Ameriwest Lithium Files Technical Report on the Thompson Valley Property, Arizona, and Moves Forward with Permitting

VANCOUVER, British Columbia, May 19, 2023 (GLOBE NEWSWIRE) -- 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 that it has filed a Technical Report (the “Report”) on its Thompson Valley Lithium Property (the “Property”) located in west-central Arizona. The report, prepared under the requirements of National Instrument 43-101 (“NI 43-101”) and standards of the Canadian Institute of Mining, Metallurgy, and Petroleum (“CIM”) summarizes geological test work completed by the Company in 2022 including geologic mapping, surface sampling, and geophysics. 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. Phase 1 would consist of additional geophysics and permitting. Phase 2 would consist of drilling and sample analysis to begin the process of defining the deposit and its potential tonnage and grade. No mineral resources or reserves have yet been delineated on the Property.

Ameriwest CEO, Mr. David Watkinson, commented “Our team was greatly encouraged by the outcome of our soil sampling conducted in 2022 at the Thompson Valley project. It is not exactly everyday occurrence to retrieve samples of over 1,000 ppm of lithium and as such we are excited to further our exploration plans. Producing a Technical Report is an essential milestone, enabling us to precisely document our findings and establish exploration targets for future programs.”

About Thompson Valley Project and Technical Report Highlights

The Property located in a rural area in west-central Arizona, U.S.A. in Yavapai County along the Kirkland Creek drainage between the towns of Kirkland to the southeast and Hillside to the southwest along County Road 15. Mineral rights consist of a combination of State of Arizona (State) and U.S. Federal mineral rights totaling 6,881 ac (2,785 ha). Part of the land, 91% or 6,263 ac (2,534.46 ha), are State Trust Lands where the surface and minerals are owned by the State. Mineral rights for the balance of the property, 9% or 618.47 ac (250.29 ha), are owned by the U.S Government under the jurisdiction of the Department of the Interior and managed by the Bureau of Land Management (BLM). Although the mineral rights on these Federal lands are controlled by the U.S. Government, they are of ‘split estate,’ meaning the surface is private and held separately from the minerals. Development of the mineral rights has priority over the surface grazing rights.