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American Lithium increases indicated LCE resources 129% at Tonopah project

Vladimir Basov

Kitco News

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(Kitco News) - American Lithium (TSX-V: LI) today announced an updated mineral resource estimate (MRE) that significantly increases the contained lithium resources for the Tonopah Lithium Claims (TLC) project located in the Esmerelda lithium district northwest of Tonopah, Nevada.

The company said that measured and indicated lithium carbonate equivalent (LCE) resources increased by 64% to 8.83 Mt LCE (2052 Mt @ 809 ppm Li) from original April 2020 MRE, with measured resources amounted to 4.2 Mt LCE (860 Mt @ 924 ppm Li) and indicated resources amounted to 4.63 Mt LCE (1192 Mt @ 727 ppm Li). Inferred resources stand at 1.86 Mt LCE (486 Mt @ 713 ppm Li).

American Lithium added that this MRE was completed as part of the process of compiling the maiden preliminary economic assessment on TLC (PEA) and will be incorporated into the mine plan within the PEA scheduled to be completed and announced shortly.

CEO Simon Clarke stated, "We are very pleased with the results of our 2022 drill programs culminating in a much larger mineral resource at TLC which underlines our position as one of the largest lithium projects in North America. In addition, the higher-grade shallow lithium mineralization identified in our core measured resource area provides focus for early production that should have a positive impact on the economic potential of TLC. This will be reflected in a robust maiden PEA, which we are in the process of completing in conjunction with DRA Global, and should help fast-track the project's move through feasibility."

American Lithium indicated it is currently focused on the continued development of its strategically located TLC lithium claystone project in the richly mineralized Esmeralda lithium district in Nevada, as well as continuing to advance its Falchani lithium and Macusani uranium development-stage projects in southeastern Peru.

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By Vladimir Basov

For Kitco News

Contact vbasov@kitco.com
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