The company said it is to acquire 41,860 acres of prospective lithium brine and clay exploration land in Nevada, which has turned into the place to be for lithium explorers.
The new acreage complements the company’s current landholdings of 1,078 net acres in Clayton Valley and the company’s highly prospective 18,552-acre landholdings in Fish Lake, Nevada.
“We are delighted with this singular largest acquisition of lithium claims in the Clayton Valley in recent years. Limited by geographical factors, with this acquisition, all of the prospective land within this closed sedimentary basin has been fully staked and registered by several major landholders,” said Mike Kobler, American Lithium’s chief operating officer.
“We look forward to taking advantage of the exponentially growing lithium market by offering our shareholders access to the largest, unencumbered and highly prospective exploratory project in the heart of North America’s only established lithium-producing basin,” he added.
American Lithium is paying for the land with 11.5mln shares initially, with the sellers also in line to receive a further 4mln shares depending on certain milestones in the development of the company and the claim blocks being hit. These milestones include: the company having completed further debt or equity financings for proceeds of not less than C$10mln; the company reaching a market capitalization of C$150mln; the company having received a resource estimate demonstrating 500,000 tonnes of lithium within the claim blocks; and the company having completed a preliminary economic assessment on the properties comprising the claim blocks.
Story by ProactiveInvestors