Spearmint Engages Stantec for Resource Estimate and Technical Report on the Clayton Valley Lithium Clay Discovery in Nevada
SPEARMINT RESOURCES INC.
2905 - 700 West Georgia St.
Vancouver BC V7Y 1C6
Spearmint Engages Stantec for Resource Estimate and Technical Report on the
Clayton Valley Lithium Clay Discovery in Nevada
March 15, 2021 - Spearmint Resources Inc. (CSE: SPMT) (OTC Pink: SPMTF)
(FSE: A2AHL5) (the “Company”) is very pleased to announce that the Company has
engaged Stantec Consulting Ltd. (“Stantec”) to complete a potential maiden resource
estimate and Technical Report for the Clayton Valley Lithium Clay Project in Nevada.
The Technical Report will be prepared in accordance with the requirements of National
Instrument 43-101. The Stantec Qualified Persons (Allan Turner, P.Geol. and Derek
Loveday, P.Geo.) have direct experience in the Tonopah area, which includes visiting
Albemarle Corp.’s (ALB-NYSE) Silver Peak mine and ioneer Ltd.’s (INR-ASX) Rhyolite
Ridge Lithium-Boron Project, and completing a resource estimate and Technical Report
for American Lithium Corp. (LI-TSX.v) on the TLC Lithium Project. Spearmint’s
resource estimate and Technical Report are estimated to be completed by Stantec in
approximately six to ten weeks.
Spearmint’s recently completed 10-hole drill program on its Clayton Valley Lithium Clay
Project in Nevada discovered lithium in every hole, achieving a 100 percent success rate,
directly bordering Cypress Development Corp (CYP-TSX.v). Samples have been sent to
McClelland Laboratories Inc. of Sparks, Nevada for the planned metallurgy on the lithium
hosted claystone drilled on Spearmint’s property, with results expected to be received in
approximately two to six weeks. The results from this recent phase of drilling, combined
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with assistance from the metallurgist, will enable Stantec to define a potential resource
calculation. Management cautions that past results or discoveries on properties in
proximity to Spearmint may not necessarily be indicative to the presence of
mineralization on the Company’s properties.
Spearmint had strong, consistent drill results showing that the lithium is very near the
surface which would be optimal versus deeper projects. Highlights from the 10-hole drill
program included the following results (see map): Assays from drill hole #5 intersected
lithium values as high as 1840 parts per million lithium (ppm Li), averaging 846 ppm Li
over 270 feet, including 35 feet averaging 1,343 ppm Li. Hole #7 reported a high of 1,550
ppm Li, averaging 812 ppm Li over 310 feet, including 55 feet of 1,214 ppm Li. Hole #8
returned a high of 1,280 ppm Li, averaging 723 ppm Li over 205 feet, including 1,036
ppm Li over 35 feet. Hole #6 returned a high of 1490 ppm Li, averaging 966 ppm Li over
220 continuous feet. Hole #9 returned a high value of 950 ppm Li from a total of 155 feet
drilled. Hole #11 returned a high of 1490 ppm Li, averaging 817 ppm Li over 235 feet,
including 110 feet averaging 1020 ppm Li, starting at 20 feet from surface. Hole #12
returned a high of 1370 ppm Li, averaging 1042 ppm Li over 105 feet, starting at 10 feet
from surface. Hole #10 returned a high of 1360 ppm Li. Hole #13 returned a high of 1320
ppm Li, averaging 845 ppm Li over 200 feet, including 70 feet averaging 1026 ppm Li,
starting at 5 feet from surface. Hole #14 returned a high of 1730 ppm Li, averaging 900
ppm Li over 225 feet, including 55 feet averaging 1046 ppm Li, starting at 15 feet from
surface.
