2021-01-26 07:43 AT - News Release
Mr. James Nelson reports
SPEARMINT NOW IN THE BEST FINANCIAL SHAPE IN CORPORATE HISTORY
FINANCIAL SHAPE:
Spearmint Resources Inc. currently has approximately $2-million in cash on hand with minimal debt, primarily via the exercise of warrants.
The Company's working capital is now at an all-time high, allowing Spearmint the ability to work on multiple planned projects throughout 2021 without the need for any additional dilution via private placements.
Management has no plans, nor does it expect to conduct any placements in the foreseeable future due to the strong cash position currently in place.
The Company is eagerly awaiting the results from the remaining 5 holes from the Clayton Valley Lithium Clay Project as well as being active on our Perron-East Project in Quebec right now.
RE: Warrant Overhang:
James Nelson, President of Spearmint, states, "We are pleased with the overwhelming show of support from our warrant holders who exercised the majority of their outstanding warrants. A large chunk of these warrants are expiring this week and once these warrants expire, a significant overhang will be lifted at a time when we are expecting our lithium results back from Clayton Valley.
Clayton Valley Lithium Clay Project:
We feel this next set of results will ultimately enable the company to start the process to evaluate a potential resource calculation on this blanket-like lithium claystone formation that we share with Cypress Development Corp. and Noram Ventures Inc.
Not only has Spearmint drilled into and has had success in the claystone, but Spearmint is also in the deepest part of the brine formation.
The separate brine claims are located over the ridge and to the Southwest of the claystone claims (see map) in the same basin that Pure Energy Minerals is drilling with Schlumberger.
Being in both the clay and the deepest part of brine puts Spearmint in the enviable position of being a 'double lithium threat' in Clayton Valley, at a time when lithium discoveries are garnering a massive amount of global interest from both lithium producers and Electric Vehicle (EV) companies."
Mr. Greg Thomson, P.Geo., a director of Spearmint and a Qualified Person as defined by National Instrument 43-101 has reviewed and approved the scientific and technical disclosure contained within this news release. 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.
About Spearmint Resources
Spearmint's Current Projects include the:
'Goose' Gold project directly bordering New Found Gold Corp. where Spearmint has sampled up to 973 ppb gold, as well as the
'Clayton Valley Lithium Prospects' in Nevada comprised of two claim blocks totaling 1,160 acres bordering Pure Energy Minerals &
Cypress Development Corp. where Spearmint's drill results have intersected Lithium values as high as 1,840 ppm Li; the
'Escape Lake North' PGM Project in Ontario consisting of ~4,000 contiguous acres directly bordering Clean Air Metals Inc.; the Case Lake South Cesium Project in Ontario consisting of ~7,300 acres directly bordering Power Metals Corp.'s Case Lake Cesium Property; the
River Valley East Platinum-Palladium Prospect in Ontario consisting of approximately 4,700 contiguous acres directly bordering New Age Metals flagship River Valley Platinum Group Metals (PGM) project; the
Carscallen West Gold Project in Ontario consisting of a ~2500 contiguous acres in the direct vicinity to Melkior Resources Inc.; the Perron-East Gold Prospects consisting of 5 mineral claim blocks covering 11,608 acres located in the Abitibi greenstone belt of northwestern Quebec in the direct vicinity of Amex Exploration Inc.'s Perron property and past-producing Normetal mine; and the
'Chibougamau Vanadium Prospect' comprising of 15,493 contiguous acres directly bordering the vanadium deposit of BlackRock Metal's (private) Ilmenite vanadium project.
We seek Safe Harbor.
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