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American Lithium to Expand Holdings in Fish Lake Valley with Acquisition of Gap-Lode Project
Vancouver, British Columbia--(Newsfile Corp. - March 8, 2018) - American Lithium Corp. (TSX ...
About this update from American Lithium Corp.
[{"type":"text","content":"American Lithium to Expand Holdings in Fish Lake Valley with Acquisition of Gap-Lode ProjectVancouver, British Columbia--(Newsfile Corp. - March 8, 2018) - American Lithium Corp. (TSXV: LI) (OTCQB: LIACF) (FSE: 5LA) (WKN: A2AHEL) (\"American Lithium\" or the \"Company\") reports that following a strategic review of its existing property portfolio in the State of Nevada, the Company has elected to expand its existing holdings in the Fish Lake Valley, Esmeralda County, Nevada. The Valley is a highly prospective and largely undeveloped lithium brine basin, and the Company is already the dominant land holder in the Valley, with 18,552 contiguous acres under management.The Company has now entered into an agreement to acquire an additional 3,575 acre parcel in the Valley, comprised of 167 contiguous claims known as the Gap-Lode Project (the \"Project\"). The Project overlies 2,480 acres of public land, is adjacent to an existing 1,094 acre claim block, and is prospective for lithium deposits of several types. Principal among these types is lithium claystone, with several sub-types recognized in initial due diligence.The claims comprising the Project are currently controlled by 1134989 B.C. Ltd. (the \"Vendor\"), an arm's length party to the Company. The Company proposes to acquire all of the outstanding share capital of the Vendor, and control of the Project, through the issuance of 6,000,000 common shares (the \"Consideration Shares\") to the shareholders of the Vendor. Completion of the acquisition, and the issuance of the Consideration Shares, is subject to the completion of satisfactory due diligence by the Company and the approval of the TSX Venture Exchange.Assuming the transaction is completed, and the Company acquires control of the Project, the Company intends to commence an integrated geologic and geochemical study of the Project to identify potential target zones and relative lithium concentrations in those zones. This will allow the Company to prioritize targets for three-dimensional testing, such as auger drilling, trenching and excavation. The Company also intends to conduct a detailed analysis of data from historical geothermal exploration in the area.The technical information within this news release has been reviewed and approved by Michael Collins, PGeo, a qualified person under National Instrument 43-101.About Ameri...