VANCOUVER, BRITISH COLUMBIA–(Marketwired – Dec. 6, 2016) – American Lithium Corp. (TSX VENTURE:LI)(OTCQB:LIACF)(FRANKFURT:5LA)(WKN:A2AHEL) (“American Lithium” or the “Company”), would like to take this opportunity to provide greater clarity to investors regarding its news release of December 1, 2016 under the headline “American Lithium Finds Flaws in Reported Results at Fish Lake Valley Projects, Nevada”.
Michael Kobler, Chief Operating Officer of American Lithium noted “the extensive shallow surface program was designed for the Company to better understand the geology prior to commencing any deeper drilling programs. The errors in testing and calculating the surface samples provided to the laboratory was a regrettable error in the laboratory’s testing protocol. American Lithium and its management team followed all protocols in testing/handling and shipping of the surface samples. Ultimately it was the management team and QP of American lithium that caught the inconsistencies and notified the laboratory of its errors.”
Mr. Kobler continued “furthermore, I would like to stress that the samples in question are surface samples taken with an auger and not drill holes into the brine aquifers. The brine aquifers at Fish Lake are interpreted to be on average 150 – 500 meters below surface. The auger samples taken from surface were being collected to provide geological and technical data prior to the upcoming drill program in January 2017.”
The Company has taken approximately 240 brine samples from its shallow auger grid program in the North Playa. Of those, sixty sample results have been publically released, and twenty-one of the samples have yet to be tested. One hundred and fifty-nine samples were tested by Florin Analytical Services and results received by the Company, but by this time the Company had received results of its duplicate samples performed by ALS Minerals and was of the view that these results could not be accurately relied upon. Although the Company believes the Lithium values have been incorrectly tested by the laboratory on the initial 60 samples, the geotechnical information derived from the over two hundred samples has guided the company and its geological team in optimizing its upcoming drill program.
An amended permit was issued by the Bureau of Land Management in mid November for the drill-hole location based on the geotechnical information gathered during the North Playa auger grid program. The deep drill program will commence early in the new year without any revision to the hole locations or the permit.
Michael Collins, P.Geo. 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 22,332 acres (9,038 ha), including 18,552 contiguous acres (7,508 ha) in Fish Lake Valley, Esmeralda County; 2,240-acre (907 ha) San Emidio Project in Washoe County; and the 1,540 acre (623 ha) Clayton-Valley-1 Project. The Company’s Fish Lake Valley lithium brine properties are located approximately 38 kilometers from Albemarle’s Silver Peak, the largest lithium operation in the U.S.
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 Operating 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 document 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.
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