SOURCE: American Lithium Minerals Inc.

American Lithium Minerals Inc.

March 07, 2011 08:00 ET

American Lithium Minerals Completes Phase 2 RC Drilling for the Borate Hills Project

High Level Lithium and Boron Mineralization Strike Length Now Over 1.7 Kilometers in Length

HENDERSON, NV--(Marketwire - March 7, 2011) - American Lithium Minerals Inc. (OTCBB: AMLM) (www.AmericanLithium.com) (the "Company") is pleased to announce the drill results from the remaining 9 RC drill holes at the Borate Hills Project in Nevada. The RC Drill Program began in late November and over 12,000 feet was completed across the 15 RC drill hole program. There is currently 1 core rig active on the Borate Hills Project. 

The drill results from the initial 6 RC drill holes were reported on February 8, 2011 (see release) and the results of all 15 RC drill holes at the Borate Hills Project are reported below. Significant intercepts of Lithium and Boron mineralization have now been identified along a strike length of over 1.7 kilometers (previously at over 1 kilometer) from the SBH-7 RC drill intercept in the north to the SBH-11 RC drill intercept in the south. The drill holes are oriented approximately perpendicular to known structure and therefore the intercepts are representative of the approximate true widths of the mineralized units.

The mineralized drill hole farthest to the north is SBH-7:

  • 180 to 330 ft for an intercept of 150 ft of 1828 ppm Li and 0.9% B
  • 455 to 600 ft for an intercept of 145 ft of 1619 ppm Li and 0.9% B

SBH-5:

  • 20 to 110 ft for a 90 ft intercept of 1493 ppm Li and 1.2% B
  • 250 to 400 ft for a 150 ft intercept of 1734 ppm Li and 1.4% B

SBH-1:

  • 230-350 ft for 120 ft intercept of 1778 ppm Li and 1.4% B
  • 460-620 for 160 ft intercept of 1206 ppm Li and 0.9% B

SBH-6:

  • 40 to 75 ft for a 35 ft intercept of 1038 ppm Li and 0.6% B
  • 210 to 480 ft for a 270 ft intercept of 1369 ppm Li and 1% B

SBH-8:

  • 185 to 350 ft for a 165 foot intercept of 1345 ppm Li and 0.7% B

SBH-3:

  • 290 to 415 ft for a 125 foot intercept of 2285 ppm Li and 0.8% B
  • 540 to 735 ft for a 195 foot intercept of 1159 ppm Li and 0.6% B

SBH-4:

  • 300 to 420 ft for a 120 ft intercept of 1890 ppm Li and 1.2% B 
  • 625 to 695 ft for a 70 ft intercept of 1246 ppm Li and 0.8% B

SBH-13:

  • 375 to 550 ft for a 175 foot intercept of 1654 ppm Li and 1% B

SBH-14:

  • 315 to 435 ft for a 120 foot intercept of 1803 ppm Li and 1.3% B
  • 635 to 745 ft for a 110 foot intercept of 1338 ppm Li only slightly anomalous B

SBH-10:

  • 440 to 590 ft for a 150 foot intercept of 1710 ppm Li and 1% B

SBH-15:

  • 260 to 380 ft for a 120 foot intercept of 1985 ppm Li and 0.6% B

SBH-9:

  • 355 to 515 ft for a 160 foot intercept of 2021 ppm Li and 0.7% B

The mineralized drill hole farthest to the south is SBH-11:

  • 520 ft to 650 ft for a 130 foot intercept of 1752 ppm Li and 1% B

SBH-2 and SBH-12 were step-out holes located over 700 metres north of SBH-7 but only encountered weak mineralization.

A rigorous quality control program is in place using duplicate samples and 5 custom standards with a range of values for Li, B, Sr and As that were made for the Borate Hills Project. ALS Minerals in Reno, Nevada is using aqua regia 2 acid digestion and ICP mass spectrometry and atomic emission spectroscopy which were determined to be the optimal assay method from the summer sampling program. ALS also inserts numerous quality control samples. The drill program is being supervised by Crown Gold Corporation, Reno, Nevada. 

The Borate Hills Project is a large co-product lithium and boron deposit located 20 miles west of the only producing lithium mine in North America. American Lithium and JOGMEC are currently completing an economic pre-feasibility study for the Borate Hills Project. 

The Nevada, United States location is strategic for the concentration of US manufacturing requiring lithium; including automotive batteries, power storage and consumer electronics; as well as a known mining state with excellent road, rail and power infrastructure. American Lithium is also active in grassroots exploration for lithium deposits in the Great Basin of the United States with ten other highly prospective projects in Nevada and Utah.

About the Borate Hills Project

The Borate Hills Project consists of the North and South Borate Hills Projects. The boron and lithium mineralization is contained in a strata-bound formation that is a combination of a claystone unit and a volcanic tuff. In the early 1980's, US Borax drilled the North Borate Hills Deposit and stated the project was the second largest boron deposit in the United States after their current producing borate mine, Kramer Borate in California. Subsequently, US Borax discovered the South Borate Hills Deposit in 1986.

About Japan Oil, Gas and Metals National Corporation (JOGMEC)

Japan Oil, Gas and Metals National Corporation (JOGMEC) was established on February 29, 2004 pursuant to the Law Concerning the Japan Oil, Gas and Metals National Corporation, which was promulgated on July 26, 2002. JOGMEC integrates the functions of the former Japan National Oil Corporation, which was in charge of securing a stable supply of oil and natural gas, and the former Metal Mining Agency of Japan, which was in charge of ensuring a stable supply of nonferrous metal and mineral resources and implementing mine pollution control measures.

About American Lithium Minerals

American Lithium Minerals is a U.S.-based mineral exploration company focused on the development of lithium and boron resources in Nevada. The company's key objective is to develop world-class lithium projects that will capitalize on surging demand for lithium-ion batteries, particularly for hybrid and electric vehicles. Lithium is a high-priority and strategic mineral for the U.S. The country's green energy legislation and long-term energy policies depend on developing a vibrant, domestic lithium-ion battery manufacturing sector.

About Lithium

As a result of lithium-ion battery demand for hybrid-electric and electric cars, the increase in demand for lithium carbonate is expected to increase four-fold over the next decade. High demand and low supply has already resulted in an increase in lithium carbonate (Li2CO3) prices. There is currently only one producer of lithium carbonate in the United States, Chemetall's Clayton Valley Operation. The Great Basin of the United States represents excellent potential for the discovery of new lithium brine deposits and American Lithium Minerals is well positioned for detection with its projects. Lithium is used for batteries, specialty glass, lubricants, pharmaceuticals and lithium alloys. Lithium ion (Li-ion) batteries have become the rechargeable battery of choice in cell phones, computers, hybrid-electric cars and electric cars. GM, Ford, Toyota, Dodge, Chrysler, Mitsubishi, Nissan, Tesla, Saturn and Mercedes-Benz have all announced plans to build Li-ion battery-powered cars. Demand for lithium-powered vehicles is expected to increase fivefold by 2012. The domestic automotive industry must secure a lithium source to supply the next generation of hybrid-electric and electric vehicles. Over 60% of cell phones and 90% of laptops use lithium batteries. The worldwide market for lithium batteries is estimated at over $4 billion per year.

Forward-Looking Statements

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of lithium prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact Information

  • For Additional Information, Contact:
    Stephen Cook
    Vice President/Investor Relations
    Tel: 877-717-2656
    E-mail: info@americanlithium.com