Vancouver, British Columbia–(Newsfile Corp. – February 16, 2021) – Spearmint Resources (CSE: SPMT) (OTC Pink: SPMTF) (FSE: A2AHL5) has forwarded samples of its recently drilled lithium hosted claystone to McClelland Laboratories of Sparks, Nevada. Spearmint’s recently completed 10-hole drill program on its Clayton Valley, Nevada lithium clay project, directly bordering Cypress Development Corp, discovered lithium in every hole, achieving a 100 percent success rate, with strong, consistent drill results showing that the lithium is very near the surface.
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The results from this recent phase of drilling, combined with assistance from the metallurgist, will now enable Spearmint to commence the necessary steps towards defining a potential resource calculation. Highlights included 35 feet averaging 1,343 ppm lithium, 55 feet averaging 1,214 ppm, 35 feet averaging 1,036 ppm and 4 holes reporting average values greater than 1,000 ppm starting within 20 feet of the surface.
James Nelson, President, stated: “We are excited to take the next step in the process towards determining a potential resource calculation for our Clayton Valley Lithium Clay Project in Nevada that directly borders Cypress Development Corp. On February 9, 2021, Cypress announced a $17 million bought deal offering to further advance it’s Clayton Valley Project, which clearly illustrates the strong demand of investor interest in this world class lithium district. Spearmint’s recently completed drill program, that discovered lithium in all 10 out of 10 holes, was drilled directly into the shared blanket-like claystone deposit where Cypress already has total measured plus indicated resource estimates of 929.6 million tonnes averaging 1,062 ppm Li or 5.2 million tonnes LCE, announced on August 11, 2020. Clayton Valley, Nevada continues to receive significant global attention as the premier lithium address in the USA hosting the only producing lithium deposit in North America. Lithium prices are rising on the insatiable demand in batteries for Electric Vehicles and we see no sign of that hyper growth abating this decade, therefore causing a massive demand for ethically sourced, domestic lithium production. Spearmint is right now in the best financial shape in the company’s history with zero need or expectation to raise any money in the foreseeable future. We are moving forward at a rapid rate right now at a time when demand for lithium is approaching all-time highs. Management is confident about the short and long-term future of Spearmint.”
Spearmint also has an extensive portfolio of properties in Canada, including gold, lithium, platinum, palladium, copper, nickel, vanadium and cesium. Spearmint’s ‘Goose’ gold project in Newfoundland, where Spearmint has sampled up to 973 ppb gold, directly borders New Found Gold Corp. In Ontario, its ‘Escape Lake North’ PGM Project consists of approximately 4,000 contiguous acres directly bordering Clean Air Metals. Its Case Lake South Cesium Project consists of approximately 7,300 acres directly bordering Power Metals’s Case Lake Cesium Property. The River Valley East Platinum-Palladium Prospect consists of approximately 4,700 contiguous acres directly bordering New Age Metals’ flagship River Valley Platinum Group Metals project, and its Carscallen West Gold Project consists of an approximately 2500 contiguous acres in the direct vicinity to Melkior Resources.
In Quebec, the Perron-East Gold Prospects consisting of 5 mineral claim blocks covering 11,608 acres located in the Abitibi greenstone belt of northwestern Quebec in the direct vicinity of Amex Exploration Inc.’s Perron property and past-producing Normetal mine; and the ‘Chibougamau Vanadium Prospect’ comprising approximately 15,500 contiguous acres directly bordering the vanadium deposit of BlackRock Metal’s ilmenite vanadium project.
Spearmint’s current projects also include a large portfolio of prospects in the Golden Triangle of British Columbia, with many bordering companies with active programs, such as Aben Resources, Garibaldi Resources, as well as the recent acquisition of the 4,980 acre ‘Prickle’ property bordering Brixton Metals Corp. In southern BC, the company’s Hammernose Gold Prospect consists of 8,685 acres bordering Westhaven Gold’s Shovelnose Property in the Spences Bridge Gold Belt, and the ‘Safari’ Copper-Gold Prospect consisting of 9,007 contiguous acres located in the northern Quesnel Trough in North-Central BC.
Management cautions that mineralization on nearby properties may not be indicative of the presence of mineralization on Spearmint’s properties.
For more information about the company’s extensive portfolio of properties, including gold, lithium, platinum, palladium, copper, nickel, vanadium and cesium, please visit www.SpearmintResources.ca, contact James Nelson, President, at 604-646-6903 or email [email protected].
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