Vancouver, British Columbia, March 28, 2022 — Ameriwest Lithium Inc. (“Ameriwest” or the “Company”) (CSE: AWLI) (OTC: AWLIF) (FSE: 5HV0), a North American lithium exploration and development company, is pleased to announce the acquisition of a further 57 line-miles of high-quality seismic data from Seismic Exchange Inc. (“SEI”). The acquisition brings the total line-miles of data purchased to date from SEI to 83.7 line-miles. The additional data is being acquired to cover the Company’s recently expanded 15,300-acre Railroad Valley property (“Railroad Valley” or the “Property”) in Nye County, Nevada which Ameriwest believes hosts a large lithium brine exploration target.
On January 7, 2022, Ameriwest announced results from the interpretation of an initial 26.7 line-miles of historic seismic data acquired from SEI and initial Magnetotelluric (“MT”) data acquired from Zonge International Inc. The results of this analysis, completed by Castillo Geophysical Inc. and Legg Geophysical Inc., exceeded expectations showing a potential brine reservoir at a depth of approximately 2,000 ft to 4,000 ft below surface at Railroad Valley. On February 16, 2022, the Company announced the results of a gravity survey completed by Tom Carpenter, consulting geophysicist, and expansion of the Railroad Valley to the north with the acquisition of 224 mineral claims from American Battery Technology Company (“ABTC”). Ameriwest announces it has staked 94 additional claims at Railroad Valley, bringing the total size of the Property to about 15,300 acres.
On March 10, 2022, Ameriwest announced the results from four MT lines completed by Zonge at Railroad Valley and plans to complete an additional two MT lines to the north. Ameriwest announces it has received the results from these two additional lines which show the brine target extending further to the north onto the claims acquired from ABTC. Ameriwest is proposing to complete an additional two MT lines farther to the north to further delineate and characterize the brine target.
The expansion of the Railroad Valley Property and the brine target contained therein has resulted in the Company acquiring another 57 line-miles of historic seismic data from SEI. Ameriwest’s short term plan is to combine the data from the acquired seismic lines, the previous and proposed MT lines, the gravity survey, along with public information from historic oil and gas well drilling in the area of the Property to complete a three dimensional (3-D) geologic model of basin and the brine target. The goal is to establish an initial drill target to test the brine on the Railroad Valley Property for potential lithium content. Once the drill target is identified, the Company plans to move forward with permitting the drill program at Railroad Valley and the Company is actively pursuing prospective drilling companies in anticipation of drilling the Property in 2022.
Ameriwest has retained Castillo Geophysical Limited and Legg Geophysical, Inc. to complete the additional geophysical analysis. They regularly partner their combined experience at reprocessing vintage seismic data using modern processing techniques. Castillo Geophysical will reprocess the data while Legg Geophysical produces synthetics from existing well logs and interprets the data, incorporating related geophysical and geologic information to characterize the geometry of the basin. Their work is expected to be completed within the next 30-60 days.
David Watkinson, President and CEO of Ameriwest stated, “The Company has been able to take advantage of historic drilling and seismic geophysical data from the oil and gas industry available at Railroad Valley. We are combining this data with gravity and MT geophysical data to be able to develop a 3-D model of the basin and the brine target. The model allows us to interpret the shape, size, and location of the basin and brine target within, prior to drilling. It allows us to identify potential faults and structures in the basin, lithologic units, and other features. The MT data may allow us to predict where the highest-grade brine is located, based on resistivity. It will allow us to determine the best location possible to locate a discovery hole and determine what depth to drill.”
Technical aspects of this news release have been reviewed and approved by David Watkinson, P.Eng.; a Qualified Person (QP) under National Instrument 43-101; who is the President and CEO of the Company.
Ameriwest invites interested stakeholders and shareholders alike to contact our investor relations team or visit our website and sign-up for regular news alerts which will help provide timely updates of ongoing activities. Company management believes strongly in regular communications, updates, and reports from the field as an important aspect of developing informative and useful engagement as the Company continues to help explore and develop the exciting and rapidly evolving lithium sector.
On Behalf of the Board of Directors,
President and Chief Executive Officer
For further information, please contact:
About Ameriwest Lithium Inc. (CSE: AWLI) (OTC: AWLIF) (FSE: 5HV0)
Ameriwest Lithium Inc. is a Canadian-based exploration company with a focus on identifying strategic lithium mineral resource projects for exploration and development. The Company is currently focused on exploring Nevada’s Deer Musk East property, located in the prolific Clayton Valley, totalling 5,600 acres, the Railroad Valley property, totalling 15,300 acres, the Edwards Creek Valley property totalling 16,940 acres and Arizona’s Thompson Valley property totalling 2,859 acres. Additionally, Ameriwest’s current asset portfolio includes the ESN Project, located in White Pine County, Nevada, and the Koster Dam property, located in the Clinton Mining Division of British Columbia, in which Ameriwest has a 45% interest.
For more information visit: https://ameriwestlithium.com/.
Caution Regarding Forward-Looking Information
Certain statements contained in this news release may constitute forward‐looking information. Forward‐looking information is often, but not always, identified by the use of words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward‐looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking information. The Company’s actual results could differ materially from those anticipated in this forward‐looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company’s strategic growth plans, and other factors, many of which are beyond the control of the Company. The Company believes that the expectations reflected in the forward‐looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. Any forward‐looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward‐looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
The Canadian Securities Exchange has not in any way passed upon the merits of the matters referenced herein and has neither approved nor disapproved the contents of this news release.