AmeriLithium today announced its request for the first draw from its $10 million finance agreement secured to launch the company’s exploration program on its Paymaster Project in Nevada.
The company’s three-stage exploration Paymaster Project is a 5,880-acre claim in an area that reportedly has the highest lithium content found in any brines tested by the US Geological Survey (USGS) in southwestern U.S. playas and basins.
“It’s always exciting to take the next step in a company’s development. We’re fortunate at AmeriLithium to be well funded such that we can move forward with our Paymaster Project exploration program at this time. And everyone at the Company shares in the vision of this exploration program bringing us that much closer to developing into one of the leading American players in the global lithium industry,” Matthew Worrall, AmeriLithium’s CEO stated in the press release.
The three-stage program entails a gravity survey to determine the depth of the basin and define areas of maximum potential for lithium brine concentrations, and a 2D seismic survey over the claim to delineate the depth and thickness of the lithium layers.
Additionally, the company said that if the surveys are successful, the company’s drill program would be recommended to define reserves and establish the grade of lithium mineralization within the delineated basins that contain anomalous amounts of lithium.