- Ameriwest Lithium Inc. (AWLI) acquires 224 claims from American Battery Technology to increase the size of the Railroad Valley Property
- It believes the property has potential to host a large lithium brine deposit based on geophysical studies
- Ameriwest paid American Battery US$175,000 for the claims, US$50,000 of which will be paid in common shares
- The company will focus on assessing the lithium potential of the property
- Ameriwest Lithium Inc. (AWLI) is up 2.06 per cent and is trading at $0.99 per share as of 10:15 a.m. EST
Ameriwest Lithium (AWLI) has acquired 224 claims from American Battery Technology, increasing the size of the Railroad Valley Property, Nevada.
The company believes the property has potential to host a large lithium brine deposit based on geophysical studies done on the property to date.
David Watkinson, CEO of Ameriwest, commented,
“We are extremely excited to have discovered a large gravity low with potential to host a substantial lithium brine deposit during our recent RRV geophysical programs, and we have now expanded our claims to encompass the entire gravity low.”
Ameriwest paid American Battery US$175,000 for the claims, US$50,000 of which will be paid in common shares. Ameriwest will issue 67,564 of its shares for $0.94 per consideration share.
Preliminary results from a recent gravity survey indicate a large gravity low anomaly on Ameriwest’s claim block, extending to the north into the new claims. Ameriwest believes it has encompassed the anomaly within its expanded claim block. The gravity low is considered to have the potential to host a large lithium brine deposit.
Based on the outcome of combined geophysical studies Ameriwest’s next step is the testing of brine samples at depth within the gravity anomaly. Ameriwest will focus on assessing the lithium potential of the Railroad property to establish drilling initial targets later this year, subject to permitting.
Ameriwest Lithium Inc. (AWLI) is up 2.06 per cent and is trading at $0.99 per share as of 10:15 a.m. EST.
