- Samples from near surface auger drill holes on the North
Bowl Playa, Fish Lake Valley Lithium Brine Project have been
shipped to lab for lithium assays
- Near surface auger drilling and sampling program is also
planned in the South Bowl Playa, Fish Lake Valley Lithium Brine
Project
- Fish Lake Valley Basin
Model is being updated with additional geophysical data which,
combined with the near surface brine drill hole data, will define
direct Push and reverse circulation drill targets to be drilled
later this summer.
VANCOUVER, July 19, 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
successfully completed 6 initial shallow (2 m ) auger drill holes
as part of its Phase 2 exploratory drilling program on the
North Bowl Playa in its Fish Lake
Valley lithium brine project, Esmeralda County, Nevada. The auger
drill holes targeted infill drilling in areas of interest from the
2010-11 Phase I exploration and as well as extensions of those
areas.
The near surface auger program is the first of three drill
stages planned during the 2016 Fish Lake Valley Exploration Program
and will be followed by direct push drilling and finally a reverse
circulation drill program to a total depth of up to 500 feet.
A total of 13 drill locations have been permitted for the direct
push and reverse circulation drill programs. Together, the
overall drill program will give a comprehensive understanding of
the lithium content of playa soils and brines, along with other
potentially economically important minerals, as well as porosity
and permeability of lithium bearing brine aquafers within the North
and South Bowl Playas of the Fish Lake
Valley lithium brine project.
"American Lithium's team have been developing the Fish Lake Valley lithium brine target for over
8 years and are excited to begin this Phase of the program on its
North Bowl Playa lithium brine project," commented
Michael Kobler, CEO of American
Lithium. "The planned near surface 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."
With the completion of the North Bowl Playa near surface
program, the program will move to the South Bowl Playa of the
Fish Lake Valley lithium brine
project to follow-up on published USGS drill data. Assays
from both projects are expected to follow in four to six
weeks. This information will be integrated with our ongoing
gravity survey currently being conducted by Dr. John Oldow, Director of the Ellison Miles Center
for Geological Field Studies at the University
of Texas, Dallas, to further define our drill targets for
the Company's second stage drill programs.
American Lithium has an 18,552 acre (7,508 hectare) claim
package in Fish Lake Valley that
encompasses both the North Bowl Playa which has seen near surface
brine sampling in 2010-11, (see summary notes below), as well as
the South Bowl Playa which has had anomalous drill results from
former USGS drilling. The Fish Lake
Valley basin is geologically very similar to the Clayton
Valley basin which is only 38km to the southeast and the location
of North American's only Lithium producer, Albemarle's Silver Peak
lithium brine operation.
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.
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". 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.
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