American Critical Minerals Provides Corporate Update
Rhea-AI Summary
American Critical Minerals (CSE:KCLI, OTC:APCOD) has announced significant developments from Q4 2024. The company received approval from the BLM for its Plan of Operations, including 11 Prospecting Permits and authorization for 4 exploratory drill holes on approximately 25,480 acres at its Green River Project in Utah's Paradox Basin.
The company now has permits for both potash and lithium exploration across over 32,530 acres, with 7 authorized exploratory drill holes. The project targets an exploration potential of 600 million to 1 billion tonnes of sylvinite with 19-29% KCL grades. In December 2024, the company completed an oversubscribed financing of $1,076,400 and changed its name from American Potash Corp. to better reflect its focus on both potash and lithium resources. The company also consolidated its shares at a 2.5:1 ratio, reducing outstanding shares to 54,830,979.
Positive
- Secured BLM approval for 11 Prospecting Permits and 4 exploratory drill holes
- Total of 7 authorized drill holes for resource confirmation
- Raised $1,076,400 through oversubscribed financing
- Large exploration target of 600M-1B tonnes of sylvinite (19-29% KCL)
Negative
- Share consolidation at 2.5:1 ratio indicating potential share price concerns
VANCOUVER, BC / ACCESSWIRE / January 14, 2025 / American Critical Minerals Corp. ("American Critical Minerals" or the"Company") (CSE:KCLI)(OTC PINK:APCOD)(Frankfurt:2P3) is pleased to provide a corporate update following the successful completion of several key initiatives in the final quarter of 2024 which position the Company well as it focuses on executing its core business plan and delivering shareholder value.
Fully Permitted for Potash, Lithium and By-Product Exploration & Development across all Federal and State Lands at Company's Green River Project - 7 Holes approved for Confirmation / Resource Drilling:
On October 2 2024, following a multi-year process, the US Department of the Interior, Bureau of Land Management ("BLM") approved the Company's Plan of Operations, including issuing 11 Prospecting Permits and authorizing 4 exploratory drill holes relating to approx. 25,480 acres of the Company's Green River Project in the Paradox Basin, Utah within the federally administered Red Wash Potash Leasing Area. Such approval is subject to standard terms and conditions, including environmental commitments (for BLM decision see BLM National NEPA Register):
American Critical Minerals is now one of only two companies across the entire Paradox Basin which has Federal Potash Prospecting Permits;
When combined with its BLM Placer Claims (lithium and by-products) and its State Leases, the Company has prospecting permits for both potash and lithium across its Green River Project (in excess of 32,530 acres);
The Company now has a total of 7 exploratory drill holes authorized and is positioned for brownfield / confirmation drilling:
to validate high grade potash potential per exploration target of 600 million to 1 billion tonnes of sylvinite (average grades ranging from
19% to29% KCL)*;to validate continuity of lithium brine formations / large lithium resources discovered in neighboring Anson Resources properties, both to the north and south and as shown in historic oil well data; and
to establish an initial resource for potash, lithium and potential by-products.
The Paradox Basin is one of only eight designated Potash Super Basins globally with decades of historical potash production (www.intrepidpotash.com);
Recent development work has also validated the Basin's potential as one of the largest domestic sources of lithium in the US (www.ansonresources.com); and
The Company's Green River Project is in the heart of the Basin, which is producing potash and being developed for lithium, as such the Company is well positioned to help the US secure Supply Chain Independence for these critical minerals.
Re-branding, Name and Symbol Change and Strengthened Balance Sheet / Capital Structure
In late December 2024, the Company changed its name from "American Potash Corp." to "American Critical Minerals Corp." and adopted the new ticker symbol "KCLI". In addition to existing potash production, the Paradox Basin is now established as a major source of lithium brines in the United States. With the piloting and advanced development work on projects neighboring the Company's Green River Project (adjacent to the north and southeast), the scale of this opportunity is becoming more established. In addition to its existing NI 43-101 potash exploration target of 600 million to 1 billion tonnes of sylvinite with grades between 19 and
Lithium is well established as a critical mineral in the United States. Potash is already designated as such in a number of countries given its centrality to the domestic agricultural sector and the fact that the U.S. import dependency rate is over
In late December 2024, the Company also strengthened its balance sheet with an oversubscribed financing for gross proceeds of
Simon Clarke, President and CEO stated,"the Company enters 2025 in excellent shape and well positioned to execute its plans to launch confirmation / brownfield drilling and publish maiden potash and lithium resources during 2025. The final months of 2024 were highly successful for the Company and I would like to also thank the excellent team and Board of Directors that were assembled mid-late 2024 for all their efforts in helping drive the Company forward".
