American Lithium Corp. (TSX-V:LI) (OTCQB:LIACF) (Frankfurt:5LA1) is pleased to announce that initial exploration drilling has been launched at TLC North (Big Smoky acquisition land) near Tonopah Nevada. Initial drilling has successfully drilled thick intersections (up to 96.9 m / 318 ft) of lithium-bearing claystone.

A drone magnetic geophysical survey is also being flown across a large portion of the TLC project area to provide detailed geophysical information as the Company finalizes the precise positioning of drill collars for its next phase of development drilling under its Plan of Operations filed in January 2021 and expected to receive final approval in mid-late December 2021.

Tonopah Lithium Claims– Exploration Details:

• 15-hole Reverse Circulation exploration drill program, approved under a new 5-acre Notice, has started at TLC North and East, marking initial drilling in these areas (See Figure 1 – TLC Project Drill Hole Location Map – Holes A-O);
• 10 holes (approx. 1,400 m / 4,600 ft) are planned at TLC North to test high grade target areas where up to 2,361 ppm lithium recovered from surface grab samples¹ (See Figure 1 – Holes A-J)
• Additional 5 holes (approx. 650 m / 2,100 ft) will also be drilled on newly staked land east of the TLC resource area (See Figure 1 – Holes K-O);
• 6 vertical RC holes (See Figure 1 – Holes A-F) completed to date at TLC North (1,112.5 m / 3,650 ft) have intersected target claystone horizons near surface immediately beneath alluvial cover 13.7 – 48 m (45 – 157 ft) thick;
• Claystone stratigraphy intersected ranges from 38 m – 96.9 m (125 – 318 ft) thick;
• High lithium contents, similar to main TLC deposit, have been recorded in mineralized claystone intersected in southwest holes utilizing a Thermo Scientific Niton Apollo Laser Induced Breakdown Spectroscopy (LIBS) portable analyzer²;
• Samples from these 6 initial holes have been submitted to American Assay Laboratories in Sparks, Nevada, with results pending;
• Twinning of several holes within the TLC resource area also planned to test for additional, deeper lithium mineralization, drill to basement to understand basin dynamics and pinpoint depth of water table;
• A drone magnetic geophysical survey has been launched to provide valuable information on the location and orientation of fault structures, basin architecture and depth to basement;
• The 146 line km survey by Pioneer Exploration Consultants Ltd. of Ottawa is using their DRONE-MAG system with 100 m line spacing; 1,000 m tie lines and minimum safe flight height;
• Optimization of process engineering and pre-concentration work continues to enable completion of Preliminary Economic Assessment (“PEA”) by end Q1 2022; Approval of Plan of Operations (“PO”) for next phase of development is anticipated late 2021 and includes up to 110 drill sites on the central TLC project targeting resource infill / expansion; and
• Drilling will resume in early January with multiple rigs.

Simon Clarke, CEO of American Lithium states, “We are excited to have started this exploration drilling program with the successful discovery of thick lithium claystone on new targets at TLC North. Once complete, this exploration program will morph into our larger development drill program with the approval of the PO expected shortly. We are also excited for the start of drilling at Quelcaya near Falchani, which should commence very soon.

The Company continues to advance its projects in both Nevada and Peru with a maiden PEA for TLC anticipated by end of Q1 2022 and updated PEAs at both Falchani and Macusani projects targeted for Q2 and Q3 2022, as American Lithium continues to evolve into a leading lithium developer focused on the Americas.”

Figure 1 – TLC Project Drill Hole Location Map is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/1df4e23c-5960-42a9-b3a3-7b56262ec70a

Notes

¹ Grab samples are selective, and the selected nature of such sampling does not necessarily reflect potential lithium contents expected from future drill testing, however, they do indicate the presence of lithium mineralization and mineralizing systems in the surface rocks collected.

² The LIBS portable analyser has been calibrated at the factory and has been more finely calibrated with internally made standards of TLC mineralization; although correlation between LIBS and geochemical analyses are high, it is only used here as indicative of lithium mineralization.

Qualified Person

Mr. Ted O’Connor, P.Geo., a Director of American Lithium, and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.

About American Lithium

American Lithium, a member of the TSX Venture 50, is actively engaged in the acquisition, exploration and development of lithium projects within mining-friendly jurisdictions throughout the Americas. The Company is currently focused on enabling the shift to the new energy paradigm through the continued exploration and 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 projects in southeastern Peru. Both Falchani and Macusani have been through preliminary economic assessments, exhibit strong additional exploration potential and are situated near significant infrastructure.

The TSX Venture 50 is a ranking of the top performers in each of 5 industry sectors in the TSX Venture Exchange over the last year.