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Spearmint shares up on maiden lithium resource estimate in Nevada

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(Kitco News) - Spearmint Resources (CSE: SPMT) announced Friday that it has received the technical report and maiden resource estimate on its 100%-owned Clayton Valley lithium clay project in Nevada, USA.

According to the report, maiden resource amounted to 815,000 indicated tonnes and 191,000 inferred tonnes for a total of 1,006,000 tonnes of lithium carbonate equivalent (LCE).

Spearmint’s project is located 55 kilometres west of the town of Tonopah. The project is accessed off paved State Highway 265, which terminates at the Silver Peak lithium mine, and then by well-maintained county gravel roads. The project consists of 26 contiguous unpatented placer claims that span from McGee 30 to McGee 55 and cover 890 acres (~360 hectares).

The company said that drilling on the east half of the project by Spearmint has discovered a continuous, well mineralized section up to 300 feet thick. The geologic model from which lithium resources are reported is a 3D block model. The resource estimates are contained within an economic pit-shell at a constant 45° pit slope to a maximum vertical depth of 535 ft (163 m) below surface, using a base case cut-off grade of 400 ppm lithium to produce an eventual battery grade lithium carbonate product.

President James Nelson stated, "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 LCE on our Clayton Valley lithium clay project in Nevada. This is a monumental milestone for Spearmint. 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."

Spearmint shares were up 11.43% today at 12:26 p.m. EDT.

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