June 22, 2016
Vancouver, British Columbia:
- 13 hole RC drilling in North Bowl Playa to evaluate stratigraphy, conduct brine chemistry analyses and determine preliminary well hydrology parameters such as permeability and transmissivity;
- Brine sampling program in South Bowl Playa to determine accumulated levels of lithium, boron, potassium and magnesium;
- Updating proprietary geophysical gravity model for Fish Lake Valley.
American Lithium Corp. (TSXV: Li) (OTCQB: LiACF) (Frankfurt: 5LA; WKN: A2AHEL) (“American Lithium” or the “Company”), is pleased to announce that upon completion of its initial site reconnaissance, the Company has issued notice to proceed to its geological subcontractors to mobilize its fully funded, Phase 2 Exploration and Development Program for both deep and shallow drill and auger programs in the North and South Bowl playas. The playas comprise the Company’s contiguous 18,552 acre Fish Lake Valley lithium brine portfolio located in Esmeralda County, Nevada.
Under the direction of Dana Brock, P.E., R.G., C.E.G., Vice President, Geosciences and Engineering, American Lithium is planning a Phase 2 Exploration Program of up to thirteen (13) drill sites to a maximum of 150 m in depth to complete the previous 200 m grid sampling program in the Company’s North Bowl Playa shallow prospect conducted from 2009 to 2015 (see the Company’s news release dated June 1, 2016). The thirteen (13) drill sites have been selected at specific locations in the Fish Lake Valley North Bowl Playa, based on previously collected surface screening data, detailed structural geology and nearby local mineralization. Each site will be explored by direct push method to refusal, which is typically 60 m or less. Brine samples will be collected for inductively coupled plasma-atomic emission spectrometry (“ICP-AES”) analyses. American Lithium will be establishing its sampling and analytical protocols. The direct push sampling results will then be combined with previously collected screening data and 41 drill holes historically drilled at Fish Lake Valley, and incorporated in the Company’s detailed structural model and hydro geologic information. Reverse circulation drilling will then be conducted on selected sites to depths of up to 150 m to evaluate stratigraphy, collect brine samples for ICP-AES and general chemistry analyses and determine preliminary well hydrology parameters such as permeability and transmissivity.
American Lithium’s geological team also plans to conduct a brine auger sampling program to test for the presence of lithium brine in the shallow soil system of the South Bowl Playa. Sampling will be carried out utilizing 500 m grid spacing to a maximum depth of one meter below surface. Brine samples will undergo ICP-AES analyses for metals and classification of accumulated levels of lithium, boron, potassium and magnesium.
American Lithium’s team has conducted further geophysical surveys on both the North and South Bowl playas, and is updating the Company’s proprietary gravity model for its entire 18,552 acre lithium brine portfolio in Fish Lake Valley, Nevada.
Mike Kobler, CEO of American Lithium, commented “We are thrilled to be launching one of the most comprehensive drill campaigns in Nevada’s recent lithium development which, when combined with extensive historic drilling and technical work carried out in Fish Lake Valley from 2009 to 2015, is expected to support our believe in the potential resource of the Company’s Fish Lake Valley lithium brine assets. We are confident that Fish Lake Valley will become one of the largest lithium brine basins in Nevada.”
Fish Lake Valley Lithium Brine Basin
Fish Lake Valley is a large Nevada basin where the geological and geophysical characteristics have been determined to be strongly analogous to the structural and geological settings at Albemarle’s Silver Peak lithium brine operation at Clayton Valley, 38 kilometres to the southeast. Between 2009 and 2015, drilling and other exploratory work was conducted on the Fish Lake Valley North Bowl Playa property including work in 2011 that identified an area at the north end of the northernmost playa approximately 2 kms wide by 3.2 kms long, where lithium, boron and potassium were tested in elevated levels. This anomalous area encapsulates a more enriched zone which measures approximately 1.4 kms by 1.62 kms. Within this enriched zone lithium-in-brine values ranged from 100 to 150 mg/L, with boron ranging from 1,500 to 2,670 mg/L, and potassium from 5,400 to 8,400 mg/L. The average content of the brine samples taken within this central anomalous zone is: lithium 122.5 mg/L, boron 2,219 mg/L, and potassium 7,030 mg/L.
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.
For further information, contact Michael Kobler at firstname.lastname@example.org
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 20,790 acres (8,413 hectares), including 18,552 acres (7,508 hectares) in Fish Lake Valley, Esmeralda County, and the 2,240 acre (907 hectare) San Emidio Project in Washoe County. 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”. For further information, please visit the Company's website at www.americanlithiumcorp.com.
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 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.