|By Marketwired .||
|December 1, 2016 06:00 PM EST|
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 12/01/16 -- American Lithium Corp. (TSX VENTURE: LI)(OTCQB: LIACF) (FRANKFURT: 5LA) (WKN: A2AHEL) ("American Lithium" or the "Company"), reported today that its QA/QC process has found material flaws in the sample assay results announced August 11, 2016; October 12, 2016; October 21, 2016, and November 3, 2016. American Lithium retained Florin Analytical Services of Reno, Nevada ("Florin") to conduct multi element assays including Lithium on samples from its Fish Lake Valley projects. The assays were completed by Inductively-Coupled Plasma-Atomic Emission Spectrometer (ICP-AES) except for lithium. On the basis of discussions with Florin, Lithium was assayed by Atomic Absorption Spectrophotometer (AAS) as the assayer at Florin felt the AAS method would produce a slightly more accurate result for Lithium.
Sampling on the Fish Lake North Playa exploration target crossed over a historic sample line that had been reported by other publicly listed exploration companies. The Company's qualified person observed that the new samples were reporting significantly higher values than the historic samples and requested a small number (n=6) of these samples be sent to a second laboratory for analysis to confirm or refute the new assay values. These check assays were materially lower than the original Florin assay values which triggered a second request by the QP for additional check assays on the entire sample set that the 6 samples were derived from to gather a more statistically meaningful set of check assays. The Company engaged ALS Minerals to have the assay samples prepped at ALS facilities in Reno, Nevada; and the check assays performed at ALS laboratories in North Vancouver, BC. using ICP-AES. The ICP-AES method was chosen because of concerns that the AAS method may be biased by the high salt concentration in brine samples. While this work has not yet been completed, the Company has been advised that from the outset, Florin had been simultaneously, assaying for Lithium by ICP-AES on all samples that the Company had submitted and that these assay values, although not sighted by the Company or the QP, are materially lower than the reported AAS assays.
At no time was the Company or the Company's QP aware that Florin had assayed the samples of Lithium by ICP-AES and hence, that there were significantly different values that had not been reported. At this point the Company advises that the 2016 assays reported to date from the Fish Lake Lithium project should not be relied on. The Company will engage ALS Minerals to have all sample splits re-assayed at ALS laboratories and will report the updated assay results as soon as they are available. Pursuant to the Company's check assay protocols, and for consistency, ALS will utilize the ICP-AES assay technique for these sample splits.
"While we are disappointed to uncover errors in the laboratory process, we are relieved that the checks the Company and the QP put in place were able to catch the errors in the early stages of the project. To date, the results reported have only included the Company's near surface brine samples. In January, we intend to resume our deep drilling program as previously announced", commented Michael Kobler, Chief Operating Officer of American Lithium
Michael Collins, P.Geo. is the Company's designated Qualified Person within the meaning of National Instrument 43-101, and has reviewed and approved the technical information contained in this news release.
About American Lithium Corp.
American Lithium Corp. is actively engaged in the acquisition, exploration and development of lithium deposits within mining-friendly jurisdictions throughout the Americas. American Lithium holds options to acquire Nevada lithium brine claims totaling 22,332 acres (9,038 ha), including 18,552 contiguous acres (7,508 ha) in Fish Lake Valley, Esmeralda County; 2,240 acre (907 ha) San Emidio Project in Washoe County; and the 1,540 acre (623 ha) Clayton-Valley-1 Project. The Company's Fish Lake Valley lithium brine properties are located approximately 38 kilometers from Albemarle's Silver Peak, the largest lithium operation in the U.S.
American Lithium is listed on the TSX VENTURE Exchange under the trading symbol "Li".
On behalf of the Board,
American Lithium Corp.
- Michael Kobler, Chief Operating Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this release that are forward-looking information are subject to various risks and uncertainties concerning the specific factors disclosed here. Information provided in this document is necessarily summarized and may not contain all available material information. All such forward-looking information and statements are based on certain assumptions and analyses made by American Lithium management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include those described under the heading "Risks Factors" in American Lithium's most recently filed MD&A. The Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information or statements.
American Lithium Corp.
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