- Spearmint Resources (SPMT) has applied for a drill permit from the Bureau of Land Management for its McGee Lithium Project
- The goal of the upcoming drill program will be to increase the existing maiden resource estimate
- The company plans to capitalize on rising lithium prices as it advances the McGee project to production
- Spearmint Resources is an exploration stage public company engaged in the acquisition and exploration of mineral properties
- Shares in Spearmint Resources Inc. (SPMT) are up 12.0 per cent, trading at $0.14 per share
Spearmint Resources (SPMT) has applied for a drill permit from the Bureau of Land Management for its McGee Lithium Project.
Located in Clayton Valley, Nevada, the McGee project includes a maiden resource estimate of 815,000 indicated tonnes and 191,000 inferred tonnes of lithium carbonate equivalent.
The goal of the upcoming drill program will be to increase the maiden resource estimate by following the drilling recommendations provided by Stantec, the company that prepared the technical report.
Lithium prices have recently reached all-time record highs, now up over 290 per cent in 2021.
“Clearly, this is an opportune time to be recommencing operations on our lithium holdings in Clayton Valley,” said Spearmint’s President James Nelson.
“With approximately $3 million in the treasury,” he added, “we are well funded for multiple drill and work programs in the US and Canada with no need to raise additional funds.”
The McGee project directly borders properties owned by Cypress Development Corp. and Pure Energy Minerals Limited.
Both Cypress Development and Pure Energy are working on constructing pilot plants for their own lithium projects.
Spearmint’s two other lithium projects in Clayton Valley include the recently acquired Green Clay Lithium Project and the Elon Lithium Brine Project. Elon has access to some of the deepest parts of the only lithium brine basin in production in North America.
“The remainder of 2021 and beyond will be an extremely active period for Spearmint with potential catalysts coming ahead on multiple projects,” said Mr. Nelson.
Spearmint Resources is an exploration stage public company engaged in the acquisition and exploration of mineral properties.
Shares in Spearmint Resources Inc. (SPMT) are up 12.0 per cent, trading at $0.14 per share as of 12:16 pm ET.