Spearmint Resources Inc.’s (CSE: SPMT) first drill hole of the phase III drill programmme on its100-percent owned ‘McGee Lithium Clay Project’ in Clayton Valley, Nevada has encountered 562 feet of continuous potential lithium-bearing claystone.
To date, this is the longest clay intercept discovered on the ‘McGee Lithium Clay Project’ and the farthest step-out hole to the West, approximately 2,500 feet from any previous drill hole.
In June 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 (LCE).
The goal of this drill programme will be to increase the maiden resource estimate by following the drilling recommendations provided by Stantec in the Technical Report. Spearmint’s two other lithium projects in Clayton Valley, Nevada include the recently acquired ‘Green Clay Lithium Project’ comprised of 97 contiguous claims totalling 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.
President, James Nelson, said lithium prices continue to make new all-time highs and have increased by over 500-percent since the start of 2021.
“We are extremely pleased to have discovered our longest continuous intercept of potential lithium-bearing claystone to date on our flagship project, the McGee Lithium Clay Project in Clayton Valley, Nevada,” Mr Nelson said.
“Not only has hole #15 been our longest clay intercept, but hole #15 is also located the farthest away from any previous drill hole at an approximate distance of 2,500 feet to the West. If this hole runs at economic grades of lithium, similar to what we’ve already drilled, it could potentially increase our resource estimate significantly.
“ his is one of the longest continuous intercepts of claystone reported to date in the Clayton Valley of Nevada. We are off to a fantastic start on this phase of drilling, especially when you consider lithium prices are at all-time highs.”
Cypress Development Corp. and Spearmint share this blanket-like, lithium-bearing claystone formation that Spearmint’s drill programme is targeting.
For further information please visit: https://www.spearmintresources.ca/
