- Spearmint Resources (SPMT) has now closed its acquisition of the Green Clay Lithium Project in Clayton Valley, Nevada
- The acquisition grants Spearmint the right to earn a 100 per cent option in the property from its current owner by issuing a total of four million common shares and by making $60,000 in cash payments
- Once the option agreement is complete, the current owner will be granted a 1.5 per cent net smelter return
- Spearmint Resources is an exploration stage company with projects in Canada and the United States
- Spearmint Resources (SPMT) is currently up 8.70 per cent, trading at $0.125 per share
Earlier this month, Spearmint Resources (SPMT) acquired the Green Clay Lithium Project in Clayton Valley, Nevada.
Spearmint has now closed its acquisition of the property, which is comprised of 97 contiguous claims over two thousand acres.
The acquisition grants Spearmint the right to earn a 100 per cent option in the property from its current owner by issuing a total of four million common shares and by making $60,000 in cash payments.
Once the option agreement is complete, the current owner will be granted a 1.5 per cent net smelter return (NSR). Spearmint will have the right to purchase a 0.75 per cent NSR for $500,000 at any time up to the commencement of production.
James Nelson, President of Spearmint Resources, commented on the acquisition.
“We are pleased to have closed on this acquisition demonstrating Spearmint’s mandate on acquiring and developing high-quality projects,” he said. “We are currently formulating work programs for this new lithium clay project.”
The company has also planned a phase three fall 2021 drill program at its Clayton Valley lithium project and a phase two work program on its Newfoundland gold project.
Spearmint Resources is an exploration stage company with projects in Canada and the United States. Its projects are located in Nevada, Newfoundland, Ontario, Quebec, and British Columbia.
Spearmint Resources (SPMT) is currently up 8.70 per cent, trading at $0.125 as of 11:32 am ET.