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American Lithium Corp (2)
Symbol LI
Shares Issued 208,211,661
Close 2022-11-30 C$ 1.95
Recent Sedar Documents

American Lithium pegs Tonopah inferred at 1.86 Mt LCE

2022-12-01 10:49 ET - News Release

Mr. Simon Clarke reports

AMERICAN LITHIUM REPORTS LARGE INCREASE IN LITHIUM RESOURCES AT TLC - MEASURED LCE RESOURCE INCREASES 25%; INDICATED LCE RESOURCE INCREASES 129%

American Lithium Corp. has released an updated mineral resource estimate (MRE) that significantly increases the contained lithium resources for the Tonopah lithium claims (TLC) project located in the Esmerelda lithium district northwest of Tonopah, Nev. This MRE was completed as part of the process of compiling the maiden preliminary economic assessment (PEA) on TLC and will be incorporated into the mine plan within the PEA scheduled to be completed and announced shortly.

Highlights:

  • Measured plus indicated resource LCE (lithium carbonate equivalent) increases 64 per cent from original April, 2020, mineral resource estimate;
  • Measured resource -- 4.2 million tonnnes (Mt) LCE (860 Mt at 924 parts per million (ppm) lithium (Li));
  • Indicated resource -- 4.63 Mt LCE (1,192 Mt at 727 ppm Li);
  • Measured plus indicated resource -- 8.83 Mt LCE (2,052 Mt at 809 ppm Li);
  • Inferred resource -- 1.86 Mt LCE (486 Mt at 713 ppm Li);
  • Base case cut-off of 500 ppm Li employed -- up from 400 ppm Li in the original resource due to anticipated increased processing cost inflation between 2020 and 2022;
  • Infill RC (reverse circulation) and diamond drilling validates size and scale of existing measured core resource, expands the core resource, and defines areas of high-grade shallow mineralization;
  • Using a cut-off of 1,200 ppm Li: measured plus indicated mineral resource contains 1.60 Mt LCE comprising 214 Mt averaging 1,402 ppm Li, which should positively impact project economics;
  • RC exploration drilling highlights deeper lithium mineralization to the west and northwest of the core measured resource and thinner lower-grade sections to east and south next to the subbasin edge.

Simon Clarke, chief executive officer of American Lithium, states: "We are very pleased with the results of our 2022 drill programs culminating in a much larger mineral resource at TLC which underlines our position as one of the largest lithium projects in North America. In addition, the higher-grade shallow lithium mineralization identified in our core measured resource area provides focus for early production that should have a positive impact on the economic potential of TLC. This will be reflected in a robust maiden PEA, which we are in the process of completing in conjunction with DRA Global, and should help fast-track the project's move through feasibility.

"Of equal importance, the mineral resource block model and extensive new drilling has increased our geological understanding of the complexity, geometry, depth and location of the TLC mineralized claystone and has confirmed to us that American Lithium holds the most prospective ground for the location of shallow lithium-rich claystone in the TLC subbasin."

Quality assurance, quality control and data verification

Diamond drilling was conducted by First Drilling of Montrose, Colo., using large-diameter PQ-size drilling entirely vertical holes. Drill core samples are nominally five-foot (1.53 metres (m)) length and are cut longitudinally and one-half is cut a second time longitudinally with a diamond saw with one-quarter of the core placed in sealed bags and shipped to analytical laboratories.

Reverse circulation drilling was conducted by Harris Exploration Drilling and Associates Inc., of Fallon, Nev., with 5.5-inch-diameter face-centred bit on vertical drill holes. Sampling was conducted using a riffle splitter or a cyclone splitter depending on the moisture content of the sampled material. Sampling was conducted over five-foot (1.52 m) intervals with individual samples placed in sealed bags and transported to the respective analytical labs.

Samples were shipped to either American Assay Laboratories (AAL) in Sparks, Nev., or Paragon analytical laboratories in Reno, Nev., for sample preparation, processing and ICP-MS (inductively coupled plasma mass spectrometry) multielement analysis. Pulps and rejects are returned and retained by the company. AAL and Paragon are ISO/IEC 17025 certified assay laboratories. The QA/QC (quality assurance/quality control) program includes a comprehensive analytical quality assurance and control routine comprising the systematic use of company inserted standards, blanks and field duplicate samples, internal laboratory QA/QC standard operating procedures, and cross-check analyses at other accredited laboratories. Downhole lengths (depths) for vertical drill holes are considered accurate true depth intersections for the essentially flat-lying to gently dipping TLC host stratigraphy.

Mineral resource estimate preparation

The mineral resource estimate has been prepared by Joan Kester, PG, and Derek Loveday, PGeo, of Stantec Consulting Services Inc. in conformity with CIM (Canadian Institute of Mining, Metallurgy and Petroleum) estimation of mineral resource and mineral reserves best practices guidelines and are reported in accordance with the Canadian Securities Administrators National Instrument 43-101. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any mineral resource will be converted into mineral reserve.

Qualified persons

Ms. Kester, PG, and Mr. Loveday, PGeo, of Stantec Consulting Services, are qualified persons as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and have prepared or supervised the preparation of, or have reviewed and approved, the scientific and technical data pertaining to the mineral resource estimates contained in this release and will be preparing the NI 43-101 technical report for filing on SEDAR within 45 days.

Ted O'Connor, PGeo, executive vice-president of American Lithium and a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects), has reviewed and approved the scientific and technical information contained in this news release.

About American Lithium Corp.

American Lithium is actively engaged in the development of large-scale lithium projects within mining-friendly jurisdictions throughout the Americas. The company is currently focused on enabling the shift to the new energy paradigm through the continued development of its strategically located TLC lithium claystone project in the richly mineralized Esmeralda lithium district in Nevada, as well as continuing to advance its Falchani lithium and Macusani uranium development-stage projects in southeastern Peru. Both Falchani and Macusani have been through robust preliminary economic assessments, exhibit strong significant expansion potential and enjoy strong community support. Prefeasibility work has now commenced at Falchani.

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