currently anticipates that infill / extension drilling will commence once the hydrological /
hydrogeological studies have been completed over next few weeks.
• Existing Falchani PEA will be updated by year-end for anticipated resource reclassification / extension following above
drilling and to include potential by-product production, as recently reported on.
Simon Clarke, CEO of American Lithium stated , “We are very pleased to be able to commence the next phase of work at
Falchani and specifically to formally begin pre-feasibility work with the launch of environmental and hydrological work with SRK
and EDASI. At the same time, and subject to final permits, the imminent launch of the hydrological work at Falchani should
enable us to segue nicely into our planned infill and extension drilling at Falchani / Tres Hermanas which will drive resource
reclassification and expansion in an updated PEA on Falchani.
We believe, the EIA work being undertaken combined with the work we are doing to update the existing PEA on Falchani, will
further demonstrate the quality and scale of this high purity lithium deposit and will position the Company to fast-track a Pre-
Feasibility Study on Falchani.”
Details of hydrological / hydrogeological work at Falchani
The objective of this study is to establish the presence or absence of surface and subsurface water within the project area and
to measure flow rates and flow direction within 150 m of surface. Various techniques will be used during the study, including
vertical drilling, water and drill hole geochemical sampling, borehole and ground geophysics and preliminary water flow data
acquisition. Once complete, the data, information and interpretation will be reported to ANA (Autoridad Nacional del Agua), the
National Water Authority.
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 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 [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
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; 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 the American Lithium’s potential products, availability of
materials, global travel restrictions, and the availability of insurance 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 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 “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 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 Concessions Thirty-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 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 has 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 the 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 INGEMMET. American Lithium has no
assurance that the outcome of these appeals will be in the Company’s favour.