April 22, 2022 – Spearmint Resources Inc. (CSE: SPMT) (OTC Pink: SPMTF) (FSE: A2AHL5) (the “Company” or “Spearmint”) is pleased to announce that representatives from Stantec Consulting Ltd. (“Stantec”) have arrived on the property to conduct due diligence in preparation to complete an updated resource estimate and Technical Report for the McGee Lithium Clay Project in Clayton Valley, Nevada. The Technical Report will be prepared in accordance with the requirements of National Instrument 43-101. The Stantec Qualified Person (Derek Loveday, P.Geo.) has direct experience in the Tonopah area, which includes visiting Albemarle Corp.’s (ALB-NYSE) Silver Peak mine and ioneer Ltd.’s (INR-ASX) Rhyolite Ridge Lithium-Boron Project, and completing a resource estimate and Technical Report for American Lithium Corp. (LI-TSX.v, LIACF-USA) on the TLC Lithium Project.
On March 2, 2022, Spearmint announced results from the phase III drill program on the flagship, 100-percent owned ‘McGee Lithium Clay Project’ in Clayton Valley, Nevada, directly bordering Cypress Development Corp. (CYP–TSX.v, CYDVF–USA). The phase III drill program discovered Spearmint’s best drill results achieved to date. Frank Bain, P.Geo and a director of Spearmint Resources stated, “These results have far exceeded our expectations of what we were hoping to discover on this phase III drill program, in the highest range of any reported drill holes in the history of Clayton Valley, Nevada.”
Results from the phase III drill program included:
- Hole-15, drilled at approximately 2,500 feet to the West of any previous drill hole, hit a high of 1,810 parts per million lithium (ppm Li) within 537 continuous feet averaging over 960 ppm Li, including 485 feet averaging 1,003 ppm Li.
- Hole-18, the farthest step-out hole to the West at approximately 3,700 feet from any previous drill hole, hit a high of 1,760 ppm Li within a substantial 652 continuous feet averaging over 895 ppm Li, including 455 feet averaging 1,004 ppm Li.
- Hole-17 hit a high of 1,390 ppm Li within 170 continuous feet averaging over 862 ppm Li, including 95 feet averaging 1,044 ppm Li.
On June 11, 2021, Spearmint received the Technical Report on its ‘McGee Lithium Clay Project’ which included 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). The Technical Report was prepared in accordance with the requirements of National Instrument 43-101 by Stantec Consultant Ltd.’s qualified persons (Allan Turner, PGeol, and Derek Loveday, PGeo). 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.
Spearmint has received the drill results from the Perron-East gold project in Quebec. Drill hole SP-22-006 intersected a 2.9 m wide pyrite±chalcopyrite bearing vein system, related to deformed mafic intrusions within the Val-St-Gilles pluton stock. The location of the vein system corresponds to a north-south trending interpreted lineament and close to a gold-soil anomaly. Also, this kind of mineralization is comparable to other gold-rich settings (Rollmac and Lac Turgeon-Rive Ouest showings, Starr Peak Exploration) in the direct vicinity of the property. Assays on SP-22-006 did not return economic gold values but nugget effect is common in such systems. Overall, this vein interval is the first expression discovered of a potentially gold-bearing hydrothermal system on the property. 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.
Mr. Frank Bain, P.Geo., a Qualified Person as defined by National Instrument 43-101 has reviewed and approved the scientific and technical disclosure contained within this news release regarding the McGee Project.
Hugues Guerin Tremblay, PGeo (OGQ No. 1584), an independent qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release regarding the Perron-East project. The qualified person has not completed sufficient work to verify the historic information on the property and vicinity, particularly in regard 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.
References and disclosures
Turgeon Lake and Rollmac Deposit:
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