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American Lithium Announces Financial and Operating Results for the Period Ended May 31, 2022
VANCOUVER, British Columbia, Aug. 02, 2022 (GLOBE NEWSWIRE) -- American Lithium Corp. (“American Lithium” or the “Company”) (TSX-V:LI | OTCQB:LIACF | Frankfurt:
About this update from American Lithium Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 02, 2022 (GLOBE NEWSWIRE) -- American Lithium Corp. (“American Lithium” or the “Company”) (TSX-V:LI | OTCQB:LIACF | Frankfurt:5LA1) is pleased to report its operating and financial results for the three month period ending May 31, 2022. Unless otherwise stated, all amounts presented are in Canadian dollars. “Q1 of the Company’s financial year was extremely busy with the ramp up in drilling and the launch of the final phase of work needed to complete the maiden PEA at our TLC Project in Nevada (“TLC”),” stated Simon Clarke, CEO of American Lithium. “Additionally, we have generated good momentum on all our projects in the last couple of months. In particular, pre-feasibility work is underway at Falchani and process work has validated Sulfate of Potash (“SOP”) as a key strategic by-product. At Macusani, field work continues to identify additional uranium anomalies and drill targets and at TLC the Company reported its best drill results to date. We anticipate a number of milestones this quarter and look forward to keeping you updated on development.” Highlights During the Quarter Launch of final phase of PEA compilation at TLC - appointment of DRA Global as lead engineer to finalize the TLC PEA, along with Stantec Consulting and ANSTO Minerals, Australia who have deep collective expertise in lithium processing, resource calculation and mine / project design and construction. Acquisition of water rights for TLC - agreement to acquire 431 acres of privately held agricultural lands near TLC, along with the accompanying 1,468 acre-feet of water rights for consideration of US$3.125 million. This brings the total water rights owned by the Company to approximately 2,500 acre-feet, which is expected to provide sufficient water for at least the initial phases of future production at TLC. Subsequent Developments Drilling encounters best results to date at TLC - initial 5 diamond drill holes intersected lithium mineralization with higher grades and consistently thicker mineralization than the existing TLC resource. Program’s goal is focused on expanding and locating higher grade opportunities within the current TLC resource. Pre-Feasibility work at Falchani - commencement of environmental work required for a pre-feasibility study on the Falchani Project, with the initiation of an Environmental Imp...