08:45:01 EDT Mon 13 May 2024
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AM Resources Corp
Symbol AMR
Shares Issued 139,229,826
Close 2023-05-02 C$ 0.025
Market Cap C$ 3,480,746
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AM acquires Li exploration licences in Austria

2023-05-03 12:37 ET - News Release

Mr. David Grondin reports

AM RESOURCES ACQUIRES PROMISING LITHIUM EXPLORATION LICENSES IN AUSTRIA

AM Resources Corp. has acquired lithium exploration licences in Austria, a country with a rich history of successful mining operations. The licenses cover an area of 60 square kilometres, consisting of three properties: Legend, East Wolf and Sankt Rad. The acquisition is in line with the Corporation's strategy to expand its current operations and increase exposure to high-growth markets.

"Austria is an important jurisdiction for us, and this acquisition represents a significant milestone in our strategic plan to develop a leading European lithium supply chain," said David Grondin, CEO of AM Resources. "Notably, the East Wolf property is situated in a highly strategic location, just 5 km from the Wolfsberg lithium project, an old lithium mine that is currently undergoing efforts to resume production with an indicated resource of 6.3 million tonnes at 1.17% LiO2. Geological data indicates that the East Wolf property comprises massive amphibolite and micaschiste with pegmatite intrusions, which are favorable indicators of the presence of valuable lithium minerals. The Corporation is confident that this acquisition has the potential to significantly enhance its asset portfolio, and is eager to collaborate with local partners to expedite the exploration and development of these promising projects."

The Sankt Rad property also shows promising exploration potential. Historical grab sampling work done in 1983 by an Austrian geological survey team at proximity to the property has revealed significant high-grade lithium results, as shown in the following table (source: Friedrich Koller, Michael A. Gotzinger, Richard Neumayer, Gerhard Niedermayr, August 1983).

Austria has a proven track record for mining and is home to historical lithium extraction operations. The country's favorable regulatory framework, skilled workforce, and advanced infrastructure make it an attractive jurisdiction for mining companies seeking to expand their operations. In addition, Austria is also a major hub for electric vehicle manufacturing, with companies such as Mercedes, BMW and Fisker all having production facilities in the country.

"We are confident that our exploration efforts will unlock the full potential of these assets, and create significant value for our shareholders," added M. Grondin. "We look forward to updating the market on our progress as we continue to develop these exciting new projects."

Acquisition terms

AM Resources has acquired from Prospection Grosier Mineraux ltee the exclusive right and option to earn a 100% interest in three properties, namely Legend, East Wolf and Sankt Rad, by paying a total of $100,000 on the Effective Date and allotting and issuing a total of 13,000,000 common shares of the Corporation to Prospection Grosier Mineraux ltee, as follows:

3,000,000 common shares on the Effective Date;

5,000,000 common shares one year after the Effective Date;

5,000,000 common shares two years after the Effective Date.

The transaction is subject to regulatory approval.

The technical content of this press release has been reviewed and approved by Andre Jean, P.Eng., the Corporation's consultant and a qualified person under National Instrument 43-101.

About AM Resources

AM Resources Corporation (TSXV: AMR) is a mining exploration company with interests in coal and natural bitumen projects in Colombia, and lithium projects in Austria.

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