Ameriwest Lithium Files Technical Report on the Thompson Valley Property, Arizona, and Moves Forward with Permitting - Seite 3

From these samples, six main exploration target areas have been defined for follow up exploration, covering an area of approximately 1,108 acres. Potential tonnage of these targets has been estimated to be 207 to 414 million tonnes, based on estimated depths ranging from 75 to 150 ft (23 m to 46 m). 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.

From the above analysis, detailed in the Report, Ameriwest believes selected exploration targets at Thompson Valley 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.

The Report recommends a Phase 1 exploration program consisting of geophysics and permitting. Geophysics would consist of an REG Satellite Magnetic Resonance Survey. Permitting would consist of obtaining a Right of Way (“ROW”) to access the property, development of a drill plan (location of roads and drill pads), an archeological study of areas to be disturbed, a native plant survey of areas to be disturbed, and completion of a Geological Field Operations (“GFOP”) with the State of Arizona.

The Report further recommends that after obtaining the necessary approvals, the Company proceed with a Phase 2 exploration program with an initial core drilling and sampling program. This would include approximately 11 drill holes totaling 3,300 ft (1,005 m) of drilling, project supervision, core logging, and laboratory analysis. Mineralogical studies would also be completed, as well as an updated Technical Report. Note that Phase 2 work is subject to permitting and other factors and the scope of work may be adjusted as required.