There are many compelling developments coming ahead for the Company. Spearmint be very active on multiple projects, with a robust stream of news flow for the remainder of 2022 and as we enter 2023.
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.”
Updated Report can be viewed here: https://www.spearmintresources.ca/wp-content/uploads/2022/06/MLC-Deposit-NI-43-101-Final-TR_6-14-2022.pdf
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, which is Spearmint’s goal for the “McGee Lithium Clay Deposit”.
In other recent news, announced on March 2, 2022, Spearmint Drills Best Results Ever on the McGee Lithium Clay Project in Clayton Valley, Nevada, including a High of 1,810 ppm Li within a Massive 485 Feet Averaging 1,003 ppm Li. Spearmint announced that it has received the results from the phase III drill program on Spearmint’s flagship, 100-percent owned ‘McGee Lithium Clay Deposit’ in Clayton Valley, Nevada, directly bordering Cypress Development Corp. (CYP – TSX.v, CYDVF – USA). During this phase III drill program, Spearmint discovered its best results achieved to date by far. 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 4 holes of the phase III program include:
- 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.
- Hole-16 hit a high of 1,120 ppm Li.
James Nelson, President of Spearmint Resources stated, “We are extremely pleased to announce that our phase III drill program has discovered our best results ever on our flagship project, the McGee Lithium Clay Project in Clayton Valley, Nevada. Given the fact that we achieved strong, consistent lithium grades over massive intercepts on hole-15 (537 feet) & hole-18 (652 feet), and that these two drill holes were the farthest step-out holes, approximately 2,500 feet and 3,700 feet to the West of any hole drilled in previous phases of drilling on McGee, we are confident that these results should increase our resource estimate significantly. It’s clear that our next step is to incorporate these new drill results into an updated resource estimate, especially when you consider that lithium prices and demand are at all-time highs, up over 900 percent since the start of 2021”.
On May 14, 2021, Spearmint has achieved 83% lithium extraction from preliminary metallurgical Testing results on its Lithium Clay Project in Clayton Valley, Nevada. A recent phase II drill program discovered lithium in all 10 out of 10 drill holes achieving a 100% success rate, directly bordering Cypress Development Corp. (CYP-TSX.v). During this phase II drill program, Spearmint has discovered its highest drill core lithium values to date of 1,840 ppm Li (see map) & Hole-6 returned the best results achieved to date with an average lithium value of 966 ppm Li over 220 continuous feet, including a high value of 1490 ppm.
Results from the final 5 drill holes of the phase II drill program include: Hole #11 hitting a high of 1490 parts per million lithium (ppm Li) within 235 feet averaging 817 ppm Li, including 110 feet averaging 1020 ppm Li starting at 20 feet from surface. Hole #12 hit a high of 1370 ppm Li within 105 feet averaging 1042 ppm Li, starting at 10 feet from surface. Hole #10 had a high of 1360 ppm Li. Hole #13 hit a high of 1320 ppm Li within 200 feet averaging 845 ppm Li, including 70 feet averaging 1026 ppm Li starting at 5 feet from surface. Hole #14 hit a high of 1730 ppm Li within 225 feet averaging 900 ppm Li, including 55 feet averaging 1046 ppm Li starting at 15 feet from the surface.
Recent news regarding the Clayton Valley of Nevada:
- On Tesla Battery Day, held on September 22, 2020, Tesla’s Elon Musk announced their intention to acquire Nevada lithium clay projects and their overwhelming need to secure domestic lithium deposits to feed their Gigafactory.
- On January 7th, 2021, Albemarle Corp (ALB—NYSE) announced their plan to ‘expand capacity at the company’s lithium production facility at Silver Peak in Clayton Valley, Nevada., and begin a program to evaluate clays and other available Nevada resources for commercial production of lithium, a critical mineral and key component in advancing green mobility and a more sustainable future’’.
- On March 18, 2021, Pure Energy’s strategic partner Schlumberger New Energy Venture (NYSE: SLB) “announced the development of a lithium extraction pilot plant through its new venture, NeoLith Energy. The deployment of the pilot plant will be in Clayton Valley, Nevada, USA. The NeoLith Energy sustainable approach uses a differentiated direct lithium extraction (DLE) process to enable the production of high-purity, battery-grade lithium material while reducing the production time from over a year to weeks. This innovative process can create new market opportunities for lithium extraction and battery manufacturing economy and maximize the value of the lithium-rich resource base in Nevada with cutting-edge extraction technology.
- On June 10, 2021, Schlumberger (SLB–NYSE) and Panasonic Energy of North America announced a collaboration agreement to optimize and validate a lithium extraction and production process to be used by Schlumberger New Energy at its NeoLith Energy pilot plant in the Clayton Valley using Pure Energy’s land. Spearmint’s ‘Elon Lithium Brine Project’ lies directly in the deepest part of this basin that this work is being conducted (see map). According to Schlumberger’s news “Neolith Energy’s objective will be to pump brine from the subsurface, extract greater than 90% of the dissolved lithium, and pump more than 85% of the brine back to the subsurface in an environmentally safe manner. In addition to maximizing the reinjection of the brine, the goal is to eliminate the need for any freshwater from an external source and reduce the environmental impact.”
- On December 7, 2021, Cypress Development Corp. announced it completed a successful pilot plant start-up for extraction testing of lithium-bearing claystone from the company’s 100-per-cent-owned Clayton Valley lithium project in Nevada.
- On September 19, 2022, Cypress Development Corp. announced it achieved a significant milestone with the production of 99.94-per-cent lithium carbonate (Li2CO3) made from lithium-bearing claystone from the company’s 100-per-cent-owned Clayton Valley lithium project in Nevada, United States. The Li2CO3 was derived from the intermediate concentrated lithium solution produced at Cypress’s lithium extraction facility in Amargosa Valley, Nev. Following direct lithium extraction (DLE) at the plant, Saltworks Technologies Inc. completed the processing system design and pilot work to make the Li2CO3.
The following link contains further comments from Elon Musk regarding Nevada lithium clay deposits:
Lithium prices are up over 900% since the start of 2021 & have broken out to ALL-TIME highs, as demonstrated by the 1-year and 5-year charts below:
As you can see, management is very optimistic about the remainder of 2022 and would be happy to explain the company’s game plan.
Please visit the company’s website for a complete list of projects. If you would like to be added to Spearmint’s mailing list, please send an email to [email protected]
Thank you for your time and consideration.
Spearmint Resources Inc.
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 document.