Resource News

American Lithium Corp. is pleased to announce that the Bureau of Land Management and the Nevada Division of Environmental Protection have approved the Plan of Operations and Reclamation Plan for the next phases of development and exploration work at the Company’s Tonopah Lithium Claims Project located near Tonopah, Nevada. Highlights The PO authorizes construction of 110 drill sites on the TLC project, exclusive ...

American Lithium Corp. ("American Lithium" or the "Company") (TSX-V:LI | OTCQB:LIACF | Frankfurt:5LA1) is pleased to announce that the Bureau of Land Management ("BLM") and the Nevada Division of Environmental Protection ("NDEP") have approved the Plan of Operations ("PO") and Reclamation Plan for the next phases of development and exploration work at the Company's Tonopah Lithium Claims Project ("TLC") located near Tonopah, Nevada.

Highlights

  • The PO authorizes construction of 110 drill sites on the TLC project, exclusive of TLC North, and the excavation of 5 test pits (see Figure 1 – TLC Exploration Plan of Operations Location Map, below);
    • Public comments received during the consultation phase of the Environmental Assessment ("EA") demonstrate broad public support for the Project;
    • Enables extension / infill drilling of existing TLC deposit, targeting resource expansion / reclassification to further expand the current large, high-grade measured and indicated resource;
    • Allows for all drilling and bulk sampling required for advanced metallurgical test work to enable company to move from maiden PEA into pre-feasibility / feasibility phase as quickly as possible;
    • Approves additional exploration drilling across untested areas of the core TLC concessions;
  • Continuation of the remaining 9 holes of the 15-hole Reverse Circulation ("RC") exploration drill program at TLC North commenced in early December 2021, under a separate drill permit; and
  • First 6 holes of this program encountered thick intersections of lithium bearing claystone, assay results are pending. Subject to results, the Company is contemplating expanding this drill program to facilitate establishing a maiden resource at TLC North.

The BLM and NDEP approvals follow the completion of an EA on the project that included a 30-day public comment process, and the NDEP's review of the sufficiency of the reclamation bond amount. The BLM received several letters of support for the project from the public and Nye County during the public comment period for the Environmental Assessment. American Lithium has provided a US$ 1,415,666 reclamation bond to the BLM and NDEP, through its surety agent, Smith Manus. As such, all approvals are now in place to commence drilling.

Q & D Construction LLC has been contracted to provide a sonic core drill rig to complete the in-fill and resource extension drilling planned under the PO on the existing TLC deposit, as well as additional exploration drilling outside the existing TLC resource area. This drill will complement the existing reverse circulation drill presently conducting exploration drilling at TLC North (Crescent Dunes). Drilling at TLC will commence shortly.

Simon Clarke, CEO of American Lithium states , "We are extremely pleased to have the TLC Plan of Operations and Reclamation Permit approved and the finalization of our BLM and NDEP permits. We would like to thank our team and key advisors on the ground, and BLM and NDEP for their efforts throughout the process. This is a big step for the company and enables the launch of a major development program which we believe will provide all the data / results needed to move quickly from a robust, maiden PEA and into the pre-feasibility / feasibility phase on our core TLC Project.

We are also excited about the resource expansion and infill drilling program at TLC as well as continuing our successful exploration drilling program following up on the thick lithium claystone discovery at TLC North. While our primary goal remains delivering the PEA as quickly as possible, the potential to significantly expand our measured and indicated resource numbers would also add significant value to the Project and provide even stronger positioning for the move into feasibility."

Figure 1 – TLC Exploration Plan of Operations Location Map is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b4071d2d-5709-4da4-99f3-0623dba7d924

Qualified Person
Mr. Ted O'Connor, P.Geo., a director 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.

Ab out American Lithium
American Lithium, a member of the TSX Venture 50, is actively engaged in the acquisition, exploration and development of 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 exploration and 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 projects in southeastern Peru. Both Falchani and Macusani have been through preliminary economic assessments, exhibit strong additional exploration potential and are situated near significant infrastructure.

The TSX Venture 50 is a ranking of the top performers in each of 5 industry sectors in the TSX Venture Exchange over the last year.

For more information, please contact the Company at info@americanlithiumcorp.com or visit our website at www.americanlithiumcorp.com for project update videos and related background information.

