- Spearmint Resources (SPMT) has received an updated Technical Report and MRE for the McGee Lithium Clay Deposit in Nevada
- The report includes an updated Mineral Resource estimate of 1,369,000 indicated tonnes and 723,000 inferred tonnes of lithium carbonate equivalent
- Spearmint’s McGee Lithium Clay Deposit consists of 26 contiguous unpatented placer claims covering 890 acres
- Spearmint Resources is a mineral exploration company
- Spearmint Resources Inc. (SPMT) opened trading at C$0.08 per share
Spearmint Resources (SPMT) has received the updated Technical Report and MRE for its wholly-owned McGee Lithium Clay Deposit in Nevada.
The 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.
James Nelson, President of Spearmint Resources, commented on the news.
“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.”
Spearmint’s McGee Lithium Clay Deposit is located 55 kilometres west of the town of Tonopah. The deposit consists of 26 contiguous unpatented placer claims covering 890 acres.
Spearmint Resources is a mineral exploration company whose principal business activities include acquiring, exploring and evaluating mineral properties.
Spearmint Resources Inc. (SPMT) opened trading at C$0.08 per share.
