American Lithium Files Updated Mineral Resource Technical Report on TLC Supporting Large Increase in Lithium Resources
January 17, 2023 14:00 ET | Source: American Lithium Corp.
VANCOUVER, British Columbia, Jan. 17, 2023 (GLOBE NEWSWIRE) -- American Lithium Corp. (“American Lithium” or the “Company”) (TSX-V:LI | NASDAQ:AMLI | Frankfurt:5LA1) announces it has filed the independent National Instrument 43-101 Technical Report on the updated Mineral Resource Estimate (“MRE”) for the Tonopah Lithium Claims (“TLC”) project located in the Esmerelda lithium district northwest of Tonopah, Nevada announced on December 1, 2022. The MRE and Technical Report were completed by Stantec Consulting Services Inc. (“Stantec”), which established a much larger lithium resource base to support the maiden preliminary economic assessment on TLC (“PEA”). The MRE has been incorporated into the Mine Plan within the PEA, which is currently being finalized by DRA Global and Stantec and will be announced imminently.
Key Highlights of December 1, 2022 News Release:
Measured + Indicated Resource increases 64% from original April 2020 Mineral Resource Estimate
Measured Resource - 4.2 Mt Lithium Carbonate Equivalent (“LCE”) (860 Mt @ 924 ppm Li); up 25%
Indicated Resource – 4.63 Mt LCE (1192 Mt @ 727 ppm Li); up 129%
Measured + Indicated Resource – 8.83 Mt LCE (2052 Mt @ 809 ppm Li); up 64%
Inferred Resource – 1.86 Mt LCE (486 Mt @ 713 ppm Li); up 5.7%
Base Case cut-off of 500 ppm Li employed – up from 400 ppm Li in the original resource due to anticipated increased processing cost inflation between 2020 and 2022.
Infill RC and Diamond drilling validates size and scale of existing measured core resource, expands the core resource and defines areas of high-grade shallow mineralization.
At 1200 ppm Li cut-off: Measured + Indicated mineral resource contains 1.60 Mt LCE comprising 214 Mt averaging 1,402 ppm Li, which should positively impact project economics.
Readers are encouraged to review the related December 1, 2022 News Release, and the Report. The Report titled “Technical Report - Mineral Resource Estimate - Tonopah Lithium Claims Property, Nye County, Nevada, USA” dated January 16, 2023, with an effective date of October 6, 2022, was prepared by Stantec Consulting Inc. and can be found under the Company’s profile on SEDAR (www.sedar.com) and on the Company’s website. There are no material differences in the NI 43-101 Report from the information disclosed in the December 1, 2022 News Release.
Mineral Resource Estimate Preparation
The Mineral Resource estimate has been prepared by Joan Kester, PG and Derek Loveday, P. Geo. of Stantec Consulting Services Inc. in conformity with CIM “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines and is reported in accordance with the Canadian Securities Administrators NI 43-101. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any mineral resource will be converted into mineral reserve.
Qualified Persons
Mr. Ted O’Connor, P.Geo., Executive Vice President of American Lithium, and a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.