Yahoo Finance InvestmentPitch Media Video Discusses Spearmint Resources’ New Technical Report Doubling the Resource Estimate to 2.092 Million Tonnes Lithium Carbonate Equivalent at the McGee Lithium Clay Deposit in Clayton Valley, Nevada
VANCOUVER, British Columbia, June 20, 2022 (GLOBE NEWSWIRE) -- Spearmint Resources’ (CSE:SPMT) (OTCPink:SPMTF) (FSE:SQH) new Technical Report Doubles the Resource Estimate at McGee Lithium Clay Deposit in Clayton Valley, Nevada. The Technical Report, prepared by Stantec Consulting Services, includes an updated Mineral Resource estimate of 1,369,000 indicated tonnes and 723,000 inferred tonnes of lithium carbonate equivalent for a total of 2,092,000 tonnes of lithium carbonate equivalent.
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Spearmint's McGee Lithium Clay Deposit is located 55 kilometres or 34 miles west of the town of Tonopah. The Deposit is accessed off paved State Highway 265, which terminates at the Silver Peak Mine, and then by well-maintained county gravel roads. The Deposit consists of 26 contiguous unpatented placer claims that span from McGee 30 to McGee 55 and cover 890 acres or approximately 360 hectares.
The dimensions of the mineralized claystone on the Deposit have expanded significantly with the inclusion of four new drillholes in 2022 since the prior Technical Report. The mineralized claystone aerial footprint expanded from 0.87 to 1.22 square miles, as a result of the placement of the four new drillholes in the west of the Property that sampled lithium claystone in a region previously interpreted as not containing lithium mineralization due to lack of supporting data.
Exploration drilling in the Deposit has identified three main geological units, a zone of mixed sediments overlying a green clay that in turn overlies a brown sandstone. The mixed sediments gradationally overlay the green clays and are positively weathering relative to the green clay below. Lithium mineralization is present in the green clays with some, though minor, elevated lithium concentrations in the mixed sediments above. Lithium mineralization at depth is limited to the green clay-brown sandstone contact that ranges from near surface to maximum depth of approximately 900 ft below surface.
The resource estimates are contained within an economic pit shell at constant 45° pit slope to a maximum vertical depth of 885 ft or 270 meters below surface using a base case cutoff grade of 300 ppm lithium to produce an eventual battery grade lithium carbonate product.
James Nelson, President, stated: "We are very pleased to have increased our mineral resource estimate by more than double that of our maiden resource estimate. We foresee continued consolidation within the lithium space and this updated report adds significant value to Spearmint. Our goal is to develop this deposit with the hope to secure a domestic source of lithium right in the heart of the Clayton Valley, Nevada, one of the top lithium districts in the world. The four holes drilled in 2022 allowed us to significantly expand the resource to the west and based on this report, further potential increases to this resource estimate are possible. Lithium prices and demand remain near all-time highs, up over 900 percent since the start of 2021. In addition, announced on March 31, 2022, President Joe Biden enacted the Defense Production Act to increase domestic production of strategic and critical materials, such as lithium and cobalt, needed to build batteries for electric vehicles and other types of energy technologies. This could provide a major catalyst and sector momentum for developing domestic sources of battery metals."
In addition to the 'McGee Lithium Clay Deposit' with this new resource estimate, the company has two other lithium projects in Clayton Valley, 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; and the recently acquired 'Green Clay Lithium Project' comprised of 97 contiguous claims totaling approximately 2,000 acres.
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 $0.085. 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.
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