SOURCE: American Lithium Minerals, Inc.

American Lithium Minerals, Inc.

February 08, 2011 08:30 ET

American Lithium Minerals Releases Initial Drill Results for the Borate Hills Project

Property Continues to Return Extremely High Levels of Lithium

HENDERSON, NV--(Marketwire - February 8, 2011) -  American Lithium Minerals, Inc. (OTCBB: AMLM) (www.AmericanLithium.com) (the "Company") is pleased to announce the drill results from 6 RC drill holes at the Borate Hills Project in Nevada. The RC Drill Program began in late November and over 10,000 feet has been drilled across 13 RC drill holes completed to date. There are currently 2 RC drill rigs and 1 core rig active on the Borate Hills Project. 

From the first 6 RC drill holes at the Borate Hills Project; significant intercepts of Lithium and Boron mineralization have been identified along a strike length of over 1 kilometer from the SBH-4 RC drill intercept in the south to the SBH-7 RC drill intercept in the north. The drill holes are oriented perpendicular to known structure and the intercepts are representative of true widths of the mineralized units.

The drill hole farthest to the south to date is SBH-4:

  • 300 to 420 ft for a 120 ft intercept of 1890 ppm Li and 12,154 ppm B
    • Including 40 ft of 2533 ppm Li and 3695 ppm B
    • Including 65 ft of 1620 ppm Li and 20,077 ppm B
  • 625 to 695 ft for a 70 ft intercept of 1246 ppm Li and 7654 ppm B

SBH-5

  • 20 to 110 ft for a 90 ft intercept of 1493 ppm Li and 12,503 ppm B
  • 250 to 400 ft for a 150 ft intercept of 1734 ppm Li and 13,640 ppm B
    • Including 55 ft of 2421 ppm Li and 16,201 ppm B

SBH-6

  • 40 to 75 ft for a 35 ft intercept of 1038 ppm Li and 6470 ppm B
  • 210 to 480 ft for a 270 ft intercept of 1369 ppm Li and 10,800 ppm B
  • Including 60 ft of 2286 Li and 13,490 ppm B

SBH-1

  • 230-350 ft for 120 ft intercept of 1778 ppm Li and 14,073 ppm B
  • 460-620 for 160 ft intercept of 1206 ppm Li and 8,771 ppm B

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 9464 ppm B
    • Including 45 ft of 2566 ppm Li and 1402 ppm B
    • Including 15 ft of 2033 ppm Li and 18,667 ppm B
  • 455 to 600 ft for an intercept of 145 ft of 1619 ppm Li and 8902 ppm B
    • Including 20 ft of 2435 ppm Li and 11,612 ppm B

SBH-2 was a step-out hole located 700 metres north of SBH-7 but only encountered weak mineralization. The current RC drill program is stepping out to the south of SBH-4.

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 ICP which was 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 U.S. 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 1980s, 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