American Lithium Corp. (TSX-V:LI) (OTCQB:LIACF) (Frankfurt:5LA1) is pleased to provide an update of initial diamond drill results from the program currently underway at the Tonopah Lithium Claims project located northwest of Tonopah, Nevada. This diamond drill program is focused on expanding the existing large-scale near surface TLC resource. An update on Reverse Circulation drill program results to date is expected to be released in the coming weeks.

Resource Expansion and In-fill Core Drilling:

Link to: Figure 1 – TLC Project Drill Hole Location Map (also see below)

• Large drill program launched in February 2022 under Plan of Operations finalized in January 2022.
• Large diameter diamond drill rig focused on infill and extension drilling around existing resource area with RC drill rig focused on additional exploration on the project.
• Expedited laboratory results from the first 5 diamond drill holes submitted, all intersected thick lithium mineralization with some of the highest grade-thickness intervals drilled to date at TLC, and well above the mineral resource cut-off grade (400 ppm Li).
• TLC-2206C – 50.3 metres  (165’ feet) of 1,550 ppm Li from 145’ to 310’ downhole; includes 11.0 m averaging 2,104 ppm Li from 225’ to 261.2’; entire hole from 30’ to 351’ (End of Hole; “EOH” – 97.8 m true thickness) is mineralized averaging 1012 ppm Li (maximum 2,900 ppm Li – 4.4’ sample from 234.5’).
• TLC-2201C – 50.3 m (165’) of 1,247 ppm Li from 40’ to 205’ downhole; entire hole from 9’ to 292’ (End of Hole; “EOH” – 89 m true thickness) is mineralized averaging 883 ppm Li (maximum 2,100 ppm Li – 5’ sample from 205’).
• TLC-2205C – 51.8 m (170’) of 1,221 ppm Li from 145’ to 315’ downhole; interval 110’ to 342’ (73.8 m thickness) is mineralized averaging 1009 ppm Li (max. 2,500 ppm Li – 5’ sample from 205’).
• TLC-2202C – 50.3 m (165’) of 1,118 ppm Li from 60’ to 225’ downhole; interval 23’ to 260’ (72.2 m thickness) is mineralized averaging 999 ppm Li (max. 1,910 ppm Li – 5’ sample from 130’).

• TLC-2203C – 30.5 m (100’) of 732 ppm Li from 30’ to 130’ downhole; and 8.8 m of 919 ppm Li from 232’ to 261’ (EOH); the entire hole from 25’ to 261’ (71.9 m thickness) has lower grade lithium mineralization averaging 557 ppm Li (max. 1,180 ppm Li – 5’ sample from 240’).
  • interpretation suggests that the southeastern portion of the project is closer to the Big Smokey Basin edge in a higher energy depositional environment more proximal to the sediment source.

Simon Clarke, CEO of American Lithium states, “We are very pleased that these results continue to expand the drilled resource footprint with higher grades and consistently thicker mineralization than the existing TLC resource. Our main focus for the diamond drilling has been to expand and high grade our existing resource and these results successfully achieve both objectives. This will enable us to better position starter pits under our mining plan to initially focus on higher grade sections of the resource thereby maximizing Project returns. We are also looking forward to updating the mineral resource estimate for TLC in conjunction with finalizing our maiden PEA.”

Completion of Ranch Acquisition and additional water rights.

The Company also announces that it has completed the acquisition of the Reason Ranch, and its accompanying water-rights, located in the Big Smoky Valley near Tonopah, Nevada. Through the acquisition, the Company has secured significant additional water rights for the TLC project. In consideration for the acquisition, the Company has paid a total of US$3,125,000 to the arms-length vendors of the property. For further information regarding the acquisition, readers are encouraged to review the news release issued by the Company on May 26, 2022.

Figure 1 – TLC Project Drill Hole Location Map

Quality Assurance, Quality Control and Data Verification

Diamond drilling is being conducted by First Drilling of Montrose, Colorado using large diameter PQ coring, drilling entirely vertical holes. Drill core samples are nominally 5-foot (1.53 m) and are cut longitudinally, and one half is cut a second time longitudinally with a diamond saw with one-quarter of the core placed in sealed bags and shipped to Paragon analytical laboratory in Reno, Nevada for sample preparation, processing and ICP-MS multi-element analysis, and the remaining three-quarter core retained in core boxes. Paragon is an ISO 9000 certified assay laboratory. The QA/QC program includes a comprehensive analytical quality assurance and control routine comprising the systematic use of Company inserted standards, blanks and field duplicate samples, internal laboratory standards and has also included check analyses at other accredited laboratories. Downhole thicknesses for vertical drill holes are considered accurate true thickness intersections.

Qualified Person

Mr. Ted O’Connor, P.Geo., Executive Vice President 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 development of large-scale 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 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-stage projects in southeastern Peru. Both Falchani and Macusani have been through robust preliminary economic assessments, exhibit strong significant expansion potential and enjoy strong community support. Pre-feasibility work has now commenced at Falchani.