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American Lithium Files Updated Mineral Resource Technical Report on Falchani Supporting 476% Increase in Measured & Indicated Lithium Resource
VANCOUVER, British Columbia, Dec. 15, 2023 (GLOBE NEWSWIRE) -- American Lithium Corp. (“American Lithium” or the “Company”) (TSX-V:LI | Nasdaq:AMLI | Frankfurt:
About this update from American Lithium Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Dec. 15, 2023 (GLOBE NEWSWIRE) -- American Lithium Corp. (“American Lithium” or the “Company”) (TSX-V:LI | Nasdaq:AMLI | Frankfurt:5LA1) is pleased to announce it has filed the independent National Instrument 43-101 Technical Report on the updated Mineral Resource Estimate (“MRE”) for the Falchani Lithium Project (“Falchani”) located in Southwestern Peru and as announced on October 31, 2023. The MRE and Technical Report were completed by Stantec Consulting Services Inc. (“Stantec”), which established a much larger lithium resource base which will form the basis of an updated preliminary economic assessment on the Falchani (“PEA”). The MRE has been incorporated into the Mine Plan within the PEA, which is currently being finalized by DRA Global and will be announced shortly. Key Highlights of Technical Report Measured + Indicated Resource (“M&I”) increases 476% from previous 2019 MRE; Measured Resource – 1.01 Million Tonnes (“Mt”) Lithium Carbonate Equivalent (“LCE”) (69 Mt @ 2,792 parts per million (“ppm”) Lithium (“Li”)); Indicated Resource – 4.52 Mt LCE (378 Mt @ 2,251 ppm Li); M&I Resource – 5.53 Mt LCE (447 Mt @ 2,327 ppm Li); Inferred Resource – 3.99 Mt LCE (506 Mt @ 1,481 ppm Li); Base Case cut-off has been lowered to 600 ppm Li from previous 1,000 ppm cutoff based on strong project economics specifically updated operating costs and $20,000/tonne LC selling price; At 1,000 ppm cut-off, also used in previous MRE. the updated M&I Resource is 5.32 Mt LCE versus 0.96 Mt LCE from previous March 2019 MRE – an increase of 455%; and Increased size and grade of resource supports long production potential at Falchani. Simon Clarke, CEO of American Lithium, states, “We continue to make excellent progress at Falchani and this very large increase and reclassification of the Falchani Resource follows a very successful drill program completed Q3, 2023. With the Deposit still open in numerous directions, we expect the scale of the Project and the size of the Resource to continue to grow. The increase in resource feeds directly into the updated PEA on Falchani, which is currently being finalized and will be released shortly, and into the ongoing Pre-Feasibility Study.” Readers are encouraged to review the related October 31, 2023 News Release, and the Report. The Report titled “Technical Report and ...