VANCOUVER, Sept. 6, 2016 /CNW/ - American Lithium Corp.
(TSXV: LI) (OTCQB: LIACF) (Frankfurt: 5LA; WKN: A2AHEL) ("American
Lithium" or the "Company"), is pleased to announce that it has
started Phase 2 sonic drilling on three discrete lithium brine
targets at its Fish Lake Valley South Playa and Clayton-Valley-1 Projects, all located in
Esmeralda County, Nevada.
The drill program is designed to collect information on aquifer
characteristics and lithium values in aquifer brines in order to
support development of the Company's lithium resources.
Highlights:
- American Lithium has received 3 drill permits for drilling
at the Fish Lake Valley South Playa and the Clayton-Valley-1 projects;
- Drilling will target lithium-bearing brines in the Upper
Fish Lake Formation rocks which also host the lithium brine
production at Albemarle's Clayton Valley Lithium Brine production
facility;
- Results from this program will be used to update the
Fish Lake Valley Basin Aquifer
Model and for resource modeling in the three projects in the fall
of 2016.
Two permits have been received for drilling at the Fish Lake
Valley South Playa Project, and one permit for drilling at the
Clayton-Valley-1 Project.
The full drill program provides for 13 holes in total. The Company
will utilize a sonic drill which is unique in that it can both take
continuous samples of drill core while also being able to sample
subsurface water in intersected aquifers and pump test these same
aquifers. This unique ability will allow the Company to
derive more information from the program than either an RD or
diamond drill program. The sonic drill can effectively sample
sediments and test aquifers to a depth of 150m (500').
The Company is also currently completing a grid sampling project
at the Fish Lake Valley North Playa project area. One-metre deep
brine samples are being collected over a 300 metre grid area at the
North Playa. An extensive drill program is expected to begin at the
North Playa within two weeks.
"From a standing start in January, American Lithium is pleased
to be drill testing three world-class potential lithium brine
targets so quickly," commented Michael
Kobler, Executive Director and COO of American
Lithium. "The planned drilling on the South Bowl Playa
lithium brine project is the first program to explore the Company's
expanded target package in Fish Lake
Valley, Nevada, where the Company controls over 18,550
contiguous acres."
Phase 1 Exploration Program Results
- Near-surface brine sampling outlined a broad lithium
/boron/potassium anomaly on the northern portions of the northern
playa, roughly 1.3 x 2 miles long, which has a smaller higher grade
core which ranges from 100 to 150 mg/L lithium (average 122.5
mg/L), 1,500 to 2,670 mg/L boron (average 2,219 mg/L), and
5,400 to 8,400 mg/L potassium (average 7,030 mg/L).
- A direct push drill program was conducted on the northern end
of the playa, with 1,240.58 feet (378.09 meters) of drilling in 20
holes at 17 discrete sites, over an area of 3,356 feet (1,023
meters) by 2,776 feet (846 meters). Drilling ranged from 34
feet (10.36 meters) to 81 feet (24.69 meters), and averaged 62 feet
(18.90 meters). Average grades of all samples are 47.05
mg/L lithium, 992.7 mg/L boron, and 0.535% potassium respectively,
with lithium values ranging from 7.6 mg/L to 151.3 mg/L, boron
ranging from 146 to 2,160.7 mg/L, and potassium ranging from 0.1 to
1.3%.
- The anomaly outlined by the program is 1,476 by 2,461 feet (450
meters by 750 meters), and is open to expansion to the east and to
the south. A 50 mg/L lithium cutoff is used to define this
anomaly with average grades of 90.97 mg/L lithium, 1,532.92 mg/L
boron, and 0.88% potassium respectively.
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Source: NI
43-101Technical Report, Fish Lake Valley Lithium-Brine Property,
Esmeralda County, Nevada, USA, Nov 2015
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Michael Collins, P.Geo. is the
Company's designated Qualified Person within the meaning of
National Instrument 43-101, and has reviewed and approved the
technical information contained in this news release.
About American Lithium Corp.
American Lithium Corp.
is actively engaged in the acquisition, exploration and development
of lithium deposits within mining-friendly jurisdictions throughout
the Americas. American Lithium holds options to acquire
Nevada lithium brine claims
totaling 22,332 acres (9,038 ha), including 18,552 contiguous acres
(7,508 ha) in Fish Lake Valley,
Esmeralda County; 2,240 acre (907
ha) San Emidio Project in Washoe
County; and the 1,540 acre (623 ha) Clayton-Valley-1 Project. The Company's
Fish Lake Valley lithium brine
properties are located approximately 38 kilometers from Albemarle's
Silver Peak, the largest lithium operation in the U.S.,
approximately 3.5 hours from the Tesla Gigafactory.
American Lithium is listed on the TSXV under the trading symbol
"Li".
On behalf of the Board,
American Lithium Corp.
Karl Kottmeier
President and 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 document 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.
SOURCE American Lithium Corp