VANCOUVER, British Columbia, Feb. 07, 2022 (GLOBE NEWSWIRE) -- Spearmint Resources (CSE:SPMT) (OTCPink:SPMTF) (FSE:SQH) reported that drill hole-18 at its 100-percent owned 'McGee Lithium Clay Project' in Clayton Valley, Nevada, has set a new record for the project, encountering a massive 652 feet of continuous potential lithium-bearing claystone. This hole, from the phase III drill program at its McGee Lithium Clay Project, located 55 kilometres west of the town of Tonopah, directly borders Cypress Development Corp. and Pure Energy Minerals.
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James Nelson, President, stated: "We are extremely pleased to have once again discovered our longest intercept of 652 feet of continuous potential lithium-bearing claystone to date on our flagship project, the McGee Lithium Clay Project in Clayton Valley, Nevada. Hole-18 beats our recent longest claystone intercept of 562 feet, announced on Jan. 21, 2022. Not only are these two holes the longest but they are approximately 2,500 feet and 3,700 feet to the West of any previously hole drilled in previous phases of drilling on the McGee. If these holes run at lithium grades, similar to what we've already achieved on the McGee Project, it could potentially increase our resource estimate significantly. Management eagerly awaits these assays, especially when you consider that lithium prices and demand are at all-time highs."
Significantly, these holes reported two of the longest continuous intercepts of claystone ever recorded in the history of Clayton Valley. Samples from the 4 holes of the phase III drill program, which all encountered the targeted potential lithium-bearing claystone, have been forwarded to ALS for rush assays.
On June 11, 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. The goal of this drill program is to increase the maiden resource estimate by following the drilling recommendations provided by Stantec.
Spearmint's two other lithium projects in Clayton Valley, include the recently acquired 'Green Clay Lithium Project' comprised of 97 contiguous claims totaling 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.
Spearmint also has an extensive portfolio of properties in Canada, including gold, lithium, platinum, palladium, copper, nickel, vanadium and cesium. 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 $0.155. 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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