Spearmint Resources (CSE: SPMT) announced that it is moving towards a potential maiden resource estimate and technical report for its Clayton Valley lithium project in Nevada, USA.
In a press release, the company said it has engaged Stantec Consulting to prepare the technical report in accordance with the requirements of National Instrument 43-101. The expectation is that the document will be ready in approximately six to 10 weeks.
“Spearmint’s recently completed 10-hole drill program on its Clayton Valley lithium clay project in Nevada discovered lithium in every hole, achieving a 100% success rate,” the media brief states.
“Highlights from the 10-hole drill program included the following results: Assays from drill hole #5 intersected lithium values as high as 1840 parts per million lithium, averaging 846 ppm Li over 270 feet, including 35 feet averaging 1,343 ppm Li. Hole #7 reported a high of 1,550 ppm Li, averaging 812 ppm Li over 310 feet, including 55 feet of 1,214 ppm Li.”
According to the miner, results from the drill program combined with assistance from the metallurgist analyzing samples at McClelland Laboratories will enable Stantec to define a potential resource calculation.
“We are very excited to have engaged a world-renowned firm like Stantec to determine a potential maiden resource estimate for our Clayton Valley lithium clay project in Nevada, that directly borders Cypress Development Corp.,” James Nelson, president of Spearmint Resources, said in the statement.
“On February 9, 2021, Cypress announced a $17-million bought deal offering to further advance its Clayton Valley project, which clearly illustrates the strong demand of investor interest in this world-class lithium district.”
Spearmint’s Clayton Valley prospects comprise two claim blocks known as the Elon property and the McGee property, which cover an aggregate area of 1,160 acres.