VANCOUVER, British Columbia, Feb. 12, 2020 (GLOBE NEWSWIRE) -- American Lithium Corp. (TSXV: LI) (OTCQB: LIACF) (Frankfurt: 5LA1) (“American Lithium” or the “Company”) a leading acquisition, exploration and development operator is pleased to report that crews have returned to commence its 2020 drill campaign on the Company’s wholly owned 4,000 acre TLC sedimentary lithium project.
Drilling at TLC in 2019 resulted in the completion of 18 RC drill holes totalling 1720 metres and 5 core holes totalling 488 metres for a total of 2208 metres. The work established a large near-surface relatively flat laying, free digging lithium target which is easily accessible by road and only 12 miles from the mining center of Tonopah, Nevada.
- Highest grade interval reported now 1370 ppm Li over 39.6m in hole TLC-1919, with highest 5 foot (1.52m) interval assaying 2233 ppm Li (1,000 ppm cutoff grade);
- Grade and thickness consistent with results of drill holes TLC-1901 through TLC-1921;
- Lithium grades continue to demonstrate consistency over wide down hole intervals;
- Known mineralization extended to over 2.5km (1.5 miles) strike and still open to expansion north and west;
- Core holes confirm previous RC drilling results.
Harris Exploration Drilling and Associates Inc is scheduled for 5 holes totalling 800 metres (2,500 feet) of 5.5” diameter reverse circulation drill sampling to increase the scope and eventual valuation of this prospective lithium-bearing claystone-rich environment.
- Lithium claystone mineralization is found consistently across nearly four (4) square miles of the project and appears to extend north and west into the basin.
- Preliminary hydrometallurgical testing demonstrates that lithium will effectively leach from the project area claystones with increased extraction quantity and quality relative to process times thereby deriving exciting economics and opportunities for highly scalable future commercial extraction scenarios.
The drill program calls for 100m (300 foot) average depths to a maximum of 160m (500 feet) which is projected to penetrate the full lithium claystone potential at depth. A Foremost Explorer 1500 RC Drill, matrix 4-dual tube drill pipe will be utilized for drill operations. All drill pads are located on existing roads in order to minimize environmental impact. A Company-owned Laser Induced Breakdown Spectrometer (LIBS) will be utilized to screen assay samples prior to dispatch to the lab.
Mike Kobler, CEO of American Lithium, notes “With this drilling program, we look forward to extending the size of this lithium deposit which we believe holds great promise as this particular mineralization could represent a highly economically advantageous and game-changing extraction opportunity poised to meet the inevitable resurgence and growth of the domestic lithium resource sector in Nevada.”
Please watch our corporate video at https://www.americanlithiumcorp.com/our-company/ and review our informative short project update videos and related background information at https://www.americanlithiumcorp.com/projects/tlc-nevada/.
About the TLC Discovery
The TLC sedimentary lithium discovery is an exploration and development project located 12 kilometres northwest of Tonopah, Nev., and easily accessible by paved highway. The fieldwork to date indicates a near-surface, relatively flat-lying, free digging lithium sedimentary region that offers the potential of hosting a wide area of high-grade lithium mineralization. With drilling continuing, the company expects to deliver a maiden resource and early stage economic study in 2020. Just south of the Crescent Dunes solar energy plant, the project is favourably located for future production given the immediate access to some of the cheapest electricity in Nevada.
About American Lithium Corp.
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 the TLC project located in the highly prospective Esmeralda lithium district in Nevada. TLC is close to infrastructure, 3.5 hours south of the Tesla Gigafactory, and in the same basinal environment as Albemarle's Silver Peak lithium mine, and several advancing deposits and resources, including Ioneer Ltd.'s (formerly Global Geoscience) Rhyolite Ridge and Cypress Development Corp.'s Clayton Valley project.
The technical information within this news release has been reviewed and approved by Bruce Kienlen, P.Geo., a consultant to the Company and a qualified person under National Instrument 43-101.
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.
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.