Ameriwest reduces land holdings
Exploration company Ameriwest Lithium has announced steps to reduce its property portfolio, citing low lithium prices, poor equity markets for lithium explorers and increasing regulatory costs.
According to the company, the Bureau of Land Management has increased the claim maintenance fee from $165 to $200 a claim for the 2025 assessment year.
“Management has made the decision to reduce our land holdings and associated costs to focus on our Thompson Valley property, in Arizona, which we believe holds the company’s best exploration target,” said president and CEO David Watkinson.
Going forward, the company’s properties will consist of Thompson Creek, as well as Railroad Valley and Deer Musk East, both in Nevada.
The company allowed its other claims in Nevada to expire without renewal on September 3.
Ameriwest last week signed a letter of intent to option its Railroad Valley property to Pure Energy Minerals. Pure Energy, which is listed on the TSX-V, can earn up to an 85% interest in the property by completing $1.7-million in cash and share payments and $3.5-million in exploration expenditures over a six-year period.
Watkinson explained Ameriwest retained ten strategic lithium clay/brine exploration claims in Clayton Valley, at Deer Musk East, adjacent to Spearmint Resources’ McGee Lithium property, which hosts a lithium carbonate mineral resource.
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