Must read: SPMT Drill permit for LITHIUM project Nevada, I wonder If they will be driling soon on here since CRUZ is done drilling Wowsa
Spearmint receives McGee drill permit
Old News release: 2021-11-19 07:17 ET - News Release
Mr. James Nelson reports
SPEARMINT RECEIVES DRILL PERMIT FOR THE 'MCGEE LITHIUM PROJECT' IN CLAYTON VALLEY, NEVADA
Spearmint Resources Inc. has received a drill permit from the Bureau of Land Management (BLM) for the McGee lithium clay project in Clayton Valley, Nevada, directly bordering Cypress Development Corp. and Pure Energy Minerals Ltd. Earlier this year, on June 11, 2021, Spearmint received the technical report on its 100-per-cent-owned McGee lithium clay project, which included 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 (LCE). The technical report was prepared in accordance with the requirements of National Instrument 43-101 by Stantec Consultant Ltd.'s qualified persons (Allan Turner, PGeol, and Derek Loveday, PGeo). The goal of the upcoming drill program will be to increase the maiden resource estimate by following the drilling recommendations provided by Stantec in the technical report. Spearmint's two other lithium projects in Clayton Valley, Nevada, include the recently acquired Green Clay lithium project comprising 97 contiguous claims totalling approximately 2,000 acres, and the Elon lithium brine project which has access to some of the deepest parts of the only lithium brine basin in production in North America. Lithium prices have recently broken out to all-time highs, increasing by over 100 per cent since Aug. 1, 2021, and are now up over 300 per cent in 2021.
On Nov. 10, 2021, Cypress Development Corp. announced it "commenced extraction testing of lithium-bearing claystone from the company's 100-per-cent-owned Clayton Valley lithium project in Nevada. The test work is ongoing at Cypress's pilot plant in Amargosa Valley, Nevada, and utilizes chloride-based leaching combined with the Chemionex Lionex process for direct lithium extraction (DLE)." Cypress Development and Spearmint share this blanket-like, lithium-bearing claystone formation. On Aug. 17, 2021, Pure Energy Minerals Ltd. partner Schlumberger New Energy announced receiving approval from the Bureau of Land Management (BLM) for a plan of operations covering the construction and operation of a pilot plant at Pure Energy's Clayton Valley, Nevada, lithium brine project, which Spearmint directly borders. 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 very pleased to have received a drill permit from the BLM for the McGee lithium clay project in Nevada. This project directly borders Cypress Development Corp. who recently commenced extraction testing of lithium-bearing claystone at its pilot plant on our neighbouring property. This region of Nevada is receiving a large global focus as lithium prices are at all-time highs on the backs of hyperdemand from the EV car companies such as Tesla, Nio, Ford, Volkswagen, General Motors, Lucid and Rivian. Since releasing the results from our last drill program in February, 2021, lithium prices have gone parabolic, increasing by more than 300 per cent. Clearly, this is an exciting time for lithium companies in Clayton Valley, Nevada, and an opportune time to be recommencing operations on our lithium holdings. Along with our Perron-East gold project in Quebec, we expect to have two major drill programs started before the end of the year. Spearmint currently has approximately $3-million in the treasury with no need to raise additional funds. We look forward to building upon an already active and successful year and we are about to enter a major news flow cycle. The remainder of 2021 and beyond will be an extremely active period for Spearmint with potential catalysts coming ahead on multiple projects."
Qualified person
Frank Bain, PGeo, a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure contained within this news release.
About Spearmint Resources Inc.
Spearmint's primary projects include three lithium projects in Clayton Valley, Nevada: the McGee lithium clay project, which has 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 (LCE), directly bordering Pure Energy Minerals Ltd. and Cypress Development Corp.; the Elon lithium brine project, which has access to some of the deepest parts of the only lithium brine basin in production in North America; and the recently acquired Green Clay lithium project, comprising 97 contiguous claims totalling approximately 2,000 acres.
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