Ameriwest Defines Lithium Brine Target at Its Railroad Valley Property, NV

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Published on: March 10, 2022

VANCOUVER, British Columbia, March 10, 2022 (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 Zonge International Inc. (“Zonge”) has completed a Phase 2 Magnetotelluric geophysical survey (the “MT Survey”) on its Railroad Valley Property, Nevada (“RRV” or the “RRV Property”).

MT Surveys respecting the RRV Property

The results of the MT Survey, incorporating both Phase 1 and Phase 2 results, demonstrate the potential for Ameriwest’s RRV Property to host a large lithium brine deposit, subject to exploration success.

The entire gravity low spans an area of about three miles (five kilometres) in width by six miles (ten kilometers) in length. The Phase 1 and Phase 2 MT Surveys consisted of four east-west lines cross cutting the southern half of the large gravity low, as shown in Figure 1 below. Lines were located at 424000N, 4241000N, 4241950N, and 4243150 N.

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/18082928-5446-4b57-bd7b-03a3e3dae4d2

As announced in Ameriwest’s February 16, 2022, press release, the Company has staked 462 claims at RRV and acquired 224 claims from American Battery Technology Corporation (“ABTC”) (OTCQB: ABML) to the north, to now hold an aggregate of 686 claims totalling 13,580 acres (5,500 hectares). The Company effectively controls the area covering the gravity low.

Figure 2 below shows the results of the MT survey for Line 4243150N, which is located at approximately the centre of the gravity low shown in Figure 1. The deeper colours show the location of a resistivity low (or conversely a conductivity high), which represent a potential brine target. Note that no lithium resources or reserves have yet been delineated on the RRV Property and drilling will be required to confirm 1) the presence of a brine and 2) lithium or other valuable metals in the brine. The depth of the target ranges from about 1,000 feet (300 meters) below surface to about 6,200 feet (1,600 meters) below surface. Lines 4241950N, 4241000N and 424000N (going from the north to the south), shown in Figures 3, 4, and 5 below, illustrate a similar brine target decreasing is size to the south, as expected based on the gravity low decreasing in width to the south at the same time.

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2ceaee10-50fd-4725-8ac9-f0173fdb23e3

Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/85b2154f-17c4-484c-8bce-c94428c02114

Figure 4 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a3556895-d513-4caa-8d50-26f1db8bf9ed

Figure 5 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/65d43aae-be3e-4954-bddb-fee4b5359061

Zonge’s scope of work has now been expanded to add two additional lines to the north of the four current lines, to cover the claims acquired from ABTC.

Ameriwest is taking a systematic and incremental approach to exploration at RRV. This includes:

  1. Gravity geophysics (complete);
  2. Perfection of the RRV Property package (in progress);
  3. Magnetotelluric (“MT”) geophysics (in progress);
  4. Seismic analysis (in progress);
  5. Combined 3-D modelling of the gravity, MT and seismic data; and
  6. Permitting and drilling of a discovery diamond core hole to determine the presence of a lithium brine.

In Railroad Valley information from historic oil and gas drilling, including seismic work, is available. Ameriwest has acquired some seismic data to date and is in the process of acquiring additional data to cover the expanded RRV Property. Once the data acquisition is complete, the Company plans to complete 3-D modelling and locate a discovery diamond core hole, complete permits and drill, tentatively, in the summer or fall. The primary hurdle for scheduling will be availability of a drill.

Technical aspects of this news release have been reviewed and approved by David Watkinson, P.Eng.; a Qualified Person (QP) under National Instrument 43-101; who is the President and CEO of the Company.

Ameriwest invites interested stakeholders and shareholders alike to contact our investor relations team or visit our website and sign-up for regular news alerts which will help provide timely updates of ongoing activities. Company management believes strongly in regular communications, updates and reports from the field as an important aspect of developing informative and useful engagement as the Company continues to help explore and develop the exciting and rapidly evolving lithium sector.

On Behalf of the Board of Directors,

David Watkinson
President and Chief Executive Officer

For further information, please contact:
Invictus Investor Relations
Tel: +1 (604) 343-8661
[email protected]
https://ameriwestlithium.com/

About Ameriwest Lithium Inc. (CSE: AWLI) (OTC: AWLIF) (FSE: 5HV0)

Ameriwest Lithium Inc. is a Canadian-based exploration company with a focus on identifying strategic lithium mineral resource projects for exploration and development. The Company is currently focused on exploring its 13,580-acre Railroad Valley property, the 22,210-acre Edwards Creek Valley, and the 5,600-acre Deer Musk East property in Nevada. In addition, the Company is exploring the 2,860-acre Thompson Valley property in Arizona.

For more information visit: https://ameriwestlithium.com/.

Caution Regarding Forward-Looking Information

Certain statements contained in this news release may constitute forward‐looking information. Forward‐looking information is often, but not always, identified by the use of words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward‐looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking information. The Company’s actual results could differ materially from those anticipated in this forward‐looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company’s strategic growth plans, and other factors, many of which are beyond the control of the Company. The Company believes that the expectations reflected in the forward‐looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. Any forward‐looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward‐looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.

The Canadian Securities Exchange has not in any way passed upon the merits of the matters referenced herein and has neither approved nor disapproved the contents of this news release.

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