Ameriwest is an exploration and development company with operations in North America. There is a corporate update. Ameriwest became a lithium exploration and development company in the year 2021. The non-lithium assets were spun out into a new company. The Company staked or acquired three brine and one clay properties in Nevada and Arizona in order to perfect the core land package associated with each property. Over 50,000 acres of the company's claims are under its control. The initial exploration on these properties included surface sampling and/or geophysics, and now we are moving into the drilling phase of the properties. The Thompson Valley Property in Arizona is the first of these properties to be drilled. The company has had discussions with third parties about the possibility of option or joint venture exploration on some of its projects. The Company has been busy working on a number of fronts in preparation of its upcoming exploration season. Updating or preparing new technical reports on several projects, formulating exploration plans for 2023, and completing a number of corporate changes are some of the things that can be done. There is a financing update. The Company announced the closing of a non-brokered private placement for total aggregate gross proceeds of $2,500,000 and the issuance of 12,000,000 units of the Company at a subscription price of $0.20 per Unit. The Unit consisted of one common share in the capital of the Company and one common share purchase warrant of the Company. Each Warrant entitles the holder to acquire one additional Share of the Company at an exercise price of $0.25 per Warrant Share, until May 1,25. The funds from the private placement will be used for general corporate and working capital purposes. The CFO appointment has been made. Robert Hill was recently appointed to the position of the Company's Chief Financial Officer. Mr. Hill is a CPA with 25 years of experience and is a former Vice President at Haywood Securities. He is a seasoned manager of private and publicly traded companies. Mr. Hill holds a degree from a Canadian university. Mr. Hill will take over as the company's CFO after Mr. Wright leaves due to health reasons. Ameriwest would like to thank Mr. Wright for his help in helping the company transition into a lithium exploration and development company. The Company has entered into a consulting agreement with Mr. Hill and has also granted him a fully vested stock option to acquire up to 250,000 shares of the Company. There is an update on marketing and advertising. The Company is happy to announce that it has recently entered into an amended and restated marketing agreement with a Florida based company for the purpose of providing various marketing services to the Company. I2I's services to the Company will include the creation and distribution of marketing of certain business content to increase the Company's exposure. The Company will pay a fee to I2I totalling US $210,000 for a period of two months after which the Company may extend the term on a month-to- month basis. The Company will not give stock-based compensation to I2I in consideration of the marketing services being provided the Company. Property and project updates. The Thompson Valley property is updated. Ameriwest announced on May 19th that it had completed a Technical Report on its Thompson Valley Property. The Report summarizes geological test work completed by the Company in 2022. There are six exploration targets with the potential to host 200 to 400 million tonnes of clay deposits, with an average grade of 114 to 822 parts per billion. The company should proceed with two phases of exploration as the next step. Permitting would be part of Phase 1 The second phase would include drilling and sample analysis to begin the process of defining the deposit. There are no mineral resources on the property. Ameriwest has begun the exploration at Thompson Valley. After permitting is complete, drilling will begin after permits are obtained. Permitting activities include establishing and marking the boundaries of drill trails and drill sites, obtaining one or more rights of way, legal surveys of the ROW's, roads and drill sites, archaeological and native plant surveys of potentially impacted areas, and completion It will take several months for this work to be completed. The Edward's Creek Valley Property is currently being updated. The Edward Creek Valley property is two hours east of the Gigafactory. Ameriwest has obtained the majority of the valley through claim-staking and has identified several exploration targets. Ameriwest announced that it had completed an option agreement with Nova. Nova is required to spend at least half a million dollars on the property over a period of 24 months, including not less than $200,000 during the first year to earn a 51% interest in the property. A joint venture will be formed after the option is exercised. Nova is responsible for renewing claims. The Railroad Valley property is updated. There is 15,300 acres of Ameriwest's Railroad Valley Property. A gravity survey, magnetotelluric surveys, and a seismic data purchase are some of the work that has been done on the property. Historical drill data from oil and gas exploration was collected. There is a large exploration target. Castillo Geophysical is a company In late 2022,Castillo was hired to do a comprehensive geophysical data processing and interpretation of the available exploration data on the property. Four possible drill locations have been recommended by Castillo for a discovery drill hole. Ameriwest is evaluating the property. There is a property in Nevada called Little Smoky Valley. Ameriwest staked the Little Smoky Valley property, which is 5,800 acres. The POWRELi Property is surrounded by it. Ameriwest's claims cover a sequence of volcanic tuffs, mudstones, claystones and siltstone that management believes has the potential to hostlithium. There is a NI 43-101 Technical Report entitled "The ELi Sediment-Hosted Lithium Deposit, Eureka and Nye Counties, Nevada: Technical Report" that can be found under POW. The results of 133 soil samples on the ELi Property ranged from 44.5 to 801.7 parts per million. The surrounding area, where Ameriwest staked or acquired its 282 claims, has the potential to be a source of lithium if exploration succeeds. Ameriwest plans to conduct surface soil and rock chip sampling on the property in order to confirm the presence oflithium. Further exploration activities will be conducted if the company succeeds. Financing is required for work to take place. The property is in Nevada. Ameriwest filed an updated Technical Report on the Deer Musk East Lithium Property in Nevada. The geological test work done by the Company since the last Technical Report on the Property, dated August 23, 2021, was summarized in the Report. Geological mapping, surface soil and rock chip sampling and geophysics are some of the work done. The basin is located on the eastern side of the valley and has a low resistivity potential for brine. The company should move forward with two phases of exploration as the next steps. The target to the southern boundary of the property would be defined in Phase 1 with additional MT geophysics. The second phase would include drill program design. The majority of Ameriwest's unpatented placer mining claims are located on federal public lands that have previously been recorded for unpatented lode mining claims. Ameriwest believes that all of its mining claims are in fact placer mining claims. Ameriwest believes that Authium's claims are not valid. Both companies have filed lawsuits against the other which will require the courts to determine the validity of their claims should a settlement not be reached before appearing before the court. Ameriwest believes the report supports its belief that the property is home to a brine deposit. A statement from a person. The technical content of the news release has been approved by David Watkinson, a non-independent qualified person. Ameriwest is headed by Mr. Watkinson. Ameriwest Lithium Inc. is a company Ameriwest is an exploration company with a focus on identifying strategiclithium mineral projects. One of the largest land holders in Nevada is exploring its 15,300-acre Railroad Valley property. The properties include three brines and two clays. Half of the board. Glenn Collick is the chief operating officer. Please contact us if you need further information. Glenn Collick is the chief operating officer. 884-2226GlobeNewswire
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There is a caution regarding forward-looking information.
This news release may contain forwardlooking information. Sometimes forward-looking information is identified by the use of words such as "plan", "estimate", "expect", and similar expressions. There are known and unknown risks, uncertainties and other factors that can cause actual results or events to differ from those anticipated. As a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company's strategic growth plans, and other factors, the Company's actual results could differ from those anticipated. The expectations reflected in the forwardlooking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forwardlooking information should not be relied on. The Company's expectations are as of the date hereof, and are subject to change after such date. Except as required by securities legislation, the Company does not intend or obligation to update or revise any forwardlooking information.
