Spearmint Resources Inc. (“SRJ” or the “Company”) (SRJ—TSX.V) is pleased to announce that it has entered into a share purchase agreement to purchase all the outstanding common shares of a private arms’ length company (the “Vendor”), which holds a 100% interest in the Preissac Lithium Property in Quebec. The terms of the share purchase agreement require for the Company to pay $10,000 and issue 8,000,000 common shares to the Vendors. This transaction is pursuant TSX Exchange approval.
The vicinity of the Preissac Lithium Property contains multiple lithium showings. Less than 2km south of the Property are located the Aldous and the Authier showings. Those showings correspond to spodumene mineralization inside pegmatite dykes, with a lithium content up to 1.14% Li. Less than 3km north-east of the property is the Lac de Hauteur showing. Analysis reported by the MERN indicates anomalies in Ta, Nb and Li. Less than 6km south are the Cominco- Nickel, Marbridge, Ataman, Lamotte and Cubric showing. These showings are ultramafic formation, with content up to 3.65 Ni, with minor Cu, Zn and Mo.
Canada Lithium, located 25km east of the Property, has a Feasibility Study showing proven and probable reserves of 17.1 million tonnes grading 0.94% Lithium Oxide at 0.60% cut off with a strip ratio of 5.4:1 in addition of 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. 1km southeast of the Property is located the Authier showing, containing over 5.8 million tonnes grading 0.53% Li. 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.
Recently, the Company announced that all pertinent data was being reviewed and the crew would be on the Whabouchi Lakes West Property shortly. The Whabouchi Lakes West property is located in the James Bay area of the province of Quebec, approximately 40 kilometers east of the community of Nemaska, 228 km north-northwest of the Chibougamau municipality and in the immediate vicinity of the Whabouchi mine of Nemaska Lithium Inc. It includes 24 total claims that total approximately 12.79 square kilometers over two claim sets.
The Whabouchi Lakes West Property overlay the possible source of three significant lake sediment geochemical anomalies. The lake sediment samples show different combinations of anomalous elements: one is anomalous in mercury, lithium, niobium, rare earth elements, uranium and tungsten; a second one is anomalous in silver, arsenic, Hg, Li, lead, antimony, REE and W; and a third one is anomalous in Nb and REE. Those elements are good indicators of pegmatite-hosted type of mineralization also present at Nemaska Lithium Inc.’s Whabouchi deposit.
The claims share some other similarities with the Nemaska deposit: the property is close to road; gneiss unit of the Opinaca subprovince is a major component of the geology; pegmatite dikes and granite intrusions are present; and the property also includes a magnetic anomaly as seen near the Whabouchi deposit. Prospecting and till surveys are under planning to further assess the possible source of anomalies in the lake sediments.
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 projects of these assets and future growth of Spearmint. We plan to commence operations shortly on multiple fronts.”
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This news release was reviewed by Rémi Charbonneau, Ph. D., P. Geo.
Tel: 1604646-6903 www.spearmintresources.ca
Spearmint Resources Inc.
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