The Little Smoky Valley Property (“LSV” or the “Property”) represents a greenfields lithium claystone exploration target located in Little Smoky Valley, Nevada (“Little Smoky Valley” or the “Valley”). It is adjacent to Clear Sky Lithium’s (CDS: POWR) ELi Property.
Ameriwest believes the Property has the potential to host a large claystone lithium deposit found in a sub-horizontal sequence of lacustrine, tuffaceous, mudstone, claystones, and siltstones. The Company plans to conduct detailed surface sampling in late 2022 with the goal of identifying drill targets to be permitted and drilled in 2023.
The Property is located 30 miles south of Eureka, Nevada. Ameriwest staked 104 mineral claims in 2022 and subsequently acquired 184 mineral claims from Port Mercantile Holdings Inc. to increase the size of the Property to 288 mineral claims totalling about 5,700 acres.
Ameriwest’s claims cover a sequence of volcanic sedimentary rocks of lower Miocene to Oligocene age including tuffs, claystones, and other volcaniclastic rock units that management believes has the potential to host lithium mineralization. A recent NI 43-101 Technical Report entitled “The ELi Sediment-Hosted Lithium Deposit, Eureka and Nye Counties, Nevada: Technical Report” was prepared by Robert J. Johansing, BSc Geology, MSc Economic Geology, QP MMSA, effective date January 4, 2022, is available under Clear Sky’s corporate filings at www.sedar.com. The Technical Report summarises soil sampling results from 133 soil samples on the ELi Property, consisting of 26 mineral claims, with results ranging from 44.5 to 801.7 ppm lithium. Ameriwest’s geologists have not verified the results reported by Clear Sky but believe the surrounding area, where the Company staked its claims, has potential for similar lithium mineralization, subject to exploration success.
Note, however, that the location of LSV adjacent to the ELi Property does not guarantee exploration success on LSV. No mineral resources or reserves have yet been defined on LSV.
Ameriwest initially plans to conduct surface soil and rock chip sampling on the property to confirm the presence of lithium. If successful, the Company will conduct further exploration activities such as geophysics and drilling.
Drilling on the Property is not yet completed.
No mineral resources or reserves have yet been delineated on the Property that have been prepared in accordance with National Instrument 43-101 (“NI 43-101) or meet CIM standards for disclosure.
The company plans to conduct a surface sampling program in 2023.
Geological similarity of this property to other adjacent or nearby properties does not guarantee exploration success. No mineral resources or reserves, as defined by National Instrument 43-101 standards or CIM standards have yet been delineated on the property.
The scientific and technical information regarding this project has been reviewed and approved by Robert Pease, CPG, a consultant to Ameriwest and a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Statements are based on information currently available to the Company and the Company provides no assurance that actual results and future performance and achievements will meet or not differ from the expectations of management or qualified persons. All statements other than statements of historical fact are forward-looking statements. The words “believe,” “will,” “may,” “may have,” “would,” “estimate,” “continues,” “anticipates,” “intends,” “plans,” “expects,” “budget,” “scheduled,” “forecasts” and similar words are intended to identify estimates and forward-looking statements. Forward-looking statements are not guarantees and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results and developments may be substantially different from the expectations described in the forward-looking statements for a number of reasons, many of which are not under our control, among them, exploration results, the activities of our competition, the future global economic situation, weather conditions, market prices and conditions, exchange rates, and operational and financial risks. The unexpected occurrence of one or more of the abovementioned events may significantly change the results of our operations on which we have based our estimates and forward-looking statements. Our estimates and forward-looking statements may also be influenced by, among others, legal, political, environmental or other risks that could materially affect the potential development of the Project, including risks related to outbreaks of contagious diseases or health crises impacting overall economic activity regionally or globally.
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