Ameriwest Lithium Provides Update on Its Thompson Valley Lithium Project, AZ - Seite 2

Figure 1

Mineral Rights, Thompson Valley Property, AZ

The Company’s current focus is concentrated on securing funding to facilitate this year’s recommended Phase 1 drilling program at the TV Project. Objectives of the program are outlined below:

• Obtain representative cuttings samples for laboratory analysis and prove the presence of significant lithium concentrations.
• Determine the depth of the potential lithium deposit by drilling to basement rock.
• Begin to define the dimensions of the potential lithium deposit with the longer term goal of defining a lithium resource.
  

Note that no mineral resources or reserves have yet been defined at the Thompson Valley Project that meet National Instrument 43-101 (NI 43-101) Standards for Disclosure for Mineral Projects or Canadian Institute of Mining (CIM) Definition Standards for Mineral Resources and Reserves.

To achieve these objectives of its drilling program, Oakley plans to use dual-wall reverse circulation (RC) drilling with air, as this will provide uncontaminated samples from depth. It is planned to drill in 9 to 11 locations in the western area, as shown on Figure 1. Thirty locations are being permitted to allow follow-up drilling in both the western and eastern areas, subject to exploration success and funding. Target depths are +/-300 ft, based on satellite-based remote sensing for the presence of lithium.

Drilling quotations are being obtained from five different companies of which two are located in Arizona and three in Nevada.

Additional permits expected to be required upon approval of the GFOP include:

• Notice of Intent to Clear Land, submitted to the Arizona Department of Agriculture (ADA).
• Exhibit C: Checklist – Vegetation on State Trust Land, submitted to ASLD Natural Resources Division.
• Notice of Intent to Drill and Abandon an Exploration / Specialty Well submitted to Arizona Department of Water Resources (ADWR).
• Construction Activity General Permit (CGP) for stormwater discharge.

Upon completion of the necessary permits and financing activities, Ameriwest plans to move forward with Phase 1 drilling at the TV Project. Timing is dependent on these activities.