American Lithium Announces Exploration Permits to Commence Phase 2 Drill Program in Northern Fish Lake Valley
Lithium Brine Project
• On track to commence Phase 2 Exploration Drill Program in 2H 2016, with permits for 13 drill holes
• Follow-up to NI 43-101 Technical Report, Fish Lake Valley Lithium-Brine Property, November 30, 2015
June 1, 2016 – Vancouver, British Columbia – American Lithium Corp. (TSXV: Li) (“American Lithium” or the “Company”), is pleased to announce that its wholly owned subsidiary 1032701 B.C. (“1032701”), has received a notice-of-intent exploration work permit from the Bureau of Land Management to conduct a Phase 2 exploratory drilling program at its 7,840 acre (3,172.7 hectare) North Bowl Playa lithium brine project in Fish Lake Valley, Esmeralda County, Nevada (see Company’s news release dated April 7, 2016).
“The geological setting at Fish Lake Valley is highly analogous to the salars of Clayton Valley, where Albemarle has its Silver Peak lithium-brine operation,” commented Michael Kobler, CEO of American Lithium. “Over the past 6 years, previous operators have been investigating the Company’s North Bowl Playa, Fish Lake Valley lithium brine property. A National Instrument 43-101 report titled Technical Report, Fish Lake Valley Lithium-Brine Property, Esmeralda County, Nevada, was completed on the property in November 2015. The purpose of our Phase 2 exploration drill program is to test several potential brine lithium targets identified in the Phase 1 Exploration Program which included surface brine sampling, gravity geophysics and 3,545 feet (1080 meters) of shallow auger and direct push drilling within 41 holes at 25 sites ranging from 42 feet to 150 feet in depth. We also plan to do more high density gravity surveys to better define the subsurface structure and shallow auger brine test holes across the entire holding.”
The Company intends to contract an exploration drilling company to complete up to 13 drill holes to approximately 500ft in depth to firm up its North Bowl Playa shallow prospect as part of its Phase 2 exploratory drill program.
Phase 1 Exploration Program Results
A number of geochemical and geophysical studies were completed on the property, along with a short drill program conducted on the periphery of the playa in the fall of 2010. Near-surface brine sampling during the spring of 2011 outlined a boron/lithium/potassium anomaly on the northern portions of the northern playa, roughly 1.3 x 2 miles long, which has a smaller higher grade core where lithium mineralization ranges from 100 to 150 mg/L (average 122.5 mg/L), with boron ranging from 1,500 to 2,670 mg/L (average 2,219 mg/L), and potassium from 5,400 to 8,400 mg/L (average 7,030 mg/L). Wet conditions on the playa precluded drilling in 2011, and for a good portion of 2012, however a window of opportunity opened in late fall 2012. In November/December 2012, a short direct push drill program was conducted on the northern end of the playa, wherein a total of 1,240.58 feet (378.09 meters) was drilled in 20 holes at 17 discrete sites, and an area of 3,356 feet (1,023 meters) by 2,776 feet (846 meters) was systematically explored by grid probing. The deepest hole was 81 feet (24.69 meters), and the shallowest hole that produced brine was 34 feet (10.36 meters). The average depth of the holes drilled during the program was 62 feet (18.90 meters). The program successfully demonstrated that lithium-boron-potassium-enriched brines exist to at least 62 feet (18.9 meters) depth in sandy or silty aquifers that vary from approximately three to ten feet (one to three meters) in thickness. Average lithium, boron and potassium contents of all samples are 47.05 mg/L, 992.7 mg/L, and 0.535% 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 not fully delimited, as the area available for probing was restricted due to soft ground
conditions to the east and to the south. A 50 mg/L lithium cutoff is used to define this anomaly and within this zone average lithium, boron and potassium contents are 90.97 mg/L, 1,532.92 mg/L, and 0.88% 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.
For further information, contact Michael Kobler at info@americanlithiumcorp.com
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
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