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Spearmint (CSE:SPMT) achieves 83 per cent lithium extraction from preliminary metallurgical testing
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  • Spearmint Resources (SPMT) has received the technical report and maiden resource estimate for its lithium clay project
  • The company's 100-per-cent-owned Clayton Valley Lithium Clay Project is located in Nevada
  • The technical report includes a maiden resource estimate of a total of 1,006,000 tonnes of Lithium Carbonate Equivalent (LCE)
  • The project consists of 26 contiguous unpatented placer claims covering 890 acres
  • Spearmint Resources is up 11.43 per cent, trading at C$0.20 at 12:20 pm ET

Spearmint Resources (SPMT) has received the technical report and maiden resource estimate for its lithium clay project.

The company's 100-per-cent-owned Clayton Valley Lithium Clay Project us located in Nevada, the heart of the lithium mining industry in the United States.

The technical report includes 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 Vancouver-based junior resource exploration company's project is located 55 kilometres west of the town of Tonopah. The project consists of 26 contiguous unpatented placer claims that span from McGee 30 to McGee 55 and cover 890 acres.

Drilling on the east half of the project has discovered a continuous, well mineralized section up to 300 feet thick.

"We are very pleased to receive our maiden resources estimate that includes 815,000 indicated tonnes and 191,000 inferred tonnes for a total of 1,006,000 tonnes of Lithium Carbonate Equivalent (LCE) on our Clayton Valley Lithium Clay Project in Nevada. This is a monumental milestone for Spearmint as we now have our initial maiden resource for the Clayton Valley Lithium Clay Project. We have only drilled a minor number of holes to date to achieve this maiden resource, and we anticipate that additional targeted drilling could increase this initial calculation. We are already formulating a plan to achieve this goal," said Spearmint Resources President James Nelson.

The company is also encouraged by the fact lithium prices remain high as does demand in batteries for Electric Vehicles.

Spearmint is currently in the best financial shape in the company's history with approximately $3.5 million in the treasury.

The company is fully-funded for all upcoming planned work and drill programs on three other projects.

Spearmint Resources is up 11.43 per cent, trading at C$0.20 at 12:20 pm ET.

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