Spearmint Discovers Lithium in All 10 Holes Drilled on its Lithium Clay Project in Clayton Valley, Nevada
February 05, 2021 - Spearmint Resources Inc. (CSE: SPMT) (OTC Pink: SPMTF) (FSE: A2AHL5) (the “Company) is very pleased to announce that the results from the final 5 holes drilled on this phase of drilling on its Clayton Valley, Nevada lithium clay project encountered lithium in every hole. The first 5 holes also intersected lithium in each hole, therefore this phase of drilling discovered lithium in 10 out of 10 holes, achieving a 100 percent success rate. This phase of drilling will enable Spearmint to now commence the necessary steps towards a potential resource calculation. The Company has just engaged a metallurgist to assist in this phase. The drilling resulted in (see map): Hole #11 hitting a high of 1490 parts per million lithium (ppm Li) within 235 feet averaging 817 ppm Li, including 110 feet averaging 1020 ppm Li starting at 20 feet from surface. Hole #12 hit a high of 1370 ppm Li within 105 feet averaging 1042 ppm Li, starting at 10 feet from surface. Hole #10 had a high of 1360 ppm Li. Hole #13 hit a high of 1320 ppm Li within 200 feet averaging 845 ppm Li, including 70 feet averaging 1026 ppm Li starting at 5 feet from surface. Hole #14 hit a high of 1730 ppm Li within 225 feet averaging 900 ppm Li, including 55 feet averaging 1046 ppm Li starting at 15 feet from surface.
James Nelson President of Spearmint Resources stated, "This is game changing news for Spearmint. Having achieved drilling success in every hole on this drill program legitimizes the quality and prospectivity of this lithium project. Not only did we have strong, consistent results, the drilling showed that the lithium is very near the surface which would be optimal versus deeper projects. We are immediately starting the process to begin a potential resource calculation now that we have sufficient successful drilling completed. Clayton Valley Nevada is the premier lithium address in the USA hosting the only producing lithium deposit and where a significant global focus has been this year. Lithium prices are rising on the insatiable demand in batteries for Electric Vehicles and we see no sign of that hyper 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 firing on all cylinders right now at a time when demand for lithium is approaching all-time highs. We could not be more excited about the short and long-term future of Spearmint.”
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