American Lithium Increases Lithium Brine Portfolio to Over 20,000 Acres

American Lithium (TSXV:LI) has entered an agreement to acquire an arms-length, privately held British Columbia numbered company, through which it will acquire an additional 7,1110 acres in Nevada.
As quoted in the press release:

1067323 holds the rights to acquire a series of 193 placer and 44 lode claims, over 4,870 acres (1971 hectares) in Fish Lake Valley,Esmeralda County, Nevada (the “Colorado Property”).  Additionally, 1067323 holds the rights to acquire the San Emidio property (“San Emidio Property”), representing a series of twenty-eight (28) placer claims, over 2,240 acres (907 hectares) in Washoe County, Nevada.  The Company will issue 6,000,000 common shares to acquire all of the outstanding share capital of 1067323.

American Lithium CEO, Mike Kobler, said:

In acquiring the Colorado and San Emidio properties, we have increased our Nevadaportfolio of highly prospective lithium brine projects to over 20,000 acres.  The acquisition of the Colorado property completes our Fish Lake Valley acquisition strategy at 18,550 contiguous acres and positions American Lithium as the dominant claim holder in this important lithium brine basin.  The acquisition of the San Emidio property located in north Nevada now moves us to the next stage of our strategy as we begin to diversify our asset base by identifying and acquiring the best lithium properties in the state.
The San Emidio property was the focus of extensive exploration programs carried out over a four year period including a gravity geophysical survey completed in 2011, which indicates that an earlier discovered near surface lithium brine anomaly occurs on the west side of a basinal low.  The proximity to a feature of this nature and the presence of lithium in the brines are criteria that are necessary for the formation of a Silver Peak style lithium brine deposit.

Click here for the full press release.