Vancouver, British Columbia, March 15, 2022 (GLOBE NEWSWIRE) — Alpha Lithium Corporation (TSX.V: ALLI) (OTC: APHLF) (Germany WKN: A3CUW1) (“”alpha” or “societyWe are very pleased to be able to provide you with the latest information on operations at the 100% wholly owned 27,500 hectares of Tollillar Salar, the adjacent Salar del Hombre Muerto, and the previously announced Uranium One transaction (. See news on November 29, 2022). (Release), with this, Uranium One has agreed to acquire 15% of Tollillar Salar for US $ 30 million. This means an asset value of US $ 200 million.
With over $ 44 million in financial funding, we continue to operate and develop our wholly owned Tollillar Salar, confirming extensive organizational support for our projects. Given the challenges we have recently experienced at Uranium One, we have chosen to temporarily suspend the completion of the transaction. We know nothing about the sanctions currently in place for Uranium One, its subsidiaries, affiliates, or its executives, and this decision is responsibly made in the best interests of shareholders. I add.
Prior to this announcement, we received several inbound interests from a number of stakeholders without actively marketing the project. All of these parties are multi-billion dollar experienced electric vehicle supply chain companies. Alpha is fortunate to have multiple development paths for Tollillar Salar. One of them is to continue independently, leveraging the company’s large cash reserves and expert operations team.
The company has four drilling rigs to bring Tollillar Salar into operation, while simultaneously conducting extensive and detailed high-power vertical electrical exploration (“VES”) exploration to extend the vertical and horizontal range of the lithium brine Salar. Is starting. This is our third VES campaign and consists of approximately 70 points earned. This latest VES campaign incorporates the previous two VES surveys and production results from the first well.
The four drilling rigs focus on the northern, western, and eastern expansion of Tollillar Salar. One of the wells will be the second well to a recently discovered freshwater source. This is a rare and important requirement for lithium production.
After two of the four new wells in Tolillar Salar are completed, we plan to move the two drilling rigs to the nearby Salar del Hombre Muerto. Salar is now home to Livent Corporation, Allkem Limited (the recently merged Orocobre Limited and Galaxy Lithium), and POSCO – all billion-dollar lithium operators.
Brad Nicole, President and Chief Executive Officer, commented: In the case of Alpha, this is evidenced by a high level of unilateral interest in both Tollillar and Hombre Muerto. However, we will only consider introducing a partner if we currently have enough cash to continue developing both assets independently and the conditions increase in a very favorable way for our shareholders. “
Alpha is currently embarking on a major expansion of its existing high-altitude on-site camps and facilities, capable of accommodating up to 400 people on-site for extended periods of time. In addition, we are considering the construction of a three-kilometer-long runway to facilitate faster and safer movement of personnel and equipment to and from both Salars. Construction of a multidisciplinary pilot plant that can evaluate and compare several production technologies will soon begin. The design of the pilot plant is almost complete. We will also build several evaporative ponds. These ponds are used to evaluate alternatives for annual high altitude production in the field.
Alpha continues its original goal of providing a fundable feasibility study and demonstrating the significant value of lithium that underpins Tollillar Salar. To that end, our engineers are preparing a quote request (“RFQ”). This will require some of the world’s largest and most experienced lithium engineering companies to submit bids in preparation for Tollillar Salar’s fundable feasibility study.
We will continue to update the market with relevant operational information as it becomes available.
On behalf of the board of directors of ALPHALITHIUM CORPORATION
President, Chief Executive Officer and Director
For more information:
Alpha Lithium Investor Relations
Tel: +1 844 592 6337
About Alpha Lithium (TSX.V: ALLI) (OTC: APHLF) (Germany WKN: A3CUW1)
Alpha Lithium is a team of industry experts and experienced stakeholders focused on the development of Tollillar and Hombre Muerto Salars. Tolillar is one of Argentina’s last undeveloped lithium salals, including 27,500 hectares (67,954 acres), a multi-billion dollar lithium player adjacent to the heart of the famous “Lithium Triangle”. Collected 100% ownership of what is possible. At Hombre Muerto, we continue to expand our foothold with one of the world’s highest quality and longest producing lithium salals. Other companies in the region that are exploring or currently producing lithium brine include Orocobre Limited, Galaxy Lithium, Livent Corporation, and POSCO of Salar del Hombre Muerto. Orocobre of Salar Oraloz; Eramine SudAmerica SA of Salarde Centenario; Gangfeng and Lithium Americas of Salarde Cauchari.
Description of future prospects
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by expressions such as “plan”, “potential”, “should”, “expectation”, and “expectation”. All statements other than the historical facts contained in this news release are forward-looking statements with risks and uncertainties. There is no guarantee that such statements will prove accurate and that actual results and future events may differ materially from those expected in such statements. Key factors that may cause actual results to differ materially from our expectations include the results of further testing and investigation of the brine process, as well as other risks we have submitted to securities regulators. Readers should be aware that the assumptions used to create information about the future outlook may turn out to be incorrect. As a result of many known and unknown risks, uncertainties, and other factors, events or circumstances may cause actual results to differ materially from those expected. Many of these factors are beyond our control. Readers should be careful not to place excessive trust in information about future prospects. Such information is considered reasonable by management at the time of creation, but may prove inaccurate and actual results may differ materially from expectations. The forward-looking statements contained in this news release are explicitly modified by this notice. The forward-looking statements contained in this news release were made as of the date of this news release and we have included forward-looking statements as expressly required by applicable law. Publicly updated or revised.
Neither the TSX Venture Exchange nor its regulatory service provider (the term is defined in the TSX Venture Exchange Policy) is responsible for the validity or accuracy of this release. Securities Regulators have not considered or are responsible for the validity or accuracy of the content of this news release.
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Alpha Lithium provides up-to-date information on Argentine business and Uranium One transactions, Canadian Business Journal
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