American Lithium files NI 43-101 report for Falchani lithium project, Peru

American Lithium Corp. [TSXV-LI; NASDAQ-AMLI; FSE-5LA1] filed the independent NI 43-101 technical report on the updated mineral resource estimate (MRE) for the Falchani lithium project in southwestern Peru. The MRE and Technical Report were completed by Stantec Consulting Services Inc. that established a much larger lithium resource base which will form the basis of an updated preliminary economic assessment on the Falchani (PEA). The MRE has been incorporated into the Mine Plan within the PEA, which is currently being finalized by DRA Global and will be announced shortly.

Highlights of Technical Report: Measured + Indicated Resource (M&I) increases 476% from previous 2019 MRE; Measured Resource – 1.01 Million Tonnes (Mt) Lithium Carbonate Equivalent (LCE) (69 Mt of 2,792 parts per million (ppm) Lithium (Li)); Indicated Resource – 4.52 Mt LCE (378 Mt of 2,251 ppm Li); M&I Resource – 5.53 Mt LCE (447 Mt of 2,327 ppm Li); Inferred Resource – 3.99 Mt LCE (506 Mt @ 1,481 ppm Li).;

Base Case cut-off has been lowered to 600 ppm Li from previous 1,000 ppm cutoff based on strong project economics specifically updated operating costs and $20,000/tonne LC selling price.

At 1,000 ppm cut-off, also used in previous MRE. the updated M&I Resource is 5.32 Mt LCE versus 0.96 Mt LCE from previous March 2019 MRE – an increase of 455%; and increased size and grade of resource supports long production potential at Falchani.

Simon Clarke, CEO, stated, “We continue to make excellent progress at Falchani and this very large increase and reclassification of the Falchani Resource follows a very successful drill program completed Q3, 2023. With the deposit still open in numerous directions, we expect the scale of the project and the size of the Resource to continue to grow. The increase in resource feeds directly into the updated PEA on Falchani, which is currently being finalized and will be released shortly, and into the ongoing Pre-Feasibility Study.”

American Lithium is engaged in the development of large-scale lithium projects within mining-friendly jurisdictions throughout the Americas through the continued development of its strategically located TLC lithium project (TLC) in the richly mineralized Esmeralda lithium district, Nevada, as well as continuing to advance its Falchani lithium and Macusani uranium development-stage projects in southeastern Peru. All three projects, TLC, Falchani and Macusani have been through robust preliminary economic assessments, exhibit strong significant expansion potential and enjoy strong community support. Pre-feasibility is advancing well TLC and Falchani.