Exploration Drill Target At The Thompson Valley Project

VANCOUVER - Ameriwest Lithium Inc. has received results for an expanded set of surface sample assays from its Thompson Valley Property (the “TV Property”) in Arizona. The results of surface sampling to date on the TV Property confirm the widespread presence of significant (>200 ppm) lithium concentrations in surface lithologies, and the Company plans to move forward with core drilling in early 2023 to test a target area identified from the surface sampling, subject to obtaining the necessary permits.

Nearly 200 samples were acquired to date by Ameriwest’s consulting geologist, Brian A. Beck, during September and October as part of the continued “Phase 1 Exploration Program”. As a result, an initial exploration target area totaling 1,003 acres (406 ha) has been identified within the 6,681 acres (2,785 ha) of mineral rights controlled by the Company. Samples were acquired subsequent to approval of a geologic field operation plan by the Arizona State Land Department (ASLD).

Assay results from the TV Property surface grab samples, analyzed by ALS Geochemistry (“ALS”) in Tucson, Arizona and Vancouver, BC, show lithium contents ranging up to 1,295 ppm Li. The locations of consistently higher lithium contents were used to delineate a prospective exploration target area for drilling.

David Watkinson, President and CEO, said, “We are excited with these results. This sedimentary deposit has clay-like properties with surface or near-surface exposures of lithium-bearing materials, most of which have an elevated carbonate content. We look forward to further verification of the property’s potential to host a significant lithium deposit by core drilling. We plan to move forward and permit a drilling program with the State and hope to be drilling in late Q1 or early Q2 next year.”