Follow us on Facebook , Twitter and LinkedIn .

On behalf of the Board of Directors of American Lithium Corp.

"Simon Clarke"

CEO & Director

Tel: 604 428 6128

For further information, please contact:

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Cautionary Statement Regarding Forward Looking Information

This news release contains certain forward-looking information and forward-looking statements (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements regarding the ability to appeal the judicial ruling, and any other statements regarding the business plans, expectations and objectives of American Lithium. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend", "indicate", "scheduled", "target", "goal", "potential", "subject", "efforts", "option" and similar words, or the negative connotations thereof, referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management are not, and cannot be, a guarantee of future results or events. Although American Lithium believes that the current opinions and expectations reflected in such forward-looking statements are reasonable based on information available at the time, undue reliance should not be placed on forward-looking statements since American Lithium can provide no assurance that such opinions and expectations will prove to be correct. All forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including risks, uncertainties and assumptions related to: American Lithium's ability to achieve its stated goals; risks and uncertainties relating to the COVID-19 pandemic and the extent and manner to which measures taken by governments and their agencies, American Lithium or others to attempt to reduce the spread of COVID-19 could affect American Lithium, which could have a material adverse impact on many aspects of American Lithium's businesses including but not limited to: the ability to access mineral properties for indeterminate amounts of time, the health of the employees or consultants resulting in delays or diminished capacity, social or political instability in Peru which in turn could impact American Lithium's ability to maintain the continuity of its business operating requirements, may result in the reduced availability or failures of various local administration and critical infrastructure, reduced demand for the American Lithium's potential products, availability of materials, global travel restrictions, and the availability of insurance and the associated costs; the judicial appeal process in Peru, and any and all future remedies pursued by American Lithium and its subsidiary Macusani to resolve the title for 32 of its concessions; risks regarding the ongoing Ontario Securities Commission regulatory proceedings; the ongoing ability to work cooperatively with stakeholders, including but not limited to local communities and all levels of government; the potential for delays in exploration or development activities due to the COVID-19 pandemic; the interpretation of drill results, the geology, grade and continuity of mineral deposits; the possibility that any future exploration, development or mining results will not be consistent with our expectations; risks that permits will not be obtained as planned or delays in obtaining permits; mining and development risks, including risks related to accidents, equipment breakdowns, labour disputes (including work stoppages, strikes and loss of personnel) or other unanticipated difficulties with or interruptions in exploration and development; risks related to commodity price and foreign exchange rate fluctuations; risks related to foreign operations; the cyclical nature of the industry in which American Lithium operates; risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals; risks related to environmental regulation and liability; political and regulatory risks associated with mining and exploration; risks related to the uncertain global economic environment and the effects upon the global market generally, and due to the COVID-19 pandemic measures taken to reduce the spread of COVID-19, any of which could continue to negatively affect global financial markets, including the trading price of American Lithium's shares and could negatively affect American Lithium's ability to raise capital and may also result in additional and unknown risks or liabilities to American Lithium. Other risks and uncertainties related to prospects, properties and business strategy of American Lithium are identified in the "Risks and Uncertainties" section of Plateau's Management's Discussion and Analysis filed on January 19, 2021, in the "Risk Factors" section of American Lithium's Management's Discussion and Analysis filed on January 29, 2021, and in recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements. American Lithium undertakes no obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Cautionary Note Regarding Macusani Concessions Thirty-two of the 151 concessions held by American Lithium's subsidiary Macusani, are currently subject to Administrative and Judicial processes (together, the "Processes") in Peru to overturn resolutions issued by INGEMMET and the Mining Council of MINEM in February 2019 and July 2019, respectively, which declared Macusani's title to 32 of the concessions invalid due to late receipt of the annual validity payments. In November 2019, Macusani applied for injunctive relief on 32 concessions in a Court in Lima, Peru and was successful in obtaining such an injunction on 17 of the concessions including three of the four concessions included in the Macusani Uranium Project PEA. The grant of the Precautionary Measure (Medida Cautelar) has restored the title, rights and validity of those 17 concessions to Macusani until a final decision is obtained at the last stage of the judicial process. A Precautionary Measure application was made at the same time for the remaining 15 concessions and was ultimately granted by a Court in Lima, Peru on March 2, 2021 which has also restored the title, rights and validity of those 15 remaining concessions to Macusani, with the result being that all 32 concessions are now protected by Precautionary Measure (Medida Cautelar) until a final decision on this matter is obtained at the last stage of the judicial process. The favourable judge's ruling confirming title to all 32 concessions from November 3, 2021 represents the final stage of the current judicial process. However, this ruling has recently been appealed by MINEM and INGEMMET. American Lithium has no assurance that the outcome of these appeals will be in the Company's favour.


