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Spearmint announces McGee Lithium drill results

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Global Mining Review,

Spearmint Resources Inc. has received the results from the phase III drill programme on Spearmint’s flagship, 100% owned ‘McGee Lithium Clay Project’ in Clayton Valley, Nevada, directly bordering Cypress Development Corp. During this phase III drill programme, Spearmint has discovered its best results achieved to date by far. Frank Bain, P.Geo and a Director of Spearmint Resources, stated: “These results have far exceeded our expectations of what we were hoping to discover on this phase III drill programme, in the highest range of any reported drill holes in the history of Clayton Valley, Nevada.”

Results from 4 holes of the phase III programme include:

  • Hole-15, drilled at approximately 2500 ft to the West of any previous drill hole, hit a high of 1810 ppm lithium (Li) within 537 continuous feet averaging over 960 ppm Li, including 485 ft averaging 1003 ppm Li.
  • Hole-18, the farthest step-out hole to the West at approximately 3700 ft from any previous drill hole, hit a high of 1760 ppm Li within a substantial 652 continuous ft averaging over 895 ppm Li, including 455 ft averaging 1004 ppm Li.
  • Hole-17 hit a high of 1390 ppm Li within 170 continuous ft averaging over 862 ppm Li, including 95 ft averaging 1044 ppm Li.
  • Hole-16 hit a high of 1120 ppm Li.

James Nelson, President of Spearmint Resources, stated: “We are extremely pleased to announce that our phase III drill programme has discovered our best results ever on our flagship project, the McGee Lithium Clay Project in Clayton Valley, Nevada. Given the fact that we achieved strong, consistent lithium grades over massive intercepts on hole-15 (537 ft) and hole-18 (652 ft), and that these two drill holes were the farthest step-out holes, approximately 2500 ft and 3700 ft to the West of any hole drilled in previous phases of drilling on McGee, we are confident that these results should increase our resource estimate significantly. It’s clear that our next step is to incorporate these new drill results into an updated resource estimate, especially when you consider that lithium prices and demand are at all-time highs, up over 900% since the start of 2021.”

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 t and 191 000 inferred t for a total of 1 006 000 t 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). Management cautions that past results or discoveries on properties in proximity to Spearmint may not necessarily be indicative to the presence of mineralisation on the company’s properties.

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