- Spearmint Resources (SPMT) has announced the results of the first drill hole in its phase III drill program
- This first drill hole encountered 562 feet of continuous potential lithium-bearing claystone
- It is also the farthest step-out hole to the west, approximately 2,500 feet from any previous drill hole
- Lithium prices continue to make new all-time highs and have increased by over 500 per cent since the start of 2021
- Spearmint Resources is a mineral exploration company focused on projects in Nevada and Quebec
- Spearmint (SPMT) is up 2.94 per cent, trading at $0.175 per share
Spearmint Resources (SPMT) has announced the results of the first drill hole in its phase III drill program.
The phase III program, which began drilling last week at the McGee Lithium Clay Project in Nevada, is focused on increasing the project’s maiden resource estimate.
Last year’s technical report estimated a maiden resource of 815,000 indicate tonnes and 191,000 inferred tonnes of lithium carbonate equivalent. Spearmint will use this estimate, in addition to recommendations from the technical report, as a guide for its phase III drilling.
This first drill hole has encountered 562 feet of continuous potential lithium-bearing claystone, said the company, and is the longest clay intercept discovered on the McGee project to date. It is also the farthest step-out hole to the west, approximately 2,500 feet from any previous drill hole.
“We are extremely pleased to have discovered our longest continuous intercept of potential lithium-bearing claystone to date on our flagship project,” said Spearmint president James Nelson. “If this hole runs at economic grades of lithium, similar to what we’ve already drilled, it could potentially increase our resource estimate significantly.”
Spearmint’s two other lithium projects in Clayton Valley include the recently acquired Green Clay Lithium Project 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.
Lithium prices continue to make new all-time highs and have increased by over 500 per cent since the start of 2021, the company reported.
“We are off to a fantastic start on this phase of drilling, especially when you consider lithium prices are at all-time highs,” said Mr. Nelson.
Spearmint Resources is a mineral exploration company focused on projects in Nevada and Quebec.
Spearmint (SPMT) is up 2.94 per cent, trading at $0.175 per share as of 9:50 am EST.