American Lithium Reports Highest Grade Assay To-Date and Expands Discovery to Over 2.5 km Strike at TLC Project
TSX VENTURE: LI
VANCOUVER, British Columbia, April 16, 2019 (GLOBE NEWSWIRE) -- American Lithium Corp. (TSXV: LI) (OTCQB: LIACF) (FSE: 5LA1) (“American Lithium” or the “Company”) a leading acquisition, exploration and development operator is extremely pleased to announce outstanding assay results from the phase one drill program on its growing TLC lithium claystone project (“TLC”) located just outside the regional mining centre of Tonopah, Nevada.
Today’s release reports on holes 5 through 7 as well as number 17 of the 18-hole drill program. The assay results for drill hole TLC-1917 were prioritized in order to gain an early assessment of the northern claim area as we commence permitting for our planned phase two drill program. Early indications suggest that the northern grades and thicknesses exceed those identified within our initial discovery drill hole (TLC-1901).
- Highest grade interval reported now 1201 ppm Li over 44.2m in hole TLC-1917
- Grade and thickness consistent with results of TLC-1901 through TLC-1904
- Lithium grades continue to demonstrate consistent grades over wide down hole intervals
- Extends known mineralization to over 2.5km (1.5 miles) strike and still open to expansion
- 10 additional drill hole assays are pending
- Permitting submitted for 10 additional core drill holes
|Drill Hole ID||Top (m)||Bottom (m)||Interval (m)||Grade (Li ppm)|
|Table 1 - Drill Intersections at a Lithium Cutoff Grade of 600 ppm|
An updated map indicating the locations of the 18-hole drill program is available at: https://www.americanlithiumcorp.com/projects/tlc-nevada/
Mike Kobler, CEO of American Lithium notes, “These results extend the strike of high-grade lithium claystone to over 2.5 km and a width of 0.75 km. Hole TLC-1917 is our highest-grade intersection with 1201 ppm Li over 44.2 m using a 600 ppm Li bottom cut off. With over half of the results of this 18-hole drill program still pending we are demonstrating consistency in mineralisation and thickness of lithium bearing intervals across the project.”
Holes TLC-1905, 06, and 07 and 17 all have shallow depths to mineralization and significant continuous mineralization.
|Drill Hole ID||Top (m)||Bottom (m)||Interval (m)||Grade (Li ppm)||Bottom Cut Off (Li ppm)|
|Table 2 - Drill Intersections at Various Lithium Cutoff Grades|
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.
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 into the sample stream. 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 the TLC Discovery
The TLC lithium claystone discovery is an exploration and development project located 12km northwest of Tonopah, Nevada and easily accessible by paved highway. The fieldwork to-date indicates a near surface, relatively flat-lying, free digging lithium claystone region that offers the potential of hosting a wide area of high-grade lithium mineralization. With drilling ongoing, the company expects to deliver a maiden resource and early stage economic study in 2019. Just south of the Crescent Dunes Solar Energy Plant, the project is favorably located for future production given the immediate access to some of the cheapest electricity in Nevada.
About American Lithium Corp. (TSX.V: Li) (OTCQB: LIACF) (FSE: 5LA1)
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 recent TLC discovery and FLV Project 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.
On behalf of the Board,
American Lithium Corp.
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.
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.
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