Amerilithium Corp. (OTC: AMEL) entered into a drilling contract agreement to commence work on its planned 8-hole drill program on the Paymaster Canyon Lithium brine project in Nevada, USA. The company is expected to commence the drilling work on March, 2011. The program began on the positive results from several months of gravity and magnetic surveying that concluded in mid-September 2010.
The program’s three initial holes are expected to test areas of significant Lithium brine potential identified by the company’s exploration program, followed by the remaining five holes depending on the initial drilling results. The penetration in the formations comprising the basin fill in Paymaster Canyon, the hole's should allow the company to examine and sample the stratigraphy and lithology of the sedimentary sequence; the nature and extent of the saturated zones; and the concentration of Lithium and other constituents in the groundwater in these target zones. Each hole is expected to take one week’s time, according to GeoXplor Corp., who will run the program along with Robert Allender, AmeriLithium’s vice president of Exploration.
Recently, the company received its fourth draw down from its $10 million finance agreement on July 26, 2010. The purpose of the $200,000 draw is the continued development of the business through its exploration stages, in particular the currently progressing Lithium exploration program on its Nevada-based Paymaster Project.
Also, the company received its second draw down from its $10 million finance agreement on April 29, 2010, to accelerate the company’s U.S. exploration program on its Paymaster Project in Nevada.
The penny stock of Amerilithium is currently trading at $0.352, up 24.14% from its previous close. Amerilithium shares touched the high of $0.38 and lowest price in today's ses! sion is $0.28.
The company stock traded in the range of $0.20 and $3.00 during the past 52 weeks. The company's market cap is $23.58 million.
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