HENDERSON, NV, July 2, 2012 /PRNewswire/ -- AmeriLithium Corp. (OTC Bulletin Board: AMEL; "AmeriLithium" or "the Company") is pleased to announce the completion of its geophysical study of the Company's three properties in Western Australia for the purpose of identifying possible gold mineralization in addition to possible lithium resources.
The interpreted results from the geophysical study indicate geology that is consistent with [Ausgold Limited's nearby 5-million-ounce (Moz) Katanning gold discovery]. In particular, AmeriLithium's Bare Rocks license block is considered highly prospective due to a series of structural features (faults and shear zones) that appear to be relatively unique for the Katanning area. Analysis of the existing geophysical data also identified 13 viable exploration drill targets.
The geophysical study was commissioned through AmeriLithium's Australia-based joint venture ("JV") partner, Strategic Resource Management Pty Ltd. The purposes of the JV are to acquire, manage and administer mining properties held by or to be held by AmeriLithium in Australia, including the Company's three current Western Australia assets.
AmeriLithium's CEO, Matthew Worrall, commented: "While our main focus remains our lithium projects in Nevada, our JV with Strategic Resource Management continues to enable us in exploring and developing our Australian holdings. And with the geophysical study pointing to the potential for gold mineralization, we're looking forward to moving ahead with our 2012 drilling program to better assess the gold and lithium potential of our holdings."GEOPHYSICAL STUDY DETAILS The geophysical study focused on the three mineral tenements currently held by AmeriLithium within the Katanning Greenstone Belt in Western Australia. Core Geophysics ("Core") of Perth performed a detailed analysis of available geophysical data covering the three tenements with the purpose of identifying possible gold mineralization in addition to possible lithium resources. Data was acquired and reviewed for the Bare Rocks (E70/3702), Hoffman Hills (E70/3703), and Normans Lake (E70/3704) projects. A suite of geophysical images was generated for each property, showing the structural interpretation of publically-available airborne geophysical survey magnetic data acquired within the past 5 to 10 years. A review of competitor activity in the region was also undertaken to determine the level of exploration activity and the techniques being employed to more fully delineate the Katanning gold discovery as well as the entire Katanning Greenstone Belt.