Spearmint Achieves 83% Lithium Extraction from Preliminary M
on its Lithium Clay Project in Clayton Valley, NevadaSpearmint Achieves 83% Lithium Extraction from Preliminary Metallurgical Testing
2021-05-14 03:02 ET - News Release
Vancouver, British Columbia--(Newsfile Corp. - May 14, 2021) - Spearmint Resources Inc. (CSE: SPMT) (OTC Pink: SPMTF) (FSE: A2AHL5) (the "Company) is very pleased to announce that it has received preliminary metallurgical testing results on its 100%-owned Clayton Valley Lithium Clay Project in Nevada. The Company recently completed a 10-hole drill program that discovered lithium in every hole, achieving a 100%-success rate, directly bordering Cypress Development Corp. Preliminary metallurgical results from McClelland Laboratories Inc. of Sparks, Nevada indicate that high extractions can be achieved by leaching with either sulfuric acid or hydrochloric acid. Preliminary results from a composite claystone sample indicate lithium extractions of 80% with a sulfuric acid addition of 500 kg/mt and 83% with a hydrochloric acid addition of 375 kg/mt. Further testing is being planned to optimize leaching conditions.
Clayton Valley Ownership Map
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The results from the 13-holes drilled to date on Spearmint's 'Clayton Valley Lithium Clay' project, combined with the preliminary metallurgical testing results, will contribute towards Spearmint's Technical Report and potential maiden resource calculation being prepared by Stantec Consulting Ltd. Management cautions that past results or discoveries on properties in proximity to Spearmint may not necessarily be indicative to the presence of mineralization on the Company's properties.
James Nelson, President of Spearmint Resources, stated, "We are pleased to receive metallurgical extraction recovery rates at over 80%. These metallurgical results will assist us in taking the next step in the process towards determining a potential resource calculation for our Clayton Valley Lithium Clay Project in Nevada. 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 (see map) 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 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. Spearmint's project is strategically located directly between Cypress Development Corp. and Pure Energy Ltd. Pure has a partnership with Schlumberger and are planning to build a brine pilot plant with approximately $30 million USD being spent in developments. On the other side of Spearmint's property, Cypress has just 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 right now in the best financial shape in the Company's history with approximately $3.5 million in the treasury and we are pleased to welcome 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. Management remains confident about the short and long-term future of Spearmint."
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