December 16, 2021 – Spearmint Resources Inc. (CSE: SPMT) (OTC Pink: SPMTF) (FSE: A2AHL5) (the “Company” or “Spearmint”) is pleased to announce that drilling has now commenced on Spearmint’s 100-percent owned Perron-East Gold Project in Quebec, located in the direct vicinity of Amex Exploration Inc. (AMXEF – USA, AMX – TSX.V) and Starr Peak Mining Ltd. (STRPF – USA, STE – TSX.V). The ongoing drill program is aimed at different targets based on historical data and recent data acquisition. The first portion of the drill program targets the same geological context as historical showings (Turgeon Lake: up to 18.7 g/t Au over 3.09 m. (GM 54287, April 29th 1996) and; Rollmac: 31,298 tonnes grading 11.99 g/t Au (historical and non-compliant NI43-101, Northern Miner, July 13, 1992). The other portion of the drill program is based on soil anomalies coupled with various chargeability anomalies in the central portion of the property. Laurentia Exploration, the same geological team who’ve conducted significant drill programs for both Amex Exploration Inc. and Starr Peak Mining Ltd., will be overseeing all aspects of Spearmint’s drill program. Management cautions that past results or discoveries on properties in proximity to Spearmint may not necessarily be indicative to the presence of mineralization on the Company’s properties.
James Nelson, President of Spearmint Resources stated, “We are very pleased to have now started drilling on the Perron-East gold project in Quebec, located in the direct vicinity of Amex Exploration Inc. and Starr Peak Mining Ltd. This drill program is fully funded using $1 million of flow-through funds already on hand, which included a lead investment by certain funds managed by Sprott Asset Management LP. Management also expects to commence another major drill program shortly on our ‘McGee Lithium Clay Project’ in Clayton Valley, Nevada, with the goal to build upon our maiden resource estimate of 815,000 indicated tonnes and 191,000 inferred tonnes for a total of 1,006,000 tonnes of lithium carbonate equivalent (LCE). Spearmint shares this blanket like lithium claystone formation with Cypress Development Corp. (CYDVF – USA, CYP – TSX.V) and lithium prices are currently at all-time highs. Spearmint has approximately $3 million in the treasury with no need to raise additional funds and we are about to enter a major news flow cycle. We are headed in 2022 with a full head of steam with potential catalysts coming ahead on multiple projects.”
Mr. Hugues Guerin Tremblay, P.Geo. (OGQ #1584), an independent Qualified Person as defined by Canadian NI 43-101 standards, has reviewed and approved the geological information reported in this news release. The Qualified Person has not completed sufficient work to verify the historic information on the Property and vicinity, particularly in regards to historical drill results. However, the Qualified Person believes that drilling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.
About Spearmint Resources
Spearmint’s primary projects include three lithium projects in Clayton Valley, Nevada; the ‘McGee Lithium Clay Project’ which has a maiden resource estimate of 815,000 indicated tonnes and 191,000 inferred tonnes for a total of 1,006,000 tonnes of lithium carbonate equivalent (LCE), directly bordering Pure Energy Minerals (PE.v) & Cypress Development Corp. (CYP.v); 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; and the recently acquired ‘Green Clay Lithium Project’ comprised of 97 contiguous claims totaling approximately 2,000 acres.
Spearmint’s other primary projects include the ‘Goose’ Gold project directly bordering New Found Gold Corp. (NFG.v) where Spearmint has sampled up to 973 ppb gold, and the Perron-East Gold Project consisting of 5 mineral claim blocks covering 11,608 acres located in the Abitibi greenstone belt of northwestern Quebec in the direct vicinity of Amex Exploration Inc.’s (AMX.v) Perron property and past-producing Normetal mine. For a complete list of Spearmint’s projects please visit spearmintresources.ca. Management cautions that past results or discoveries on properties in proximity to Spearmint may not necessarily be indicative to the presence of mineralization on the Company’s properties.
References and disclosures
Normétal historical Mine and Normetmar:
Summary Report, Normetmar Project, January 1988 by L. Boivin
Turgeon Lake and Rollmac Deposit:
Globex website: https://www.globexmining.com/staging/admin/news_pdfs/2020-08-10%20%20EN%20Globex%20sells%203%20properties.pdf
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Spearmint Resources Inc.
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