About American Critical Minerals' Green River Potash and Lithium Project
The Green River Potash and Lithium Project is situated within Utah's highly productive Paradox Basin, located 20 miles northwest of Moab, Utah and has significant logistical advantages including close proximity to major rail hubs, airport, roads, water, towns and labour markets. It also benefits from close proximity to the agricultural and industrial heartland of America and numerous potential end-users for its products.
The history of oil and gas production across the Paradox Basin provides geologic data from historic wells across the Project, and the wider Basin, validating and de-risking the potential for high grade potash and large amounts of contained lithium. Wells in and around the project reported lithium up to 500 parts per million ("ppm"), bromine up to 6,100 ppm and boron up to 1,260 ppm (Gilbride & Santos, 2012). This data is reinforced by nearby potash production and the advanced stage of neighbouring lithium projects. The Paradox Basin is believed to contain up to 56 billion tonnes of lithium brines, potentially the largest such resource in US.
The Company holds a
Intrepid Potash Inc. (NYSE: IPI) is America's largest potash company and only U.S. domestic potash producer and currently produces potash from its nearby Moab Solution Mine, which the Company believes provides strong evidence of stratigraphic continuity within this part of the Paradox Basin (www.intrepidpotash.com). Anson Resources Ltd. (ASX: ASN) has advanced lithium development projects contiguous to the northern boundary of our Green River Project and neighbouring to the south. Anson has a large initial resource, robust definitive feasibility study and has commenced piloting operations through its partnership with Koch Technology Solutions ("KTS"), as well as an offtake agreement with LG Energy Solution. The Anson exploration targets encompasses the combined Mississippian Leadville Formation and the Pennsylvanian Paradox Formation brine-bearing clastic layers, which also underlie American Critical Minerals' entire project area. (www.ansonresources.com)
In 2022, the U.S. imported approx.
Qualified Person
The Technical content of this news release has been reviewed and approved by Dean Besserer, P.Geo., the Chief Operations Officer ("COO") of the Company and a qualified person for the purposes of NI 43-101.
Engagement of SmallCap Communications Inc.
The Company also announces it has entered into an agreement with SmallCap Communications Inc., to provide strategic digital marketing services including; advertising and creative content development, lead generation campaigns, email campaigns, general consulting and strategic direction. The term of the engagement is for an initial period of four months commencing January 14, 2025 for aggregate cash consideration of C
On behalf of the Board of Directors
Simon Clarke, President & CEO
Contact: (604)-551-9665
*Agapito Associates Inc. Technical report (October 2012) quantifies the Green River Potash Project's potash exploration potential in the form of a NI 43-101 Exploration Target. The Exploration Target estimate was prepared in accordance with the National Instrument 43-101 -Standards of Disclosure for Mineral Projects ("NI 43-101"). It should be noted that Exploration Targets are conceptual in nature and there has been insufficient exploration to define them as Mineral Resources, and, while reasonable potential may exist, it is uncertain whether further exploration will result in the determination of a Mineral Resource under NI 43-101. The Exploration Target stated in the Agapito Report is not being reported as part of any Mineral Resource or Mineral Reserve.
**United States Geological Survey, Mineral Commodity Summaries, January 2024 (https://pubs.usgs.gov/periodicals/mcs2024/mcs2024-potash.pdf).
Cautionary Statements Regarding Forward Looking Information
This news release contains forward-looking information within the meaning of applicable securities legislation. Forward-looking information is typically identified by words such as: believe, uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Important factors that could cause actual results to differ from this forward-looking information include those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. Such statements include, without limitation, statements regarding future confirmation drilling and its intended outcomes and the intended use of proceeds from the oversubscribed financing. Although the Company believes that such statements are reasonable, it can give no assurances that such expectations will prove to be correct. All such forward-looking information is based on certain assumptions and analyses made by the Company in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. This information, however, is subject to a variety of risks and information.
SOURCE: American Critical Minerals Corp
View the original press release on accesswire.com
FAQ
What permits did American Critical Minerals (APCOD) receive from BLM in October 2024?
How much funding did APCOD raise in December 2024?
What is the exploration target size for APCOD's Green River Project?
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