Ameriwest Lithium Expands Thompson Valley Lithium Property, AZ

VANCOUVER, British Columbia, June 13, 2023 (GLOBE NEWSWIRE) -- Ameriwest Lithium Inc. (the “Company” or “Ameriwest”) (CSE: AWLI) (OTC: AWLIF) (FSE: 5HV0) is pleased to announce that following discovery of significant concentrations of up to 1,295 ppm lithium from surface soil sampling, as outlined in a December 13, 2022 press release, it has now expanded its Thompson Valley Lithium Property with the addition of four new Mineral Exploration Permits (“MEP’s”). Each new MEP is recorded with the Arizona State Land Department (“ASLD”) and the four, combined, total 2,560-acres (1,026 ha) in size.

On, May 19,2023 Ameriwest announced it had completed a Technical Report (the “Report”) on its Thompson Valley Property located in west-central Arizona. The Report, prepared under the requirements of National Instrument 43-101 and standards of the Canadian Institute of Mining, Metallurgy, and Petroleum, summarized geological test work completed by the Company in 2022 including geologic mapping, surface sampling and geophysics. It identified six lithium exploration targets at Thompson Valley with potential to host 200-400 million tonnes (220-440 million tons) of clay deposits, with expected average grade of these deposits ranging from 114 to 842 ppm Li. The location of the lithium exploration target areas (the “Target Areas”) is shown in Figure 1 below. No mineral resources or reserves have yet been delineated on the Property.

The new MEP’s cover an area to the north of the Target Area between the Thompson Valley Fault and the Eastwood Creek Fault. While there is a basalt cap covering the surface of these four new MEP’s, Ameriwest’s geologists believe the MEP’s may host lithium clay exploration target similar in characteristics to the Target Area, with lithium bearing sediments buried below the basalt cap. The new MEPs brings the mineral rights controlled by Ameriwest at Thompson Valley to 17 MEP’s and 33 Federal lode mining claims encompassing approximately 9,400 acres (3,800 ha). The mineral rights controlled by Ameriwest are also shown in Figure 1 below and are held in Ameriwest’s subsidiary Oakley Ventures (USA) Corp.

Ameriwest Lithium’s CEO, Mr. David Watkinson, commented “With the encouraging results announced by Ameriwest in December 2022 and with completion of the Technical Report in May 2023, our team has identified six exploration targets at Thompson Valley. We expanded the size of the project area to the north to perfect and protect our land position. Our current plans are to initiate our inaugural drill program in 2023 to test these targets, pending necessary permits, drill availability, and favorable weather conditions. We have mobilized a field crew to lay out drill pads and drill roads. We expect to complete archaeological and native plant surveys within the next few weeks, to be followed by submission of a Geological Field Plan of Operations (“GFOP”) to the ASLD.”