American Lithium Minerals Inc - AMLM stock

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OTC Symbol: AMLM | OTC Tier: Pink Current

Description

American Lithium Minerals, Inc. is a United States-based company actively involved in the exploration of lithium and rare earth minerals. Their portfolio includes the Stonewall Flat Lithium project, covering approximately 1,250 acres situated on Stonewall Playa in Nevada's Lida Valley Basin. Additionally, they own the Kingman Rare Earth project, consisting of two individual properties - the Kingman Feldspar Mine and the Mineral X property. Furthermore, the company holds an interest in the Silver Peak Lithium prospect, which is a claystone lithium prospect containing 24 lode mining claims located in Esmeralda County. They also have ownership of the West End Lithium property, encompassing 24 lode mining claims situated in Nye County, Nevada.

Originally known as Nugget Resources Inc., the company underwent a name change to American Lithium Minerals, Inc. in March 2009. Having been incorporated in 2005, its headquarters is located in Las Vegas, Nevada.

Origin

The origin of American Lithium Minerals, Inc. can be traced back to its founding by individuals with an interest in exploring and capitalizing on the growing demand for lithium, which is a crucial component in the manufacturing of lithium-ion batteries. Lithium-ion batteries are widely used in various industries, including electric vehicles, renewable energy storage, consumer electronics, and more. The company's focus on lithium and other strategic minerals is driven by the increasing importance of these resources in the transition towards cleaner and more sustainable energy solutions. Lithium, in particular, has become a critical element in the development of electric vehicles and energy storage systems, as it offers high energy density and helps reduce greenhouse gas emissions. American Lithium Minerals, Inc. began its operations by conducting exploration activities to identify and assess lithium and other mineral deposits within the United States. Once viable resources were identified, the company would have proceeded with development plans to extract and process these minerals for commercial use. The demand for lithium and other strategic minerals has been on the rise due to the global push for renewable energy sources and the electrification of transportation. As a result, companies like American Lithium Minerals, Inc. have sought to position themselves in the market to capitalize on the growing demand for these resources.

History Timeline

In 2005, American Lithium Minerals, Inc. was established as a Nevada corporation with a primary focus on lithium exploration in Central Nevada, a direction it has maintained since 2009. By 2019, AMLM had acquired two significant properties - the Stonewall Flat lithium property and the Kingman rare earth property. In the same year, plans for the development of the Northern Nevada and Midwest Lithium Complexes were initiated, and the process of site acquisition and assemblage commenced in 2020, continuing through 2021.

In February 2020, the acquisition of the Silverpeak Lithium Property was initiated. During November 2020, AMLM entered into an earn-in agreement with Altair International (ticker: ATAO) for both the Stonewall Flat and Kingman Projects, and also acquired the West End Lithium Project.

Moving to 2021, the first half of the year was marked by significant developments. AMLM purchased an office building in Cairo, Illinois, located in a designated Opportunity Zone, for the development of the Midwest Lithium Complex. Additionally, they acquired neighboring company housing and development land, with renovations commencing promptly. In July 2021, Altair International, their joint venture partner, conducted a soil sampling program at Stonewall Flat, yielding widespread lithium anomalies on two of the three claim blocks, with lithium values reaching up to 172.5 parts per million (ppm).

Properties

Stonewall Flat Lithium Project

The Stonewall Flat Lithium Project spans an area of approximately 1,730 acres on Stonewall Playa, located in the Lida Valley Basin of Nevada. This basin is positioned immediately south of the Clayton Valley Basin, where the only active lithium mine in the United States, Albemarle's Silver Peak Lithium Mine, is situated. Strategically positioned within the Nevada lithium supply hub, the Stonewall Flat project is located 306 kilometers (191 miles) southeast of Tesla's new Gigafactory, which is planned to have a production capacity of 35 gigawatt-hours per year. American Lithium Minerals' land position consists of 63 placer mining claims on land managed by the United States Bureau of Land Management (BLM). The project's location in the mining-friendly Nye and Esmeralda Counties of Nevada provides excellent access to infrastructure, including power, water, and labor. The site can be easily accessed via US Highway 95, the main highway connecting Las Vegas and Reno. Additionally, the regional climate facilitates natural and cost-effective evaporation for brine concentration, enabling year-round work.

Geologically, the Stonewall Flat playa is surrounded by tertiary volcanic rhyolitic rock units that contain abnormally high levels of lithium. These rhyolitic units are considered a potential source of lithium for the brines in the Clayton Valley. The lithium-rich source rock includes flows and tuffs that likely extend beneath the alluvial cover.

Past drilling in 1979, conducted by the Division of Energy Storage Systems of the United States Department of Energy, revealed that the northern playa of Stonewall Flat primarily consists of gravel and some sand beds, with the drilling reaching muddy gravel. Lithium values in the sediments ranged up to 121 parts per million ("ppm") lithium ("Li"), with an average of 33.9 ppm lithium. One groundwater sample taken at 455 feet contained 160 parts per billion (ppb) dissolved lithium.

Kingman Rare Earth Project

Kingman Feldspar Mine

The Kingman Feldspar Mine is situated approximately 5 miles north of Kingman, Arizona, on the eastern side of Bull Mountain. This mine has a historical background, as it operated from the 1920s to the 1980s, primarily extracting feldspar and quartz from a substantial pegmatite that dates back 1.7 billion years. The mining activities took place in two separate quarries located within the 35-acre site. American Lithium Minerals' land ownership includes two lode mining claims, regulated by the United States Bureau of Land Management (BLM).

Since the 1950s, it has been known that the pegmatite at the mine contains the rare earth element (REE) mineral called allanite. Allanite is characterized by its greenish-black color and brilliant pitchy luster. It has been found both in place on the western wall of the southern quarry and in pieces of slide rock within both quarries and the mine dumps.

The allanite discovered in this location consists of both allanite-(Ce) and allanite-(Nd). An analysis carried out in 1955 using X-ray fluorescence indicated the following rare earth percentages: 1.3% yttrium (Y), 4.4% lanthanum (La), 8.1% cerium (Ce), 1.0% promethium (Pr), 4.2% neodymium (Nd), 0.95% samarium (Sm), 0.7% gadolinium (Gd), and 0.13% dysprosium (Dy). Assays conducted on five samples in 2010 confirmed the presence of rare earth elements.

The future plans for the site involve geological mapping to identify the exposed allanite within the existing quarries and the largely untouched area of approximately 1,200 feet that separates the quarries. Additionally, metallurgical work will be necessary to determine the economic feasibility of extracting the desired rare earth minerals from the allanite.

Mineral “X” Pegmatite

Originally referred to as Mineral "X," this property earned its name due to the initial mystery surrounding the identity of the rare earth mineral discovered there. In 1965, it was eventually identified as thalenite, a mineral containing the rare earth elements dysprosium (Dy), erbium (Er), and ytterbium (Yb). The pegmatite that houses these rare earths is situated about two miles east of Interstate Highway I-40 and approximately 5 miles south of Kingman.