VANCOUVER, British Columbia, Jan. 13, 2021 (GLOBE NEWSWIRE) -- American Lithium Corp. (TSXV: LI) (OTCQB: LIACF) (Frankfurt: 5LA1) (“American Lithium” or the “Company”), a leader in acquisition, exploration and development, reports it has submitted its Plan of Operations to the Bureau of Land Management (BLM) moving it towards its next phase of development and operations at its flagship Tonopah Lithium Project (TLC) project near Tonopah, Nevada.
Drilling during 2019 and 2020 resulted in the discovery of a high-quality lithium deposit that is amenable to leaching with a measured and indicated resource of 5.37 million tonnes lithium carbonate equivalent (LCE) and another 1.76 million LCE inferred. As ongoing process and flowsheet engineering continues, it is critical to move towards further understanding of the deposit and to the development of a pilot plant for process stream testing to refine the economics of the project.
The Plan of Operations increases the surface disturbance allowance to 168 acres in two phases, 84.5 acres in Phase 1, and 78.5 acres in Phase 2, and includes all necessary descriptions of environmental and reclamation planning for the next phase of operations, which includes:
- 95 new drill sites to further characterize the extensive TLC resource
- 5 large test pits to provide bulk sampling for metallurgical testing
- One 5-acre laydown area intended for the future pilot plant
- Biological and cultural surveys that can be used for further permitting without additional cost
The American Lithium team prioritized all environmental and cultural work early on to fast-track the project towards this next phase of drilling and testing. The biological survey found no species or habitat protected under the ESA (Endangered Species Act) within the project area expediting company ability to move towards the next phase. Information gained under the proposed new drilling program will lead to a mining plan.
Michael Kobler, CEO of American Lithium, states “We are pleased to submit this application for a Plan of Operations to the BLM as we move this project forward. There have been no significant environmental issues, so the project is ready to move forward and produce bulk sampling for our extensive metallurgical testing program and planned pilot plant operation. This exciting development will further advance TLC toward the development of a large-scale, lithium mine in the United States.”
The Plan of Operations, along with the associated Biological and Cultural Surveys were produced in conjunction with EM Strategies, Inc. of Reno, Nevada.
Stock Option Grant
American Lithium also announces that, pursuant to its Stock Option Plan, it has granted stock options to certain consultants to purchase an aggregate of 500,000 common shares of the Company at a price of $1.98 per share for a period of 5 years from the grant date. This stock option grant is subject to acceptance by the TSX Venture Exchange.
About the TLC Property
The TLC sedimentary lithium discovery is an exploration and development project located 12 kilometres northwest of Tonopah, Nev., and easily accessible by paved highway. Work to date has identified a 5.3-million-tonne measured and indicated lithium carbonate equivalent resource, with an additional 1.7 million tonnes inferred, placing the Company's resource amongst a handful of potential lithium deposits in Western North America capable of development. TLC is near surface, relatively flat-lying and a free-digging lithium sedimentary deposit that the company expects to advance through an early-stage economic study in 2021. Just south of the Crescent Dunes solar energy plant, the project is favourably located for future production given the immediate access to some of the cheapest electricity in Nevada.
About American Lithium Corp.
American Lithium is actively engaged in the acquisition, exploration and development of lithium deposits within mining-friendly jurisdictions throughout the Americas. The Company is currently exploring and developing the TLC project located in the highly prospective Esmeralda lithium district in Nevada. TLC is close to infrastructure, 3.5 hours south of the Tesla Gigafactory, and in the same basinal environment as Albemarle's Silver Peak lithium mine, and several advancing deposits and resources, including Ioneer Ltd.'s (formerly Global Geoscience) Rhyolite Ridge and Cypress Development Corp.'s Clayton Valley project.
The technical information within this news release has been reviewed and approved by Bruce Kienlen, P.Geo., a consultant to the Company and a qualified person under National Instrument 43-101.
On behalf of the Board,
American Lithium Corp.
Michael Kobler, Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this release that are forward-looking information are subject to various risks and uncertainties concerning the specific factors disclosed here. Information provided in this release is necessarily summarized and may not contain all available material information. All such forward-looking information and statements are based on certain assumptions and analyses made by American Lithium management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include those described under the heading “Risks Factors” in American Lithium's most recently filed MD&A. The Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information or statements.