American Lithium Significantly Extends Falchani Lithium Mineralization with Ongoing Drilling - Latest Results up to 5,025 ppm Lithium and 8,290 ppm Cesium
American Lithium Significantly Extends Falchani Lithium Mineralization with Ongoing
Drilling - Latest Results up to 5,025 ppm Lithium and 8,290 ppm Cesium
VANCOUVER, BRITISH COLUMBIA, August 24, 2023 – American Lithium Corp. (“American Lithium” or the
“Company”) (TSX-V:LI | NASDAQ:AMLI | Frankfurt:5LA1) is pleased to provide assay results from four
additional vertical diamond drill holes recently completed under the Environmental Impact Assessment
(“EIA”) drill program at the Falchani Lithium project in Puno southeastern Peru (“Falchani”). The holes, in
addition to drill holes announced July 12, 2023, were drilled under the ten -hole EIA hydrology drilling
program launched at Falchani last Fall as part of the EIA hydrology study designed by EDASI SAC and SRK
Peru with field work overseen by EDASI. The EIA hydrological study was approved by ANA.
Highlights
• Drilling intersected long intervals of typical Falchani volcanic tuff as well as upper breccia material
with lithium mineralization up to 5,025 parts per million (“ppm”) and cesium grades up to 8,290 ppm;
• Drilling has significantly extend ed lithium mineralization 400 m etres (“m”) west of the previous
resource boundary;
• Final EIA drill results to be incorporated into an updated resource report being prepared by Stantec
Consulting Inc. (“Stantec”); and
• Ground water has yet to be encountered in any holes.
Currently, piezometers have been installed in four of the holes to monitor water activity through the
calendar year. On completion of water monitoring, a final detailed EIA Report will be filed with the
authorities in 2024. In the interim, most of the fiel d work to enable the issuance of a Semi -Detailed EIA
Report should be completed this fall. Such a filing would allow drilling across Falchani without the need
for additional drill permits.
Simon Clarke, CEO of American Lithium , states, “We are excited to c ontinue to intersect thick lithium
mineralization to the west of the current Falchani resource footprint . The entire EIA drilling program, in
addition to providing valuable and required hydrological data, looks to be significantly expanding the
mineralization at Falchani. An updated mineral resource, likely to show increased resource confidence
and resource size, is expected shortly.”
EIA Drill Program and Results
Link to: Figure 1 – Updated Falchani EIA Hydrology and Previous Drill Hole Location Map (also see below)
➢ Drill hole Pz07-TV intersected mineralization over the entire hole with the upper 0 -95 m averaging
2,345 ppm Lithium (Li), 829 ppm Cesium (Cs), 1,265 ppm Rubidium (Rb) and 2.57% Potassium (K); See
Table 1 – Drill Hole Pz07-TV results, below:
▪ Substantial sub-interval of +3,000 ppm Li intersected from surface to 42 m;
▪ Maximum Li of 4,102 ppm Li over 1 m at 32 m downhole;
▪ This drill hole is now the westernmost drill hole reported at Falchani and extends the drilled
mineralization approximately 400 m further west; and
▪ Mineralization remains open at depth below 160 m.
➢ Drill hole Pz10-TV intersected mineralization over the entire 160 m depth averaging 2,196 ppm Li, 713
ppm Cs, 1,126 ppm Rb and 2.63% K from 0-160 m downhole, ending in mineralization; See Table 2 –
Drill Hole Pz10-TV results, below:
▪ A 74 m drill interval from 21-95 m averaged 3,055 ppm Li, 577 ppm Cs, 1,217 ppm Rb and 2.64% K;
▪ Maximum Li of 5,025 ppm Li over 1 m at 86 m downhole;
▪ Mineralization remains open at depth below 160 m.
➢ Drill hole Pz05-TV intersected mineralization over the entire 160 m depth averaging 1,683 ppm Li,
1,598 ppm Cs, 1,173 ppm Rb and 3.06% K from surface, ending in mineralization; See Table 3 – Drill
Hole Pz10-TV results, below:
▪ High grade Cs was intersected over a 46.2 m interval from 104-150.2 m averaging 4,710 ppm Cs,
1,277 ppm Li, 1,083 ppm Rb and 2.71% K;
▪ Maximum Li of 3,282 ppm over 1 m at 149.2 m downhole;
▪ Maximum Cs of 8,290 ppm (0.83% Cs) over 1 m at 111.3 m downhole;
▪ Mineralization remains open at depth below 160.15 m.
➢ Drill hole Pz08-TV intersected mineralization from surface to 13 m averaging 2,486 ppm Li, 1,998 ppm
Cs, 1,267 ppm Rb and 3.11% K from 0 -13 m downhole; the remainder of the drill hole intersected
subvolcanic rhyolitic intrusive rocks (see Table 4 – Drill Hole Pz08-TV results below):
▪ A lower interval within the subvolcanic rocks intersected 25 m averaging 1,094 ppm Li, 1,081 ppm
Cs, 569 ppm Rb and 3.55% K from 64-89 m.;
▪ Additional work is being done on this style of lithium mineralization as it makes up the “basement
rock” of the main lithium-mineralized tuffs.
➢ Ground water has yet to be encountered in any holes within the 160 m reporting drill depth; EDASI
and Company have requested permission from ANA to drill deeper.
