Vancouver, British Columbia–(Newsfile Corp. – June 14, 2021) – Spearmint Resources (CSE: SPMT) (OTC Pink: SPMTF) (FSE: A2AHL5) (FSE: SQH) has reported a maiden resource estimate on its 100%-owned Clayton Valley Lithium Clay Project in Nevada, USA. Spearmint’s project, located 55 kilometres west of the town of Tonopah, totals 1,160 acres, strategically located directly between Pure Energy Minerals and Cypress Development, where Spearmint recently discovered lithium in all 10 out of 10 drill holes, intersecting lithium values as high as 1,840 parts per million Lithium.
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Drilling on the east half of the Project by Spearmint discovered a continuous, well mineralized section up to 300 feet thick. The interpreted subsurface distribution of the mineralized claystone includes mixed sediments and green clay, with more than 80% of the mineralized claystone comprising the green clay unit.
The NI 43-101 Technical Report, prepared by Stantec Consultants, includes a maiden resource estimate of 815,000 indicated tonnes and 191,000 inferred tonnes for a total of 1,006,000 tonnes of Lithium Carbonate Equivalent. All lithium resources on the project are surface mineable. For more details please refer to the Technical Report which is available on Spearmint’s website.
James Nelson, President, stated: “This is a monumental milestone for Spearmint as we now have our initial maiden resource for the Clayton Valley Lithium Clay Project. We have only drilled a minor number of holes to date to achieve this maiden resource, and we anticipate that additional targeted drilling could increase this initial calculation. We are already formulating a plan to achieve this goal. Spearmint’s recently completed drill program was drilled directly into the shared blanket-like claystone deposit where our neighbour Cypress Development Corp. already has total measured plus indicated resource estimates of 929.6 million tonnes averaging 1,062 ppm Li or 5.2 million tonnes Lithium Carbonate Equivalent. Spearmint can now add its name to the list of companies with an in-ground resource estimate in Clayton Valley, Nevada. Clayton Valley continues to receive significant global attention as the premier lithium address in the USA, hosting the only producing lithium deposit in North America.
Pure Energy has a partnership with Schlumberger and are building a brine pilot plant with approximately USD$30 million being spent in developments. On the other side of Spearmint’s property, Cypress has recently closed a private placement for $19.55 million to develop their claystone deposit. This is a huge benefit to Spearmint to have two major adjacent projects being funded for over $50 million, allowing Spearmint the benefit of a significant outlay of research and development spending on either side of our property, without Spearmint having to commit our own money. Lithium prices remain high as we continue to see insatiable demand in batteries for Electric Vehicles without any sign of slowing down, therefore causing a massive demand for ethically sourced, domestic lithium production. Spearmint is currently in the best financial shape in the Company’s history with approximately $3.5 million in the treasury, including a recent investment by Sprott Asset Management LP as a new significant shareholder. We are moving forward at a rapid rate right now at a time when demand for lithium is approaching all-time highs and the price of gold is showing strength. Management remains 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. The company is now fully-funded for all upcoming planned work/drill programs on 3 other projects, including the ‘Goose’ Gold Project in Newfoundland that is the closest property to the Keats discovery zone of New Found Gold Corp. whose share price recently crossed $13 per share. A drill program is planned for the Perron-East Gold project in Quebec, which is in direct proximity to AMEX Exploration and Starr Peak Mining. A drill program is also planned for the ‘Escape Lake North’ PGM Project in Ontario consisting of approximately 4,000 contiguous acres directly bordering Clean Air Metals Inc.
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