Drilling has now commenced on McGee Lithium Clay Project' in ancouver, British Columbia--(Newsfile Corp. - January 14, 2022) - Spearmint Resources Inc. (CSE: SPMT) (OTC Pink: SPMTF) (FSE: A2AHL5) (the "Company" or "Spearmint") is pleased to announce that drilling has now commenced on Spearmint's 100-percent owned 'McGee Lithium Clay Project' in Clayton Valley, Nevada directly bordering Cypress Development Corp. and Pure Energy Minerals Limited. On June 11, 2021, Spearmint received the Technical Report on its '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 this 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' comprised of 97 contiguous claims totaling 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 new all-time highs, increasing by over 500-percent since the start of 2021.
On December 22, 2021, Cypress Development Corp. announced it "successfully completed a seven-day continuous run at the company's pilot plant. During this period, the pilot plant operated at its designed feed rate of one tonne per day of lithium claystone from the company's Clayton Valley lithium project." As seen on the map below, Cypress Development Corp. and Spearmint share this blanket-like, lithium-bearing claystone formation. 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 now started this next phase of drilling on the 'McGee Lithium Clay Project' in Clayton Valley, Nevada, with the goal to build upon our 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). Since releasing the results from our last drill program in February 2021, where we discovered lithium in all ten out of ten drill holes, lithium prices have gone parabolic, increasing by approximately 500%. 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 now have two major drill programs currently underway. Spearmint has approximately $3 million in the treasury with no need to raise additional funds and we are about to enter a major news flow cycle. We are headed into 2022 with a full head of steam and potential catalysts coming ahead on multiple projects."
Clayton Valley Ownership Map
To view an enhanced version of this map, please visit:
https://orders.newsfilecorp.com/files/4360/110122_5067e77ae4637a1b_002full.jpg
This is good or the best news we could have got on a Friday, full speed ahead
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