- American Lithium (TSXV:LI), a top-performing lithium stock, has identified a new lithium discovery on its Quelcaya project in Peru
- Highlights include a large-scale lithium mineralized zone 222.5 metres thick averaging 1,560 ppm Li at 119.1 m downhole
- American Lithium is developing large-scale lithium projects within mining-friendly jurisdictions in Nevada and Peru
- American Lithium stock (TSXV:LI) is a top performer among its peers with a 244.44 per cent return over the past five years
American Lithium (TSXV:LI), a top-performing lithium stock, has identified a new lithium discovery on its Quelcaya project in Peru.
The finding stems from Q26-TV, the initial drill hole at one of the key discovery targets previously identified from 2021 field work. Results are indicative of a large lithium district emerging on the west side of the Macusani Plateau with significant potential to increase head grade.
The Quelcaya project houses three areas of mapped surface lithium mineralization located 5.5 to 11 kilometres west of the company’s Falchani lithium deposit, a multi-billion dollar hard-rock resource estimated to be the 6th largest in the world.
The company plans to release pending assays from additional drill holes near the discovery as soon as they’re available.
Drilling at Quelcaya is ongoing in and around the project with six planned drill hole platforms.
“We are very excited with this discovery drill hole at Quelcaya. The lithium mineralization is in rocks that are texturally and geologically distinct from the Falchani tuff mineralization, but are obviously related to the same 8-million-year-old volcanic activity responsible for Falchani,” Simon Clarke, CEO of American Lithium, said in a statement.
“The potential scale of this area of lithium mineralization is very large given the thickness seen in the discovery hole. The potential to pre-concentrate the lithium in this style of mineralization is also very encouraging as we start to analyze the leachability and economic potential. This discovery also validates our thesis that the Macusani Plateau hosts more than just the Falchani lithium deposit and has the potential to become a major lithium district, which we control,” Clarke added.
Results from drill hole Q26-TV
| Q26-TV – 414.6 m total depth – Vertical |
From (m) |
To (m) |
Thickness (m) |
Li (ppm) |
Cs (ppm) |
Rb (ppm) |
K (%) |
|
119.1 |
341.6 |
222.5 |
1,560 |
643 |
1,049 |
3.32 |
|
61.0 |
68.0 |
8.0 |
|
1,686 |
|
|
| Maximum Li interval |
335.0 |
336.0 |
1.0 |
2,668 |
|
|
|
| Maximum Cs interval |
62.0 |
63.0 |
1.0 |
|
2,220 |
|
|
| Maximum Rb interval |
316.0 |
317.0 |
1.0 |
|
|
1,344 |
|
Source: American Lithium.
American Lithium is developing large-scale lithium projects within mining-friendly jurisdictions in Nevada and Peru. All three of its projects have undergone preliminary economic assessments and exhibit strong expansion potential, with two of these projects having reached the pre-feasibility stage.
American Lithium stock (TSXV:LI) opened with a loss of 1.58 per cent, trading at $1.87 per share. The stock is a top performer among its peers with a 244.44 per cent return over the past five years. The iShares S&P/TSX Capped Materials Index ETF has returned 45.27 per cent over the period.
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