Ameriwest Lithium Acquires 178 Mineral Claims Doubling the Size of Its Little Smoky Valley Property, NV

Rhea-AI Summary

Ameriwest Lithium Inc. (CSE: AWLI, OTC: AWLIF) has acquired 178 unpatented lode mineral claims from Port Mercantile Holdings Ltd., expanding its Little Smoky Valley Property in Nevada to 282 claims covering approximately 5,600 acres. The transaction, which includes the issuance of 2.3 million shares and a payment of US$150,000, is pending regulatory approval. This acquisition is part of the company's strategy to enhance its lithium exploration efforts in Nevada and Arizona, and it is expected to contribute to future development opportunities for lithium resources.

Positive

• Acquisition of 178 claims increases total to 282, expanding exploration potential.
• Strategic positioning in a mining-friendly jurisdiction enhances future investment opportunities.
• Potential for high-quality lithium resource development based on geological assessments.

Negative

• Transaction requires regulatory approval, introducing uncertainty.
• Share issuance may dilute existing shareholder equity.

VANCOUVER, British Columbia, July 19, 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 it has acquired additional claims more than doubling the size of its Little Smoky Valley Property in Nevada.

Ameriwest acquired the 178 unpatented lode mineral claims from Port Mercantile Holdings Ltd. (“Port Mercantile”). The claims, located about 30 miles south of Eureka Nevada, will increase the Company’s position at the Little Smoky Valley Property (the “LSV Property”) to 282 unpatented lode mineral claims encompassing about 5,600 acres. As part of the purchase agreement (the “Agreement”), Ameriwest will issue 2.3M shares and pay US$150,000 to Port Mercantile, in exchange for 100% ownership of the claims. The transaction is subject to regulatory approval.

As announced in a June 7, 2022, press release, the LSV Property is adjacent to Clear Sky Lithium Corp.’s (“Clear Sky”) ELi Lithium Property. Ameriwest’s claims cover a sequence of volcanic sedimentary rocks of lower Miocene to Oligocene age including tuffs, mudstones, claystones, and siltstones that management believes has the potential to host lithium mineralization. A recent NI 43-101 Technical Report entitled “The ELi Sediment-Hosted Lithium Deposit, Eureka and Nye Counties, Nevada: Technical Report” was prepared by Robert J. Johansing, BSc Geology, MSc Economic Geology, QP MMSA, effective date January 4, 2022, is available under Clear Sky’s corporate filings at www.sedar.com. The Technical Report summarizes soil sampling results from 133 soil samples on the ELi Property, consisting of 26 mineral claims, with results ranging from 44.5 to 801.7 ppm lithium. Ameriwest’s geologists have not verified the results reported by Clear Sky but believe the surrounding area, where Ameriwest staked or acquired its 282 claims, has potential for lithium mineralization, subject to exploration success. Ameriwest initially plans to conduct surface soil and rock chip sampling on the property to confirm the presence of lithium. If successful, the Company will conduct further exploration activities such as geophysics and drilling.

David Watkinson, President, and CEO stated, “The expansion of Ameriwest’s LSV Property is part of the Company’s ongoing strategy to stake or acquire a group of high-quality lithium clay and brine exploration properties in the mining-friendly jurisdictions of Nevada and Arizona. Ameriwest has acquired five lithium exploration properties since early 2021, arguably making the Company one of the leading lithium exploration companies in North America”.

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.

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/.

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
info@ameriwestlithium.com
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.

FAQ

What is the significance of Ameriwest Lithium's acquisition of claims on July 19, 2022?

The acquisition significantly expands Ameriwest's Little Smoky Valley Property, positioning it for enhanced lithium exploration and resource development.

How many claims did Ameriwest Lithium acquire and what is their location?

Ameriwest acquired 178 unpatented lode mineral claims located about 30 miles south of Eureka, Nevada, increasing their total claims to 282.

What are the financial terms of the claims acquisition by Ameriwest Lithium?

The acquisition includes the issuance of 2.3 million shares and a cash payment of US$150,000 to Port Mercantile.

What is Ameriwest's plan following the acquisition of new claims?

Ameriwest plans to conduct surface soil sampling and rock chip sampling to confirm lithium presence, followed by further exploration activities if results are positive.

What potential risks are associated with the acquisition of claims by Ameriwest Lithium?

The acquisition is subject to regulatory approval, and the issuance of new shares may dilute existing shareholders' equity.