- American Lithium (LI) has agreed to acquire 431 acres of privately-held agricultural lands and the accompanying water rights in Nevada
- American Lithium will pay the vendors a total of US$3,125,000 on closing
- The company now has close to 2,500 acre-feet of combined water rights in Big Smoke Valley, providing sufficient water for the initial phases of future production at TLC
- American Lithium Corp is a Canadian-based exploratione company
- American Lithium Corp. (LI) is up 4.18 per cent, trading at C$2.74 per share at 10 am ET
American Lithium (LI) has agreed to acquire 431 acres of privately-held agricultural lands and the accompanying water rights in Nevada.
The lands are located in Big Smoky Valley, close to the company’s Tonopah Lithium Claims (TLC).
American Lithium will pay the vendors a total of US$3,125,000 on closing, expected to occur following completion of a standard escrow to verify title rights.
This latest agreement follows an earlier purchase in 2020 of a nearby 326-acre private ranch, providing American Lithium with access to 1,110 acre-feet of water rights. The ownership of both properties will give close to 2,500 acre-feet of combined water rights which should provide sufficient water for at least the initial phases of any future production at TLC and a strong base for any future expansion phases.
The water can be transported by buried pipeline to TLC utilizing existing public access routes. The water rights acquired with the land purchase may also be transferred throughout the basin, including to the TLC site via intra-basin transfer.
Simon Clarke, CEO of American Lithium, commented on the news.
“TLC benefits from several unique features, including an excellent location in the high desert of Nevada, which provides the project with a benign environmental footprint. The ability to secure additional sustainable water supply in our basin is a critical element, and we are delighted that our team has been proactive in this regard. Our mandate is to continue developing a sustainable business model at TLC that is as water-efficient as possible. Our vision of judicious water conservation includes recycling and re-using our privately-owned water supplies whenever possible, and we will maximize our rights and minimize water consumption.”
“Such initiatives are aligned with our commitment to minimize impacts on the surrounding ecosystem. To this end, we will also continue to operate both ranches using traditional, best-farming practices for the foreseeable future, with the cooperation of the Vendors and under the stewardship of a seasoned ranch manager,” he added.
American Lithium is engaged in exploring and developing lithium projects throughout the Americas.
American Lithium Corp. (LI) is up 4.18 per cent, trading at C$2.74 per share at 10 am ET.
