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Be the first with the news that moves the market- Spearmint Resources (SPMT) has been green-lit for a phase two drill program at its Clayton Valley Lithium Project in Nevada, USA
- The multi-hole program will test a known zone of lithium mineralisation within the project’s McGee property
- Drilling work follows the success of a previous program in 2018 and is hoped to further define the company’s understanding of the project
- The company also announced earlier this month that it had contracted Harrison Land Services to carry out the drill program
- Spearmint Resources (SPMT) is currently down 7.69 per cent and is trading at C$0.06 per share
Spearmint Resources (SPMT) has been green-lit for a phase two drill program at its Clayton Valley Lithium Project in Nevada, USA.
The project is comprised of two separate claims, the Elon and McGee properties, which together cover a total of 1,160 acres.
These claims border other projects owned by Pure Energy and Cypress Development, whose completed drill programs suggest a strong potential for the discovery of lithium-bearing brines.
Approval for the program was issued by the Bureau of Land Management (BLM), and relates to a multi-hole campaign that will test a known zone of clayitone-hosted lithium mineralisation within the McGee property.
This follows the success of a previous drilling campaign at McGee that was completed in early 2018 and returned significant results, including lithium intersections as high as 1,670 parts per million.
James Nelson, President of Spearmint Resources, said he plans to have drills turning as early as this week.
“There are several areas of interest in the clay formation and our plan is to systematically work through these zones.
“Our first drill program generated some high-grade results, and we believe that a second series of drilling is the key to unlocking the potential of this project,” he added.
The permit approval comes off the back of a separate announcement earlier this month, in which Spearmint noted that it had contracted Harrison Land Services to carry out the drill program.
“We feel confident in Harrison’s ability to perform this drill program for us as they have many years of knowledge and experience drilling in the Clayton Valley,” James continued.
Spearmint Resources (SPMT) is currently down 7.69 per cent and is trading at C$0.06 per share at 12:00pm EDT.
