These results are from the phase III drill program at its 100%-owned McGee Lithium Clay Project in Clayton Valley Nevada, which directly borders Cypress Development Corp.
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I’m Cassandra Bolinski for Investmentpitch Media
Spearmint Resources reported its best ever lithium results from drilling at its flagship Nevada property.
These results are from the phase III drill program at its 100%-owned McGee Lithium Clay Project in Clayton Valley Nevada, which directly borders Cypress Development Corp.
Results from 4 holes of the phase III program include Hole-15, drilled at approximately 2,500 feet to the West of any previous drill hole, which hit a high of 1,810 parts per million lithium within 537 continuous feet averaging over 960 ppm Li, including 485 feet averaging 1,003 ppm Li.
Hole-18, the farthest step-out hole to the West at approximately 3,700 feet from any previous drill hole, hit a high of 1,760 ppm Li within a substantial 652 continuous feet averaging over 895 ppm Li, including 455 feet averaging 1,004 ppm Li.
Hole-17 hit a high of 1,390 ppm Li within 170 continuous feet averaging over 862 ppm Li, including 95 feet averaging 1,044 ppm Li and Hole-16 hit a high of 1,120 ppm Li.
Frank Bain, P.Geo, Director, stated: "These results have far exceeded our expectations of what we were hoping to discover on this phase III drill program, in the highest range of any reported drill holes in the history of Clayton Valley, Nevada."
James Nelson, President, stated: "We are extremely pleased to announce that our phase III drill program 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 feet) & hole-18 (652 feet), and that these two drill holes were the farthest step-out holes, approximately 2,500 feet and 3,700 feet 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 percent 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 tonnes and 191,000 inferred tonnes for a total of 1,006,000 tonnes of lithium carbonate equivalent.
Spearmint's two other lithium projects in Clayton Valley, include the recently acquired 'Green Clay Lithium Project' comprised of 97 contiguous claims totaling 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.
Spearmint also has an extensive portfolio of properties in Canada, including gold, lithium, platinum, palladium, copper, nickel, vanadium and cesium.
Spearmint's other primary projects include the 'Goose' Gold project directly bordering New Found Gold Corp. where Spearmint has sampled up to 973 ppb gold, and the Perron-East Gold Project 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’s Perron property and past-producing Normetal mine.
Management cautions that past results or discoveries on properties in proximity to Spearmint may not necessarily be indicative to the presence of mineralization on Spearmint’s properties.
The shares are trading at $0.15.
For more information about the company and its extensive portfolio of properties, please visit www.SpearmintResources.ca, contact James Nelson, President, at 604-646-6903 or email info@spearmintresources.ca.
I’m Cassandra Bolinski for Investmentpitch Media
