American Lithium to acquire Extinction Ridge project

Jan 22, 2019

2019-01-21 10:12 ET – News Release

Mr. Michael Kobler reports

AMERICAN LITHIUM ADDS VANADIUM OPPORTUNITY TO NEVADA ASSET MIX

American Lithium Corp. has extended its interest in the critical battery minerals sector by signing an agreement with Alaska Nevada Mining to purchase a 100-per-cent interest in the Extinction Ridge vanadium project. Pursuant to the agreement, and subject to regulatory approval, the company will pay the vendor $100,000 (U.S.) and issue 250,000 common shares. The claims are subject to a 2-per-cent gross royalty with a 1-per-cent buyback for $1-million (U.S.). With a total of 52 claims, Extinction Ridge is 30 miles north of Eureka and 55 miles south of Carlin, Nev., and about six miles west of Highway 278 on a county-maintained road. The Extinction Ridge project lies in the middle of a north-south trend between Cornerstone Metals’ Carlin vanadium project and Prophesy Development’s Gibellini vanadium project.

Historic sampling* has returned grades of 1.4 per cent vanadium pentoxide (V2O5) over a nine-metre section of gray to black mudstone and shale unit in the Vinini formation. Sixty assays from the vendor’s sampling of shallow oxidized material returned a range of from trace to 0.72 per cent V2O5, including a 30-metre-long trench cross-cutting a mineralized zone averages 0.46 per cent V2O5. This sampling indicates widespread occurrence of near-surface vanadium mineralization.

* The historic and vendor assays have not been verified by the company, and readers are cautioned not to place undue weight on such results. The historical grades are considered relevant; however the reliability, assumptions, parameters and methods used in preparing the reports are unknown.

Mike Kobler, chief executive officer of American Lithium, stated: “Extinction Ridge is a high-quality exploration asset that represents another critical metal in today’s energy sector and its location affords us the ability to conduct exploration programs concurrent with our related operations in Nevada. Although we have yet to decide the role this asset will play within our longer-term asset strategy, its location, acquisition cost and surface exploration results presented a decisive project opportunity to be seized.”

About American Lithium Corp.

American Lithium is actively engaged in the acquisition, exploration and development of lithium deposits within mining-friendly jurisdictions throughout the Americas. The company is currently exploring and developing two projects, the FLV and TLC projects, in the highly prospective Esmeralda lithium district in Nevada.

The technical information within this news release has been reviewed and approved by Michael Collins, PGeo, a consultant to the company and a qualified person under National Instrument 43-101.

We seek Safe Harbor.

https://www.americanlithiumcorp.com/news/