Turnaround is not long for rush assays i thought it could be a couple weeks or so ?
2022-01-21 06:09 ET - News Release
Mr. James Nelson reports
SPEARMINT DRILLS LONGEST CONTINUOUS CLAY INTERCEPT TO DATE ON THE MCGEE LITHIUM CLAY PROJECT IN CLAYTON VALLEY, NEVADA
The first drill hole (hole No. 15) of Spearmint Resources Inc.'s phase 3 drill program on its 100-per-cent-owned McGee lithium clay project in Clayton Valley, Nevada, has encountered 562 feet of continuous potential lithium-bearing claystone, directly bordering Cypress Development Corp. and Pure Energy Minerals Ltd. To date, this is the longest clay intercept discovered on the McGee lithium clay project and the farthest stepout hole to the west, approximately 2,500 feet from any previous drill hole.
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 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 continue to make new all-time highs and have increased by over 500 per cent since the start of 2021.
James Nelson, president of Spearmint Resources, stated: "We are extremely pleased to have discovered our longest continuous intercept of potential lithium-bearing claystone to date on our flagship project, the McGee lithium clay project in Clayton Valley, Nevada. Not only has hole No. 15 been our longest clay intercept, but hole No. 15 is also located the farthest away from any previous drill hole at an approximate distance of 2,500 feet to the west. If this hole runs at economic grades of lithium, similar to what we've already drilled, it could potentially increase our resource estimate significantly. This is one of the longest continuous intercepts of claystone reported to date in the Clayton Valley of Nevada. We are off to a fantastic start on this phase of drilling, especially when you consider lithium prices are at all-time highs."
As seen on the map on the company's website, Cypress Development and Spearmint share this blanket-like, lithium-bearing claystone formation that Spearmint's drill program is targeting. 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.
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 and Cypress Development; 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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