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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  American Lithium Corp.    LI   CA0272592092

AMERICAN LITHIUM CORP.

(LI)
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American Lithium Reports 1,109 Li ppm over 61 Meters on 1st Drill Hole at TLC Project

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03/19/2019 | 08:05am EDT

Vancouver, British Columbia--(Newsfile Corp. - March 19, 2019) - American Lithium Corp. (TSXV: LI) (OTCQB: LIACF) (FSE: 5LA) ("American Lithium" or the "Company") a leading acquisition, exploration and development operator is extremely pleased to announce outstanding assay results from the first phase-one drill hole on its 630 ha (1,550 acre), TLC lithium claystone project located just outside the mining centre of Tonopah, Nevada.

Highlights

  • First results of 18-hole drill program
  • 1,109 Li ppm over 61 meters from a near surface depth of 11m, including 1.5m of 1,615 ppm Li
  • Consistent lithium surface results over 4 square miles, (10 km2) and open in all directions
  • The Company is actively staking additional ground
Drill hole TLC-1901
Top (m)Bottom (m)Interval (m)Grade (Li ppm)Cut off (Li ppm)
1.591.590835300
10.771.7611109600
10.745.73511771000

 

Mike Kobler, CEO of American Lithium notes, "We identified this initial discovery based on favorable surface grab sampling that returned initial grades as high as 1,380 ppm Li. Given the consistency of surface mineralization across the project, we elected the middle of the claim block as a starting point. From here, we aim to maximize our step-out and build upon the initial drill hole, outcrop and geochemical data to shape our drill targeting and understanding of the basin. Based on the excellent initial results, we're actively staking additional surrounding lands."

As previously announced, the wholly-owned Tonopah Lithium Claystone (TLC) Project is scheduled for an extensive phase one drill program undertaken by Harris Exploration Drilling and Associates Inc., of Fallon, Nevada. The first phase began mid February and calls for a series of holes at 100m (300 foot) average depths to a maximum of 160m (500 feet) and will encompass a total of 1,600 m (5,000 feet) of 5.5″ diameter reverse circulation drill sampling to increase the scope and eventual valuation of this prospective lithium-bearing claystone-rich environment.

In summary, the Company reports the results from the first discovery drill hole indicate limited overburden approximately 1.5 meters thick, with a significant near surface 72-meter-thick lithium enriched area of mineralization. Additional drill results anticipated within the next two weeks should aid in the determination of area-wide grade and thickness assessment. Company management looks forward to providing further results as they become available.

QA/QC Statement

Drilling was conducted by Harris Exploration Drilling and Associates Inc., of Fallon, Nevada utilizing a "1500 Explorer" reverse circulation rig with a 5 ½ diameter hole with face centred bit. Sampling was conducted using a riffle splitter or a cyclone splitter depending on the moisture content of the sampled material. Sampling was conducted over 5-foot (1.52m) intervals. Sample custody was maintained by the company's consultants throughout the sampling and logging process. The company has a rigorous QA/QC program utilizing blanks, duplicates and a high and a low-grade lithium standard material. Duplicates and standard material are inserted into the sample stream on a 5% and 5% basis, and blank material was inserted at the start and finish of drill hole sample set. Samples were sent to American Assay Laboratories in Sparks Nevada for analysis utilizing the ICP-MS analysis protocol. Selected check assays samples were sent to the Bureau Veritas in Reno/Vancouver for analysis by ICP-MS.

About American Lithium Corp. (TSXV: Li) (OTCQB: LIACF) (FSE: 5LA)

American Lithium is actively engaged in the acquisition, exploration and development of lithium deposits within mining-friendly jurisdictions throughout the Americas. The Company is currently exploring and developing its TLC and FLV Projects located in the highly prospective Esmeralda Lithium District in Nevada. These projects, within 48 km (30 miles) of each other, are close to infrastructure, 3.5 hours south of the Tesla Gigafactory, and similar mineralization characteristics as Albemarle's Silver Peak Lithium Mine, and the advancing deposits and resources including Ioneer Inc.'s (formerly Global Geosciences) Rhyolite Ridge and Cypress Development Corp's Clayton Valley Project.

The technical information within this news release has been reviewed and approved by Michael Collins, P.Geo., a consultant to the Company and a qualified person under National Instrument 43-101.

American Lithium is a TSX Venture 50 company. For more information, please contact the Company at info@americanlithiumcorp.com or visit our website at www.americanlithiumcorp.com. Follow us on Facebook, Twitter and LinkedIn.

On behalf of the Board,
American Lithium Corp.

Michael Kobler,
Chief Executive Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Statements in this release that are forward-looking information are subject to various risks and uncertainties concerning the specific factors disclosed here. Information provided in this release is necessarily summarized and may not contain all available material information. All such forward-looking information and statements are based on certain assumptions and analyses made by American Lithium management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include those described under the heading "Risks Factors" in American Lithium's most recently filed MD&A. The Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information or statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43488


© Newsfilecorp 2019
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Managers
NameTitle
Michael H. Kobler CEO, Chief Operating Officer & Executive Director
Andrew W. Bowering Director & Chief Financial Officer
Dana J. Brock Vice President-Geosciences & Engineering
Andrew Squires Director
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