- Identifies historic data on lithium and boron mineralization on eastern margin of Fish Lake Valley;
- The US Borax report suggests that the mineralization was deposited from enriched hydrothermal brine fluids
- Exploration teams will be mobilized to sample exposed target outcrops on American Lithium claims.
VANCOUVER, Aug. 8, 2016 /CNW/ - American Lithium Corp. (TSXV: Li) (OTCQB: LiACF) (Frankfurt: 5LA; WKN: A2AHEL) ("American Lithium" or the "Company"), is pleased to announce that the company has identified historic drilling information from US Borax reports that identifies a lithium and boron hydro thermal enrichment on the east side of Fish Lake Valley. This information defines a new lithium and borax target in the Lower Fish Lake Assemblage ("LFVA") which outcrops onto the Companies claims on the eastern side of the Fish Lake Valley.
The historic report contains grades and intervals of lithium and boron*.
| LITHIUM |
| BASIN | AREA
(MI2) | AVG TW
(ft) | Range DHD to
Top Li (avg) | AVG Li
(ppm) | % Li | TONS CLAY*
X109 | TONS LI X
106 |
| ALL | 2.8 | 410 | 30-970 (419) | 1097 | 0.11 | 2.08 | 2.28 |
| BORON |
| BASIN | AREA
(MI2) | AVG TW
(ft) | Range DHD to
Top B (avg) | AVG B
(ppm) | % B2O3 | TONS CLAY*
X 109 | TONS B2O3 X
106 |
| ALL | 2.8 | 188 | 30-970 (419) | 5515 | 1.78 | 0.968 | 17.23 |
-Calculations assume a 2.25 gm/cm3 specific gravity and use 15ft3/ton conversion factor.
*The resource estimate of the Fish Lake Hills deposit, (US Borax project report, 1987) is a historic resource therefore the estimate cannot and should not be relied upon. The historic estimate has been presented here to demonstrate the evidence of brine and sediment enrichment in lithium. There is no certainty that the historic grades and intervals identified in US Borax drilling will extend into the companies claims.
The LFVA that hosts these historic drill holes is laterally continuous and outcrops on the American Lithium Claims on the east side of the claim package. The LFVA is also expected to extend into the Fish Lake basin to the west where the sediments are down dropped by the faulting that formed the Fish Lake Basin.
"The identification of high grade lithium and boron in clays at and near surface in Fish Lake Valley demonstrates both a stand alone lithium clay target as well as the potential for the presence of lithium enriched brines." comments Mike Kobler, Chief Executive Officer of American Lithium. "Furthermore, we are excited to have this additional information to integrate into our exploration model as we move to being drilling our Fish Lake lithium brine targets in August/September 2016."
Under the direction of Dana Brock, P.E., R.G., C.E.G., Vice President, Geosciences and Engineering, The company will be mobilizing a field crew to map and sample the exposed LFVA sediments. Additionally, work by Dr Oldow's basin modelling group will help define the depth of the intersection of the LFVA with the basin sediments and qualify that target in relation to the Upper Fish Lake Assemblage which hosts the lithium brine production at Ablemarle's wells in the adjacent Clayton Valley.
Michael Collins, P.Geo. is independent of the company and is the Company's designated Qualified Person within the meaning of National Instrument 43-101, and has reviewed and approved the technical information contained in this news release.
ABOUT American Lithium Corp.
American Lithium Corp. is actively engaged in the acquisition, exploration and development of lithium deposits within mining-friendly jurisdictions throughout the Americas. American Lithium holds options to acquire Nevada lithium brine claims totaling 20,790 acres (8,413 hectares), including 18,552 acres (7,508 hectares) in Fish Lake Valley, Esmeralda County, and the 2,240 acre (907 hectare) San Emidio Project in Washoe County. The Company's Fish Lake Valley lithium brine properties are located approximately 38 kilometers from Albemarle's Silver Peak brine extraction plant, the largest lithium operation in the U.S., approximately 3.5 hours from the Tesla Gigafactory. American Lithium is listed on the TSXV under the trading symbol "Li". For further information, please visit the Company's website at www.americanlithiumcorp.com.
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.
SOURCE American Lithium Corp.
