American Lithium Corp (AMLI)

[TradingCharts]

American Lithium to Secure Water Rights for Continued
Development of TLC Lithium Project,
Nevada
GlobeNewswire
9:00 AM ET

Mon Jul 27 2020 9:02:35 AM EDT Securities Alert

American Lithium Corp. (TSXV: LI) (OTCQB: LIACF)
(Frankfurt: 5LA1) ("American Lithium" or the "Company") a
leading lithium exploration and development operator is
pleased to announce the signing of a letter of intent to
acquire a 100% interest in certain privately held lands and
the accompanying 1,176 acre-feet of water rights (the
"LOI"). The acquisition of the water rights will allow
American Lithium to continue advancing its flagship TLC
project, near Tonopah, Nevada, by guaranteeing a supply of
water for any planned future development.


The water rights come from a 326-acre farm
whose water rights are part of the same hydrographic basin
as the TLC Project, Basin 137-a, or 'Big Smoky Valley -
Tonopah Flat'. The purchase of the farm is a critical step
in securing the required makeup water for the innovative
patent-pending lithium recovery process for TLC's unique
lithium bearing claystones. Work to date has identified a
pit-constrained resource (at 400 ppm cut-off) of 1.107
billion tonnes measured and indicated ("M+I") plus 362 Mt
inferred containing 5.37 million tonnes lithium carbonate
equivalent ("LCE") M+I and 1.76 million tonnes LCE inferred
(see American Lithium news release dated May 20, 2020).


In addition, ongoing metallurgical
processing and testing by McClelland Laboratories Inc. has
shown highly encouraging results in simplifying the process
for recovering lithium, that the lithium is consistently
highly leachable throughout the project and that average
extraction grades of 87% lithium can be achieved in minutes
of leach contact time without the use of agitation or heat
(see American Lithium news release dated June 17, 2020).


Pursuant to the LOI, American Lithium has
paid a deposit to an arm's length vendor of $15,000, to
allow for a due diligence period until August 31, 2020. On
completion of satisfactory due diligence, the Company will
complete a definitive purchase wherein transfer of the
property interest and the water rights will be finalized
through payment of $1.3 million USD, over a four-year
period.

Michael Kobler, CEO of American
Lithium, stated, "the goal of the lithium recovery process
that is and continues to be developed for the TLC project is
to be as water efficient as is practically possible. That
said, there is makeup water required, and our goal with this
purchase is to supply all the makeup water for the project.
Our vision of resource and water conservation within the TLC
project fits in with this acquisition. Our target is to have
minimal impact on the land and water of the area around the
project, and our efficient lithium recovery process and
water rights are aligned with this goal."


About the TLC Property


The TLC sedimentary lithium discovery is
an exploration and development project located 12 kilometres
northwest of Tonopah, Nev., and easily accessible by paved
highway. Work to date has identified a 5.3-million-tonne
measured and indicated lithium carbonate equivalent
resource, with an additional 1.7 million tonnes inferred,
placing the Company's resource amongst a handful of
potential lithium deposits in Western North America capable
of development. TLC is near surface, relatively flat-lying
and a free-digging lithium sedimentary deposit that the
company expects to advance through an early-stage economic
study in 2020. Just south of the Crescent Dunes solar energy
plant, the project is favourably located for future
production given the immediate access to some of the
cheapest electricity in Nevada.

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 the TLC project located
in the highly prospective Esmeralda lithium district in
Nevada. TLC is close to infrastructure, 3.5 hours south of
the Tesla Gigafactory, and in the same basinal environment
as Albemarle's Silver Peak lithium mine, and several
advancing deposits and resources, including Ioneer Ltd.'s
(formerly Global Geoscience) Rhyolite Ridge and Cypress
Development Corp.'s Clayton Valley project.


The technical information within this news
release has been reviewed and approved by Bruce Kienlen,
P.Geo., a consultant to the Company and a qualified person
under National Instrument 43-101.

Please
watch our corporate video at
https://www.americanlithiumcorp.com/our-company/ and review
our informative short project update videos and related
background information at