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American Lithium

American Lithium

Overview

Even with surging global lithium demand, political powerhouses like the US are concerned about its critical minerals supply chains in meeting those growing demands. As the US reviews its critical supply chain risks, lithium mining companies operating in the Americas present the potential to turn the tides of critical mineral market vulnerabilities.

American Lithium (TSXV:LI, OTCQB:LIACF, XFRA:5LA1) is a top TSX Venture 50 company focused on exploring and developing high-quality lithium deposits within mining-friendly jurisdictions throughout the Americas. The company is currently operating its Tonopah Lithium Claims (TLC) project located in the highly prospective mining Esmeralda lithium district in Nevada.

The 100 percent owned TLC project hosts overwhelming operational and geological advantages. Its unique mineralogy, lack of deleterious elements and favorable processing conditions primes project development for fast track potential.

The project boasts excellent existing infrastructure and strategic positioning in the top mining investment jurisdiction of Nevada. The property leverages proximity to paved roads, electricity, water networks and skilled local labor. Additionally, premier solar conditions across the geographic region point to some of the world’s lowest power and natural gas costs.

The TLC project has one of the fastest processing times relative to its peers. Beneficiate samples taken from TLC achieved a 49 percent mass reduction while increasing lithium grade by 66 percent, and subsequent leach testing extracted 96 percent of the lithium from upgraded samples.

A 43-101 compliant technical report for TLC shows a measured and indicated resource of 5.37 million tonnes lithium carbonate equivalent (LCE) and another 1.76 million tonnes LCE inferred.

In March 2021, the U.S. Department of Energy Advanced Manufacturing Office selected American Lithium as a co-recipient of a grant funding 50 percent of the capital cost for a US$4.5 million lithium extraction hydroxide pilot plant.

This grant provides funding to complete field demonstration of selective leaching, purification and electrochemical production of battery-grade lithium hydroxide precursors from US claystone deposits like the TLC project. This announcement further legitimizes American Lithium as a major player in tackling the US’ domestic lithium supply problem.

The company has a robust capital structure and tight shareholder portfolio. Its market cap stands at US$141.8 million, with key shareholders largely consisting of retail investors, management and insiders. American Lithium currently has zero debt.

The American Lithium management team has a proven history of returning value to shareholders and years of combined experience in mineral exploration, resource development and project management. The company is led by CEO Andrew Bowering, who has founded, funded and grown a number of exploration companies in the last 30 years. Part of this roster are Cap-Ex Iron Ore (now ML Gold), Prime Mining (TSXV:PRYM), and Millennial Lithium (TSXV:ML).

American Lithium’s Company Highlights

  • American Lithium is focused on exploring and developing highly prospective lithium deposits across mining-friendly jurisdictions in the Americas. The company currently is operating its high-quality Tonopah Lithium Claims (TLC) project in Nevada, USA.
  • The company presents excellent investing opportunities and leverages surging global lithium demand, which is expected to rise exponentially by 2028. It could become a significant player in aiding the domestic lithium supply problem in the US.
  • The TLC project boasts strategic positioning in Nevada, ranked the top jurisdiction in the world for mining investment in 2020. The project also sits near the Tesla gigafactory and leverages excellent existing infrastructure.
  • TLC hosts unique metallurgical properties with high lithium concentrates, over 90 percent recoveries and fast leaching potential. Operational advantages also include low-cost mining and processing.
  • The company continues to expand its robust asset portfolio with the recent acquisition of the Macusani and Fulchani projects connected with Plateau Energy Metals Inc. (TSXV:PLU).
  • The company’s leadership has a proven track record of mining and exploration success across years of experience—their depth of management primes American Lithium for significant growth and economic prosperity.
  • American Lithium currently has zero debt.

