Spearmint Resources (SPMT) has now discovered lithium at all 10 holes at its Clayton Valley project.
The company released results from the final five holes at the Nevada-based on February 5, 2021.
Results from all 10 holes amount to a 100-per-cent success rate for this phase of the company's drilling project.
Spearmint is now able to begin the necessary steps towards a potential resource calculation at the property. The company has engaged a metallurgist to assist in the next phase.
"Having achieved drilling success in every hole on this drill program legitimizes the quality and prospectivity of this lithium project. Not only did we have strong, consistent results, the drilling showed that the lithium is very near the surface which would be optimal versus deeper projects. We are immediately starting the process to begin a potential resource calculation now that we have sufficient successful drilling completed," said Spearmint Resources President James Nelson.
"Clayton Valley Nevada is the premier lithium address in the USA hosting the only producing lithium deposit and where a significant global focus has been this year. Lithium prices are rising on the insatiable demand in batteries for Electric Vehicles and we see no sign of that hyper growth abating this decade, 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 zero need or expectation to raise any money in the foreseeable future."
The Clayton Valley lithium prospects in Nevada are comprised of two claim blocks totalling 1,160 acres. Spearmint's drill results have intersected Lithium values as high as 1,840 parts per million.
Shares of Spearmint Resources are 41.3 per cent on the day, and are trading at C$0.205 at 12:21 p.m. EST.