James Nelson President of Spearmint Resources stated, "It is important to note that the
price per tonne of Lithium Carbonate, which is a critical ingredient in lithium-ion batteries
for electric cars, has increased by over 100% since December 2020, achieving its highest
level since 2018. We are very excited to have engaged a world-renowned firm like Stantec
to determine a potential maiden resource estimate for our Clayton Valley Lithium Clay
Project in Nevada, that directly borders Cypress Development Corp. (CYP-TSX.v). On
February 9, 2021, Cypress announced a $17 million bought deal offering to further
advance it’s Clayton Valley Project, which clearly illustrates the strong demand of
investor interest in this world class lithium district. Spearmint’s recently completed drill
program, that discovered lithium in all 10 out of 10 holes, was drilled directly into the
shared blanket-like claystone deposit where Cypress already has total measured plus
indicated resource estimates of 929.6 million tonnes averaging 1,062 ppm Li or 5.2
million tonnes LCE, announced on August 11, 2020. Clayton Valley, Nevada continues
to receive significant global attention as the premier lithium address in the USA hosting
the only producing lithium deposit in North America. Lithium prices are rising on the
insatiable demand in batteries for Electric Vehicles and we see no sign of that hyper
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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. We are moving forward at a rapid rate right now at a time when demand for
lithium is approaching all-time highs. Management is confident about the short and long-
term future of Spearmint.”
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Mr. Greg Thomson, P.Geo., a director of Spearmint and a Qualified Person as defined by
National Instrument 43-101 has reviewed and approved the scientific and technical
disclosure contained within this news release.
About Spearmint Resources
Spearmint’s current projects include the 'Clayton Valley Lithium Prospects' in Nevada
comprised of two claim blocks totaling 1,160 acres bordering Pure Energy Minerals
(PE.v) & Cypress Development Corp. (CYP.v) where Spearmint's drill results have
intersected Lithium values as high as 1,840 ppm Li; the ‘Goose’ Gold project directly
bordering New Found Gold Corp. (NFG.v) where Spearmint has sampled up to 973 ppb
gold; the ‘Escape Lake North’ PGM Project in Ontario consisting of ~4,000 contiguous
acres directly bordering Clean Air Metals Inc. (AIR.v); the Case Lake South Cesium
Project in Ontario consisting of ~7,300 acres directly bordering Power Metals Corp.’s
(PWM.v) Case Lake Cesium Property; the River Valley East Platinum-Palladium
Prospect in Ontario consisting of approximately 4,700 contiguous acres directly bordering
New Age Metals (NAM:CSE) flagship River Valley Platinum Group Metals (PGM)
project; the Carscallen West Gold Project in Ontario consisting of a ~2500 contiguous
acres in the direct vicinity to Melkior Resources Inc. (MKR.v); the Perron-East Gold
Prospects 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
Inc.’s (AMX.v) Perron property and past -producing Normetal mine; and the
‘Chibougamau Vanadium Prospect’ comprising of 15,493 contiguous acres directly
bordering the vanadium deposit of BlackRock Metal’s (pr ivate) Ilmenite vanadium
project.
Spearmint's current projects also include a portfolio of prospects in the Golden Triangle
of British Columbia; the ‘Golden Triangle Gold Prospects’ comprising of five separate
claims blocks totaling 8,265 acres bordering GT Gold Corp (GTT.v), the 2,397 acre
‘NEBA' Gold-Copper Prospects bordering Aben Resources Ltd (ABN.v), and the ‘EL
North’ Nickel-Copper Prospect is a contiguous land package of 1,053 acres in the Eskay
Creek Camp bordering Garibaldi Resources Corp (GGI.v), as well as the recent
acquisition of the 4,980 acre ‘Prickle’ property bordering Brixton Metals Corp. (BBB.V).
Spearmint's other projects in British Columbia include the 'Safari' Copper-Gold Prospect
consisting of 9,007 contiguous acres located in the northern Quesnel Trough in North-
Central BC, and the ‘Hammernose’ Gold Prospect consisting of 8,685 acres directly
bordering Westhaven Gold Corp.’s (WHN.v) Shovelnose Property in the Spences Bridge
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Gold Belt located in Southern British Columbia, Canada. Management cautions that past
results or discoveries on properties in proximity to Spearmint may not necessarily be
indicative to the presence of mineralization on the Company’s properties.
If you would like to be added to Spearmint's news distribution list, please send your email
address to [email protected]
Contact Information
Tel: 1604646-6903
www.spearmintresources.ca
"James Nelson"
President
Spearmint Resources Inc.
The CSE has not reviewed and does not accept responsibility for the adequacy or
accuracy of the content of this release.