The Thompson Valley Property (“TV” or the “Property”) represents a green fields lithium claystone exploration target located in Thompson Valley, Arizona (“Thompson Valley” or the “Valley”). Ameriwest has completed reconnaissance geologic mapping and an initial surface sampling program that has resulted in the discovery of clays bearing significant lithium concentrations (up to 1,295 ppm Li) and confirmed historic lithium sampling values taken in the area in the 1960’s.
Ameriwest believes the Property has potential to host a large claystone lithium deposit found in a sub-horizontal sequence of lacustrine tuffs, mudstones, claystones, and siltstones.
The Property is located 120 miles north of Phoenix, Arizona. The Company holds 13 mineral exploration permits with the Arizona State Land Department totalling 6,240 acres. In addition the company holds 33 federal mining claims totalling about 660 acres. The total property size is about 6,900 acres.
Surface clay deposits known as the “White Hills” were initially discovered in the region in the mid-1950’s and were known to contain bentonite and hectorite clays. Ameriwest’s claims cover a sequence of volcanic sedimentary rocks including layers of ash, clays, including silicic horizons.
Ameriwest conducted a geological mapping, geophysics, and a surface sampling at TV in 2022, which resulted in the discovery of significant lithium concentrations. Assay results from 205 surface grab samples, analysed by Paragon Geochemical (“Paragon”) in Sparks, Nevada, showed lithium contents ranging from 2 to 1,295 ppm Li. (see press release dated December 13, 2022). From these samples, six main exploration target areas have been defined for follow up exploration, covering an area of approximately 1,108 acres.
Surface sample analyses within the six exploration targets range from 12 to 1,295 ppm Li. From the 123 samples within the combined target areas, 47% had lithium contents greater than 200 ppm, 19% had lithium contents greater than 500 ppm, and 4% were greater than 1,000 ppm, with a mean of 286 ppm Li and standard deviation of 287 ppm Li. Note that surface sampling does not necessarily correlate to grades that might be found in drilling but shows the potential for lithium to be found at depth through drilling below the surface sampling anomalies.
A NI 43-101 Technical Report was completed in early 2023. The Technical Report concluded that selected exploration targets at TV show the potential for the Property to host a deposit (or series of deposits) in the range of 200-400 million tonnes (220-440 million tons) in size with expected average grade ranging from 114 to 842 ppm Li. This will have to be confirmed with drilling, assaying, and modelling (see press release dated May 19, 2023).
The Company has commenced permitting activities and plans to commence a drilling program at TV in 2023.
Ameriwest has not yet drilled on the Property. Historic drilling was done on the Property exploring for clay deposits, but the sampling for lithium was only done on a reconnaissance level and data is limited. The data does not meet NI 43-101 or CIM Mineral Exploration Best Practices Guidelines. The drilling does, however, provide some geologic and structural information.
A NI 43-101 Report has now been completed and can be found on our here. It identifies six lithium exploration targets with potential to host 200-400 million tonnes (220-440 million tons) of deposits, with expected average grade of these deposits ranging from 114 to 842 ppm Li. It recommends the Company proceed with two phases of exploration as the next steps for the Property.
The company is currently in the pre-drilling phase. The pre-drilling phase includes, establishing and marking out the boundaries of trails and drill sites for legal, archaeological, and native plant surveys. Once the surveys are complete the Company will submit a Geologic Field Operations Plan to the State of Arizona for approval.
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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