AmeriLithium Corp. is pleased to announce the completion of its geophysical study of the Company's three properties in Western Australia for the purpose of identifying possible gold mineralization in addition to possible lithium resources.
The interpreted results from the geophysical study indicate geology that is consistent with [Ausgold Limited's nearby 5-million-ounce (Moz) Katanning gold discovery]. In particular, AmeriLithium's Bare Rocks license block is considered highly prospective due to a series of structural features (faults and shear zones) that appear to be relatively unique for the Katanning area. Analysis of the existing geophysical data also identified 13 viable exploration drill targets.
The geophysical study was commissioned through AmeriLithium's Australia-based joint venture ("JV") partner, Strategic Resource Management Pty Ltd. The purposes of the JV are to acquire, manage and administer mining properties held by or to be held by AmeriLithium in Australia, including the Company's three current Western Australia assets.
AmeriLithium's CEO, Matthew Worrall, commented: "While our main focus remains our lithium projects in Nevada, our JV with Strategic Resource Management continues to enable us in exploring and developing our Australian holdings. And with the geophysical study pointing to the potential for gold mineralization, we're looking forward to moving ahead with our 2012 drilling program to better assess the gold and lithium potential of our holdings."
GEOPHYSICAL STUDY DETAILS
The geophysical study focused on the three mineral tenements currently held by AmeriLithium within the Katanning Greenstone Belt in Western Australia. Core Geophysics ("Core") of Perth performed a detailed analysis of available geophysical data covering the three tenements with the purpose of identifying possible gold mineralization in addition to possible lithium resources.
Data was acquired and reviewed for the Bare Rocks (E70/3702), Hoffman Hills (E70/3703), and Normans Lake (E70/3704) projects. A suite of geophysical images was generated for each property, showing the structural interpretation of publically-available airborne geophysical survey magnetic data acquired within the past 5 to 10 years. A review of competitor activity in the region was also undertaken to determine the level of exploration activity and the techniques being employed to more fully delineate the Katanning gold discovery as well as the entire Katanning Greenstone Belt.
Structural interpretation of magnetic data within the AmeriLithium tenements shows a highly complex geological terrain interspersed with abundant intrusive dike swarms. This interpreted geology is consistent with that of the Katanning discovery. Patterns in magnetic data indicate a possible mafic-ultramafic layered intrusion at the south end of the Bare Rocks license block. This interpreted intrusion is also in close proximity to the Ausgold Katanning Gold Project and, according to Core, may be a significant feature in relation to known mineralization. Bare Rocks is considered highly prospective due to a series of structural features (faults and shear zones) that appear to be relatively unique for the Katanning area.
Core identified 13 viable exploration drilling targets from its analysis of the existing geophysical data:
- Four targets were delineated for the Normans Lake block. Targets are identified structural features and possible granitic intrusions.
- Six targets were identified for the highly prospective Bare Rocks block. These include geophysical signatures similar to the Katanning discovery that are on the strike of the Katanning mineralized trend. Priority targets include the set of faults and shears identified by the geophysical surveys and a geophysical signature identified as that of a layered-intrusive body.
- Three targets were identified for the Hoffman Hills block. Existing geophysical data for this area is of generally poor quality, according to Core. Additional work in this area is suggested to gain a better understanding of the geology and structure given its close proximity to the expanding Katanning discovery. Targets are identified structural features with major offset, fault splays and shear zones, and greenstone with multiple intersecting fractures
FOR MORE INFORMATION
More information on the Australian holdings, and additional information regarding the Company, can be found at AmeriLithium's corporate website www.amerilithium.com along with the facility to sign up for regular news updates.
ABOUT LITHIUM: Lithium is a lightweight metal used in a wide range of consumer products the world over: the medical industry uses Lithium as an anti-depressant; industrial uses include glass, ceramic and porcelain enamel manufacture; the aviation industry uses Lithium in alloys. Of particular interest is the use of Lithium for battery production, which has expanded significantly in recent years due to rechargeable Lithium batteries being used increasingly in electrical tools and in the rapidly expanding portable electronics market. Furthermore, the next generation of hybrid and electric vehicles are being designed to use high-capacity Lithium-ion batteries as environmentally-friendly fuel alternatives.
ABOUT AMERILITHIUM: AmeriLithium is a publicly traded (OTCBB: AMEL), mining company committed to progressively developing into one of the leading American players in the global Lithium industry. The Company is headquartered in Henderson, NV. AmeriLithium has amassed a Lithium portfolio consisting of ~727,319 acres, including four Nevada-based projects nearby the only Lithium producing plant in the United States, a large project in Alberta, Canada, and a project in Western Australia.
ON BEHALF OF THE BOARD OF DIRECTORS,
Matthew Worrall, Chief Executive Officer
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
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SOURCE AmeriLithium Corp.