AmeriLithium Confirms Completion Of Geophysical Exploration On Its Four Nevada-Based Lithium Brine Projects
HENDERSON, NV, Dec. 19, 2011 /PRNewswire/ -- AmeriLithium Corp. (OTC Bulletin Board: AMEL; "AmeriLithium" or "the Company") is pleased to announce the completion of both stages of geophysical exploration on all 4 of the Company's Nevada-based lithium brine properties: Paymaster, Clayton Deep, Full Monty, and Jackson Wash. First stage gravity surveys were followed by Controlled-source audio frequency magnetotelluric (CSAMT) surveys to further refine the Company's understanding of the geology and lithium brine potential for each property. Preliminary findings suggest good potential for lithium resources on all 4 of the properties, warranting further exploration activities.
Interpretive reports from each of the gravity surveys have been received and analyzed by the Company. Final interpretive reports for the CSAMT surveys for the Clayton Deep, Full Monty and Jackson Wash properties, meanwhile, are pending from the Company's consulting geophysicist, Jim Wright of JL Wright Geophysics, and are expected in January 2012.
The next phase of exploration and development of the properties will involve identifying potential drill targets to extend AmeriLithium's current 8-hole drill program, which began in Q1 2011 on the Paymaster property. Results taken during the drilling of the initial 3 holes on Paymaster produced very promising results, confirming the presence of lithium brines. The next stage of AmeriLithium's drill program will take into account the results from the first 3 holes drilled, and will include drilling new holes to test and sample groundwater at each site to determine the nature and extent of lithium-bearing brines. Following approval of the required permitting by the BLM, drilling will likely commence in the second quarter of 2012 on specific targets identified by the geophysical surveys.
In the interim, AmeriLithium has begun the process of contracting a third-party assessment to evaluate the quality and accuracy of the Company's geophysical program to date. The assessment will be contained in a technical report that is expected to comply with the requirements of Canadian National Instrument (NI) 43-101 and US Securities Exchange Commission Industry Guide 7. NI 43-101 is a codified set of rules and guidelines for reporting and displaying information related to mineral properties owned by, or explored by, publicly traded companies. Industry Guide 7 contains the SEC's basic mining disclosure policy, which provides standards and guidelines for the description of mineral properties by companies engaged in mineral exploration or mining operations.
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