American Lithium’s Key Projects

Tonopah Lithium Claims (TLC) Project

The TLC project spans 6,000 acres and is located five miles from Tonopah, Nevada, a historic regional mining center. The property hosts concentrated lithium mineralization up to 80 meters thick and widespread lateral extension.

In 2019, the company conducted an extensive sampling program that completed 18 reverse circulation drill holes and an additional five core drill holes. This program proved the presence of world-class lithium grades as high as 2,600ppm and laterally extensive mineralization for miles.

The alluvial deposit leverages unique mineralogy that originates from surrounding volcanic tuffs washed into a lacustrine freshwater basin to form sedimentary claystone. This geological profile enhances battery-grade lithium salt production potential and outstandingly short processing times. This perfect storm of mineralogy and operational advantages presents TLC with scalable production prospects compared to similar lithium projects.

The project’s near-term production plan includes completing a PEA into a PFS and submitting a Plan of Operations in 2021. Additionally, the company intends to design and test a pilot facility for later extraction facility construction.

American Lithium’s Management Team

Michael Kobler, B.Sc. — CEO & Director

Over the past 35 years, Michael Kobler has specialized in identifying, acquiring, developing and producing natural resource opportunities throughout the world, as well as overseeing the design and construction of several infrastructure projects. He has served in various roles for early-stage companies, including the chairman, CEO, president, technical advisor, engineer and project manager and has been a founder and a major shareholder in many of these ventures. Kobler has a strong record of success in the exploration, permitting and de-risking of resource projects. In 2005, Kobler was a co-founder and CEO of Osum Oil Sands Corp. He oversaw the analysis and acquisitions of the original oil sands leases that form the core of Osum’s projects Cold Lake and the Saleski carbonates, Alberta.

Andrew Bowering, B.A. — Director

Andrew Bowering is a venture capitalist with 30 years of operational experience and leadership in mineral exploration and development worldwide. He has founded, funded and built teams that have operated numerous companies to pursue precious, base and industrial metals from early exploration to production. Bowering is an owner and founder of Sunrise Drilling Ltd. and has owned and operated drilling companies for the past 20 years. He has held senior management positions in a variety of capacities. He has been responsible for the acquisition and sale of several assets and the raising of upwards of US$250 million in development capital. Bowering has operated and managed programs throughout North and South America and abroad. He is a founder, director and shareholder of Millennial Lithium Corp and other publicly traded companies primarily focused on the battery metals space.

Simon Clarke — Director

Simon Clarke brings 25 years of experience in building companies and implementing successful capital markets and growth strategies focused on mining, energy and energy technology. Most recently, Clarke was the founder, CEO and director of M2 Cobalt Corp., which sold to Jervois Mining Ltd. in June 2019. He offers significant experience and knowledge of the battery metals space and his roles with M2 Cobalt and Jervois Mining involved managing government and stakeholder initiatives relating to the supply of battery metals in several jurisdictions. In particular, he has first-hand experience of the critical minerals initiatives in the United States and the urgent need to develop domestic sources of supply of critical minerals, including battery-grade lithium. Clarke was a co-founder of Osum Oil Sands Corp. who, together with American Lithium CEO Michael Kobler, built a company valued over US$1 billion at its peak. He remains a board observer at Osum and is currently CEO of Apollo Gold Corp.

G. A. (Ben) Binninger — Director

G. A. Binninger is a chemical engineer who brings a wealth of experience in senior management and board roles over a career spanning more than 35 years. Binningerhas held several high-profile roles in various sectors, including mining, energy, materials, environmental and advanced technologies. He has direct experience in lithium and related minerals, having been CEO of Potash Minerals and a member of the Advisory Board of Millennial Lithium. He has also created sophisticated process and services companies for global leaders such as Rio Tinto and ARCO. Binninger will provide critical strategic advice as the development of the TLC Lithium Project continues to evolve in line with continued de-risking and as the need for large-scale, domestic lithium projects becomes more widely recognized.

Graham Ballachey — Vice President of Engineering

Graham Ballachey is a mechanical engineer with a physics and chemistry background and 13 years of experience within various industries, including combustion research, manufacturing, energy optimization, building design, project management, construction management, process development and product development. Ballachey has extensive experience in both experimentation, engineering and design, as well as the management of engineers, consultants, technologists and construction projects of over US$1.2 million in capital. He has successfully procured over $500,000 from government and utility grants.

 

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