Spearmint Resources (CSE: SPMT) (OTC Pink: SPMTF) (FSE: A2AHL5) has received preliminary metallurgical testing results on its 100%-owned Clayton Valley Lithium Clay Project in Nevada. The company recently completed a 10-hole drill program that discovered lithium in every hole, achieving a 100%-success rate, directly bordering Cypress Development Corp.
Preliminary metallurgical results from McClelland Laboratories Inc. of Sparks, Nevada indicate that high extractions can be achieved by leaching with either sulfuric acid or hydrochloric acid. Preliminary results from a composite claystone sample indicate lithium extractions of 80% with a sulfuric acid addition of 500 kg/mt and 83% with a hydrochloric acid addition of 375 kg/mt. Further testing is being planned to optimize leaching conditions.
The results from the 13-holes drilled to date on its ‘Clayton Valley Lithium Clay’ project, combined with the preliminary metallurgical testing results, will contribute towards Spearmint’s Technical Report and potential maiden resource calculation being prepared by Stantec Consulting Ltd.
James Nelson, President, stated: “We are pleased to receive metallurgical extraction recovery rates at over 80%. These metallurgical results will assist us in taking the next step in the process towards determining a potential resource calculation for our Clayton Valley Lithium Clay Project in Nevada. 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 (see map) where our neighbour Cypress Development Corp. 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. Spearmint’s project is strategically located directly between Cypress Development Corp. and Pure Energy Ltd. Pure has a partnership with Schlumberger and are planning to build a brine pilot plant with approximately $30 million USD being spent in developments. On the other side of Spearmint’s property, Cypress has just closed a private placement for $19.55 million to develop their claystone deposit. This is a huge benefit to Spearmint to have two major adjacent projects being funded for over $50 million, allowing Spearmint the benefit of a significant outlay of research and development spending on either side of our property without Spearmint having to commit our own money. Lithium prices remain high as we continue to see insatiable demand in batteries for Electric Vehicles without any sign of slowing down, 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 approximately $3.5 million in the treasury and we are pleased to welcome Sprott Asset Management LP as a new significant shareholder. We are moving forward at a rapid rate right now at a time when demand for lithium is approaching all-time highs. Management remains confident about the short and long-term future of Spearmint.”
Spearmint also has an extensive portfolio of properties in Canada, including gold, lithium, platinum, palladium, copper, nickel, vanadium and cesium.
Spearmint’s ‘Goose’ gold project in Newfoundland, where Spearmint has sampled up to 973 ppb gold, directly borders New Found Gold Corp.
In Ontario, its ‘Escape Lake North’ PGM Project consists of approximately 4,000 contiguous acres directly bordering Clean Air Metals. Its Case Lake South Cesium Project consists of approximately 7,300 acres directly bordering Power Metals’s Case Lake Cesium Property.
The River Valley East Platinum-Palladium Prospect consists of approximately 4,700 contiguous acres directly bordering New Age Metals’ flagship River Valley Platinum Group Metals project, and its Carscallen West Gold Project consists of an approximately 2500 contiguous acres in the direct vicinity to Melkior Resources.
In Quebec, 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 Perron property and past-producing Normetal mine; and the ‘Chibougamau Vanadium Prospect’ comprising approximately 15,500 contiguous acres directly bordering the vanadium deposit of BlackRock Metal’s ilmenite vanadium project.
Spearmint’s current projects also include a large portfolio of prospects in the Golden Triangle of British Columbia, with many bordering companies with active programs, such as Aben Resources, Garibaldi Resources, as well as the recent acquisition of the 4,980 acre ‘Prickle’ property bordering Brixton Metals Corp. In southern BC, the company’s Hammernose Gold Prospect consists of 8,685 acres bordering Westhaven Gold’s Shovelnose Property in the Spences Bridge Gold Belt, and the ‘Safari’ Copper-Gold Prospect consisting of 9,007 contiguous acres located in the northern Quesnel Trough in North-Central BC.
Management cautions that mineralization on nearby properties may not be indicative of the presence of mineralization on Spearmint’s properties.
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