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American Lithium Corp buys second lithium project in Nevada

Published: 18:09 24 Sep 2018 BST

lithium mining
American Lithium buys second lithium project in Nevada

American Lithium Corp (TSX-V:LI) has purchased its second sedimentary lithium project from Nevada Alaska Mining Co for 75 lode claims covering 1,550 acres (625 hectares) located northeast of Tonopah, Nevada.

Terms of the purchase are payments of $50,000 on signing, which has already been paid, another $50,000 within 90 days, and the issuance of 250,000 common shares of American Lithium.

If the company calculates a mineral resource on the project exceeding 500,000 tons of lithium carbonate equivalent (LCE) in all the reserve categories, the company will issue a bonus payment of 250,000 shares to the royalty holder and 250,000 shares on the calculation of a cumulative 1.5 million tons of LCE on the project.

"The TLC purchase is an excellent opportunity to expand our lithium portfolio in Nevada and came about as result of our multiyear working relationship with Nevada Alaska Mining and our focus on lithium claystones," said company CEO Mike Kobler.

BIG PICTURE: American Lithium has a commanding position at Fish Lake, Nevada

During 2018, 37 different outcrop locations on the property were sampled and assayed with lithium grades ranging from 120 parts per million (ppm) to 1,690 ppm. The average grade of the lithium in surface outcrop is 766 ppm. 

The TLC claystone target is a near-surface, relatively flat-laying, free-digging lithium target which is easily accessible and only 12 miles from the mining centre of Tonopah, Nevada.

American Lithium 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 of over 22,000 acres (8,900 hectares) in Fish Lake Valley, Esmeralda county. 

The company's Fish Lake Valley lithium brine properties are located approximately 38 kilometres from Albemarle's Silver Peak, the largest lithium operation in the United States.

 

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