Spearmint Resources Inc. has three separate claim blocks in Nevada that are prospective for lithium known as the 880-acre ‘McGee Lithium Clay Deposit’, the recently acquired 2,004-acre ‘Green Clay Lithium Project’, and the 280-acre ‘Elon Lithium Brine Project’, covering an aggregate area of 3,164 acres.
In recent news announced June 17, 2022, Spearmint Resources received the updated Technical Report and Mineral Resource estimate for the 100-per-cent-owned McGee Lithium Clay Deposit in Clayton Valley, Nevada. The Technical Report includes an updated Mineral Resource estimate of 1,369,000 indicated tonnes and 723,000 inferred tonnes of lithium carbonate equivalent (LCE) for a total of 2,092,000 tonnes of LCE. The Technical Report and Mineral Resource Estimate has been prepared by Derek Loveday, P.Geo. and Mariea Kartick, P.Geo. of Stantec Consulting Services Ltd. (“Stantec”) in conformity with CIM “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines and are reported in accordance with the Canadian Securities Administrators NI 43-101. The Stantec Qualified Persons (Derek Loveday, P.Geo. and Mariea Kartick, P.Geo.), have direct experience in lithium clay exploration projects in Nevada. Derek Loveday was the Qualified Person for the American Lithium Corp. (LI-TSX.v, LIACF-USA) TLC Lithium Project Technical Report.
James Nelson, President of Spearmint Resources stated, “We are very pleased to have increased our mineral resource estimate by more than double that of our maiden resource estimate. We foresee continued consolidation within the lithium space and this updated report adds significant value to Spearmint. Our goal is to develop this deposit with the hope to secure a domestic source of lithium right in the heart of the Clayton Valley, Nevada, one of the top lithium districts in the world. The four holes drilled in 2022 allowed us to significantly expand the resource to the West and based on this report, further potential increases to this resource estimate are possible. Lithium prices and demand remain near all-time highs, up over 900 percent since the start of 2021. In addition, announced on March 31, 2022, President Joe Biden enacted the Defense Production Act to increase domestic production of strategic and critical materials, such as lithium and cobalt, needed to build batteries for electric vehicles and other types of energy technologies. This could provide a major catalyst and sector momentum for developing domestic sources of battery metals.”
Lithium Resource Estimates – Metric Units
Tonnes (‘000 t)
· CIM definitions are followed for classification of Mineral Resource.
· Mineral Resource surface pit extent has been estimated using a lithium carbonate price of US14,000 US$/tonne and mining cost of US$2.50 per tonne, a lithium recovery of 80%, fixed density of 1.70 g/cm3 (1.43 tons/yd3).
· Conversions: 1 metric tonne = 1.102 short tons, metric m3 = 1.308 yd3, Li2CO3:Li ratio = 5.32.
· Totals may not represent the sum of the parts due to rounding.
· The Mineral Resource estimate has been prepared by Derek Loveday, P. Geo. and Mariea Kartick, P.Geo. of Stantec Consulting Services Ltd. in conformity with CIM “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines and are reported in accordance with the Canadian Securities Administrators NI 43-101. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any mineral resource will be converted into mineral reserve.
On May 14, 2021, Spearmint has achieved 83% lithium extraction from preliminary metallurgical Testing results on its McGee Lithium Clay Deposit in Clayton Valley, Nevada.
The ‘McGee Lithium Clay Deposit’ directly borders Cypress Development Corp (CYP – TSX.v, CYDVF – USA) and Pure Energy Minerals Limited (PE – TSX.v, PEMIF – USA). Pure Energy is in the only known lithium-bearing brine basin in North America that is in production and Spearmint is very pleased to be in this area. Regarding other lithium clay projects within the Clayton Valley, there has been exciting news recently. On October 13, 2021, Cypress Development Corp (CYP – TSX.v, CYDVF – USA) announced “the assembly of the pilot plant for the company’s 100-per-cent-owned Clayton Valley lithium project in Nevada is complete. The pilot plant is located at a metallurgical facility approximately 100 miles south of the project. Purchasing of items for the pilot plant began in March and work progressed through the summer. With assembly and operational testing of component equipment finished, test extraction of lithium from the project’s sample material will begin. The pilot plant will utilize chloride-based leaching combined with the Chemionex–Lionex process for direct lithium extraction (DLE), as described in previous announcements.”
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 director of Spearmint and a Qualified Person as defined by National Instrument 43-101 has reviewed and approved the scientific and technical disclosure contained within this website.