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Spearmint receives drill permit for Perron-East Gold Project

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Global Mining Review,

Spearmint Resources Inc. has announced that the application for a permit to conduct exploration drilling on the Perron-East Gold Project has been approved by the Quebec Ministry of Forests, Wildlife and Parks. Spearmint’s 100% owned Perron-East gold project in Quebec is located in the direct vicinity of Amex Exploration Inc. and Starr Peak Mining Ltd. On 11 November 2021, Amex Exploration Inc. announced significant drill results including 44.8 m of 8.25 g/t gold (Au) and 64.75 m of 1.22 g/t Au at Perron. On 2 November 2021, Starr Peak Mining Ltd announced significant drill results from its ongoing 2021 drilling campaign, with multiple VMS intersects up to 6.65% zinc-equivalent over 13.45 m, including 3.83% copper (Cu) over 2.25 m. 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.

Laurentia Exploration, the same geological team who have conducted significant drill programmes for both Amex and Starr Peak, will be overseeing all aspects of Spearmint’s upcoming drill programme on the Perron-East Gold Project. Previous work programnes on the Perron-East gold project have discovered multiple soil anomalies and an induced polarisation (IP) survey over these anomalies have defined the highest priority drill targets. Spearmint is fully funded for this drill programme using funds from a flow-through financing of US$1 million dollars at US$00.20 completed in May 2021, which included a lead investment by certain funds managed by Sprott Asset Management LP. Spearmint expects to begin this much anticipated and fully funded drill programme in December 2021.

James Nelson, President of Spearmint Resources, said: “We are very pleased to have now received the drill permit for the Perron-East gold project in Quebec, located in the direct vicinity of Amex Exploration Inc. and Starr Peak Mining Ltd. Both of these companies have recently undertaken significant drill programmes utilising the same geological team (Laurentia Exploration) that will be conducting Spearmint’s drill programme. This drill programme is expected to commence in December 2021 and is fully funded using US$1 million of flow-through funds already on hand, which included a lead investment by certain funds managed by Sprott Asset Management LP. Sprott is one of the savviest junior mining investors in the world and we are pleased with their participation in Spearmint. Management also expects to commence another major drill programme shortly on our ‘McGee Lithium Clay Project’ in Clayton Valley, Nevada, with the goal to build upon our maiden resource estimate of 815 000 t (indicated) and 191 000 t (inferred) for a total of 1 006 000 t of lithium carbonate equivalent (LCE). Spearmint shares this blanket like lithium claystone formation with Cypress Development Corp. and lithium prices are currently at all-time highs. Spearmint has approximately US$3 million in the treasury with no need to raise additional funds and we expect to have two major drill programs started before the end of the year. We are about to enter a major news flow cycle and expect the remainder of 2021 and beyond will be an extremely active period for Spearmint with potential catalysts coming ahead on multiple projects.”

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