Figure 1 – Updated Falchani EIA Hydrology and Previous Drill Hole Location Map
Hole Pz07-TV was drilled approximately 450 m west of Platform 36 (Falchani West – 2020 drilling), the
westernmost holes from the 2020 resource drill program , expand ing the mineralized footprint
extensively. Thick Li, Cs and Rb mineralization was intersected in rhyolite tuff, structural -hydrothermal
breccia and subvolcanic rhyolitic intrusive rocks directly at surface to 160 m downhole depth. In addition
to expanding the Falchani mineralization an additional 200 m to the west of Pz04-TV (see July 12, 2023
news release) the drill hole ended in mineralization, confirming mineralization remains open at depth in
this area.
Hole Pz10-TV was drilled approximately 50 m southwest of Platform PCHAC -36 to investigate the water
table in this strongly mineralized area. The hole intersected similar mineralization of Falchani tuff and
lower brecciated units over the entire 160 m drill hole.
Hole Pz05-TV was drilled in the central valley in the central area of the Falchani resource footprint and
provides another window into the thick (>160 m) mineralization linking the western and eastern portions
of the Falchani deposit. The intense brecciation in the lower portions of the drill hole hosts higher grade
Cs mineralization with lower Li contents.
Hole Pz08-TV was drill ed along the southwestern edg e of the lithium mineralized outcrop area at Tres
Hermanas. While only 13 m of Falchani style mineralized brecciated tuff was intersect ed, the basement
subvolcanic rhyolitic intrusive rocks encountered below do have highly anomalous Li contents , and this
appears to establish the southern limit of the interpreted Falchani caldera system.
Table 1 – Drill Hole Pz07-TV results
Pz07-TV – 160.0 m
total depth reported –
Vertical
From (m) To (m) Thickness
(m)
Li (ppm) Cs (ppm) Rb (ppm) K (%)
0.0 160.0 160.0 1,817 780 965 3.00
including 0.0 95.0 95.0 2,345 829 1,265 2.57
including 0.0 42.0 42.0 3,246 602 1,342 2.75
Maximum Li interval 32.0 33.0 1.0 4,102
Maximum Cs interval 87.0 88.0 1.0 1,770
Maximum Rb interval 68.0 69.0 1.0 1,595
Table 2 – Drill Hole Pz10-TV results
Pz10-TV – 160.0 m
total depth reported –
Vertical
From (m) To (m) Thickness
(m)
Li (ppm) Cs (ppm) Rb (ppm) K (%)
0.0 160.0 120.0 2,196 713 1,126 2.63
including 21.0 95.0 74.0 3,055 577 1,217 2.64
Maximum Li interval 86.0 87.0 1.0 5,025
Maximum Cs interval 47.0 48.0 1.0 1,550
Maximum Rb interval 116.0 117.0 1.0 1,901
Table 3 – Drill Hole Pz05-TV results
Pz05-TV – 160.15 m
total depth reported –
Vertical
From (m) To (m) Thickness
(m)
Li (ppm) Cs (ppm) Rb (ppm) K (%)
0.0 160.15 160.15 1,683 1,598 1,173 3.06
including 0.0 16.0 16.0 2,348 439 1,558 3.14
including 24.0 102.0 78.0 1,998 239 1,333 3.37
including 104.0 150.2 46.2 1,277 4,710 1,083 2.71
Maximum Li interval 149.2 150.2 1.0 3,282
Maximum Cs interval 111.3 112.3 1.0 8,290
Maximum Rb interval 39.0 40.0 1.0 1,837
Table 4 – Drill Hole Pz08-TV results
Pz08-TV – 160.0 m
total depth reported –
Vertical
From (m) To (m) Thickness
(m)
Li (ppm) Cs (ppm) Rb (ppm) K (%)
0.0 13.0 13.0 2,486 1,998 1,267 3.11
64.0 89.0 25.0 1,094 1,081 516 3.55
Maximum Li interval 8.0 12.0 4.0 2,859
Maximum Cs interval 8.0 12.0 4.0 3,060
Maximum Rb interval 0.0 2.0 2.0 1,541
Quality Assurance, Quality Control and Data Verification
Diamond drilling is being conducted using Company-owned drill rigs with local contract personnel. Drill
core samples are cut longitudinally with a diamond saw , with one-half of the core placed in sealed bags
and shipped to Certimin’s sample analytical laboratory in Lima for sample preparation, processing and
ICP-MS/OES multi-element analysis. Certimin is an ISO 9000 certified assay laboratory. The Company’s
Qualified Person for the drill program, Mr. Ted O’Co nnor, has verified the data disclosed, including drill
core, sampling and analytical data in the field and laboratory. The program is designed to include 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 is actively engaged in the development of large -scale lithium projects within mining -
friendly jurisdictions throughout the Americas. The Company is currently focused on 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 Hard -rock Lithium Project and
Macusani Uranium Project in southeastern Peru. All three projects, TLC, Falchani and Macusani have been
through robust preliminary economic assessments, exhibit strong significant expansion potential and
enjoy strong community support. Pre -feasibility work is well advanced at Falchani and has commenced
at TLC.
For more information, please contact the Company at [email protected] or visit our website
at www.americanlithiumcorp.com
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 Media Inquiries:
Nancy Thompson
Vorticom, Inc.
212-532-2208
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 accura cy 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, the anticipated
completion of pre -feasibility work , and any other statements regar ding 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 and 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 , 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 lo cal
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; the ongoing ability to work cooperatively with stakeholders, including but not
limited to local communities and a ll levels of government; the potential for delays in exploration or development
activities; 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 st oppages, 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, any of which could continue to negatively
affect global financial markets, i ncluding 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 May 29, 2023, and in recent securities filings available at www.sedar.com. Act ual 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 169 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 Proj ect 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 Nove mber 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.