DOUGLAS COUNTY, Nev., March 15 /PRNewswire-FirstCall/ -- AmeriLithium (OTC Bulletin Board: AMEL; "AmeriLithium Corp." or "the Company") is pleased to announce it has recently executed a definitive agreement thereby acquiring 100% of the assets of the Paymaster Project, Paymaster Canyon, Esmeralda County, NV. This totals approximately 80 separate contiguous claims in this prime lithium-mining region.
AmeriLithium's domestic Paymaster Project represents approximately 80 claims adjacent to the Clayton Valley playa, where lithium-rich brines and evaporates have been accumulating for more than 30,000 years, resulting in the highest lithium content found in any brines tested by the US Geological Survey (USGS) in southwestern US playas and basins.(1)
Clayton Valley is also home to the only US-based lithium producing plant. The plant has been in production since 1967, producing an estimated 50 million kg (55,000+ tons) of lithium to date from the region's rich brines.(2)
The Paymaster Project itself is surrounded by the Montezuma Range and mountain ranges containing Tertiary rhyolites (the volcanic equivalent of granite) considered to be the most lithium-rich rhyolites in the world.(4) The movement and evaporation of the region's water replenishes lithium-rich clays, lithium inclusions in halite (naturally occurring salt), and economic grades of brine-based lithium considered to be in the 100 to 300 ppm range(3) with the USGS indicating some concentrations in the Clayton Valley area reaching as high as 1,000 ppm.(5)
The Paymaster Canyon is an inter-mountain structure in west-central Nevada. The canyon has a playa floor of about 10 square miles that receives surface drainage from an area of about 50 square miles. Two large eastward-trending faults spaced a little over half a mile apart comprise what is believed to be part of a large conduit for lithium enrichment from the Alkali Flats (to the east) and Big Smoky Valley (to the west) into the lower Clayton Valley playa.(3)
Matthew Worrall, CEO of AmeriLithium, stated, " We are delighted to have signed a deal for a property in such a prominent location. Our attitude towards aggressive asset acquisition has really paid off, gaining us another excellent North American property with great resource potential. It is with constant efforts such as this that we hope very soon to develop ourselves into one of America's leading Lithium exploration companies."
More information on the Paymaster project, 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 while the Obama administration has introduced $5 billion in funding and incentives for the development of a secure, domestic battery industry with special focus on lithium-ion batteries.
ABOUT AMERILITHIUM: AmeriLithium is a publicly traded (OTCBB: AMEL), independent mining company committed to progressively growing into the largest and leading American player in the global lithium industry. The Company is headquartered in Douglas County, NV. AmeriLithium has amassed a lithium portfolio consisting of ~670,000 acres, including a Nevada-based project adjacent to the only lithium producing plant in the US and a large project in Alberta, Canada.
(1) NI 43-101 Technical Report by Coast Mountain Geological Ltd for Rodinia Minerals Inc, Mar. 12, 2009
(2) Rodinia Minerals Inc website, Feb. 25, 2009
(3) PM Placer Mineral Claims report, GeoXplor Corp, Nov. 25, 2009
(4) MacDonald et. al; 1992 (as cited in GeoXplor Corp report, Nov. 25, 2009)
(5) Clayton Valley Lithium presentation, GeoXplor Corporation
SOURCE AmeriLithium Corp.