American Lithium Summarizes 2018 Achievements and Early 2019 Outlook
TSX VENTURE: LI
At its Fish Lake Valley project the Company completed 19 kilometers of seismic survey, two stratigraphic drill holes, and gravity survey infill work. This effort has defined an integrated geophysical basinal model that indicates the depth and thickness of claystone sedimentary parcels with the potential to host significant lithium mineralization at shallow depths.
As a result, the Company elected to expand the FLV Project holdings by optioning and staking additional claims to the north and north east on highly prospective ground. Initial research into the new claim area resulted in the identification of outcropping lithium claystones with historic assays of up to 930 ppm Li and 500 ppm B. These values are comparable with the results seen at Ioneer Ltd.'s Rhyolite Ridge project in what appears to be a contiguous claystone unit located to the south of the American Lithium claims. Recent testing with a LIBS in-field analytical instrument (defined below) confirmed grades averaging over 1,000 ppm lithium on samples in the same zone (see News Release dated December 12, 2018).
American Lithium has also leveraged its basin modeling and understanding of lithium claystone targets to secure the 1,550-acre TLC Project just a 30 minute drive to the east.
Initial work on the TLC project has confirmed the grade and extent of the lithium mineralization and already resulted in the staking of additional claims. The TLC project is located close to the town of Tonopah, with logistics support, power and several options for water supply. The terrain is flat lying with a thin layer of sediments on top of the claystones, allowing for low stripping ratios to access the mineralized claystones for exploration and potentially future production.
Looking ahead to 2019, American Lithium has secured a drill permit for the FLV Project and has applied for a similar permit at TLC. The Company has secured and tested its SciAps Inc. Z300 Laser-induced breakdown spectroscope ("LIBS"), which allows operators to prospect for lithium with real time assays in the field and quickly separate moderately mineralized claystones from potentially economic lithium claystones. The Company is also evaluating leachability of selected lithium enriched claystones and expects to report initial results early in 2019. Company employed as well as independent consultants have been tasked with evaluating potential processing requirements.
Company CEO, Mike Kobler states, "Exploration results in 2018 provided us with an exceptional basin model at Fish Lake and great assays to vector in on as we look to developing claystone lithium resources and to further demonstrate scale and leachability of the claystones. Our assessment and quick acquisition of the TLC Project, which is now being expanded, has brought forward a second lithium claystone basin that can be advanced rapidly. 2019 will be a watershed year for American Lithium in Nevada."
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.
About American Lithium Corp.
On behalf of the Board,
American Lithium Corp.
Michael Kobler, Chief Executive Officer
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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.