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Spearmint Resources Inc. has entered into an agreement to acquire the Preissac lithium property totaling 4,485 acres in Quebec. The vicinity of the Preissac lithium property contains multiple lithium showings. Less than two kilometres south of the property are located the Aldous and the Authier showings. Those showings correspond to spodumene mineralization inside pegmatite dikes, with a lithium content up to 1.14 per cent lithium. Less than three kilometres northeast of the property is the Lac de Hauteur showing. Analysis reported by the MERN (Ministere de l'Energie et des Ressources naturelles) indicates anomalies in tantalium, niobium and lithium. Less than six kilometres south are the Cominco-Nickel, Marbridge, Ataman, Lamotte and Cubric showings. These showings are ultramafic formation, with content up to 3.65 per cent nickel, with minor copper, zinc and molybdenum.
Canada Lithium, located 25 kilometres east of the property, has a feasibility study showing proven and probable reserves of 17.1 million tonnes grading 0.94 per cent lithium oxide at a 0.6-per-cent cut-off with a strip ratio of 5.4:1, in addition to having a lithium carbonate plant recently built at a cost of $291.3-million. The plant is currently on care and maintenance due to bankruptcy filings. The Authier showing is located one kilometre southeast of the property, containing over 5.8 million tonnes grading 0.53 per cent lithium. Both the property and the Quebec lithium mine are hosted in a alkaline granite and monzogranite batholith. Beryl and molybdene showings are also located in the area.
James Nelson, director of Spearmint, stated: "We are pleased to continue to acquire quality assets in Quebec. Quebec is one of the most mining-friendly jurisdictions in the world and with the recent attention that Nemaska has brought into the area, we are excited about the future prospects of these assets and future growth of Spearmint. We plan to commence operations shortly on multiple fronts.