(Kitco News) - American Lithium plans to spin out its uranium project in Peru, said CEO Simon Clarke.
On Tuesday Clarke spoke to Kitco.
American Lithium (TSXV:LI) is advancing a project in Nevada, the TLC. In 2020 a maiden mineral resource was established. TLC currently hosts 3.35Mt lithium carbonate equivalent (LCE) measured resources, 2.02Mt LCE indicated resources and 1.76Mt LCE inferred resources. The company expects to announce a preliminary economic assessment mid-year and begin feasibility work by the end of 2022.
In Peru the company is advancing its Falchani project, the sixth-largest hard-rock lithium deposit in the world, according to American Lithium. Pre-feasibility work on the project got underway this month. In 2021 the Falchani project was acquired from Plateau Energy after Plateau and American Lithium merged.
The Macusani project, the uranium asset, will be spun out. Clarke said that an economic study of the project makes it "on a cost basis one of the best in the world."
American Lithium's focus is its namesake metal. Clarke compared his company to Lithium Americas, which is about 10-times the size. Both companies are advancing projects in north and south America. Lithium Americas recently received its Bureau of Land Management permits for its own Nevada project, Thacker Pass. A pre-feasibility study on a two-phase project shows a production capacity designed to reach 60,000 tpa of battery- quality lithium carbonate (Li2CO3) and 46-year mine life, according to Lithium Americas.
"We certainly believe TLC has the potential to have a similar nameplate capacity as Thacker Pass. Yes, we are a couple years early...but our goal is to close the gap between where we are today and where they are today. We have the assets to do that," said Clarke.
