PEA Report Highlighting Potential For Excellent Project Economics

VANCOUVER - American Lithium Corp. has filed an independent National Instrument 43-101 Technical Report on the Preliminary Economic Assessment (PEA) for the Tonopah Lithium Claims (TLC) project located in the Esmerelda lithium district northwest of Tonopah, Nevada.

The Company has engaged DRA Global as lead engineer for the TLC Preliminary Feasibility Study (PFS). As part of the initial PFS work, large diameter (5.7”) diamond core drilling has commenced at TLC with 10 holes planned to target 10-15 tonnes of high grade TLC lithium claystone mineralization. The 10-hole program is spread throughout the proposed PEA mine plan footprint and will provide sufficient quantity and variability of mineralized material for detailed metallurgical and pilot process plant testing later in the year.

Simon Clarke, CEO, said, “We are extremely pleased to have filed the PEA for TLC which shows the strong economic potential of the Project utilizing best of breed conventional mining and recovery techniques. The report is based on detailed process metallurgical work with robust mining and processing operating and capital costing, which allows us to move directly into our PFS work and should enable us to fast-track that process. We have commenced large diameter drilling at TLC to collect sufficient material for our detailed metallurgical test work to be undertaken in close consultation with DRA, enabling the completion of the PFS and running of pilot operations.”