(Kitco News) - Spearmint Resources (CSE: SPMT) announced Friday it has updated mineral resource estimate at its McGee lithium clay deposit in Clayton Valley, Nevada.
According to the company's statement, the project's updated mineral resources amounted to 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.
The company said it has increased its mineral resource estimate by more than double that of the maiden resource estimate.
President James Nelson commented, "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."
He added that four holes drilled in 2022 allowed Spearmint to significantly expand the resource to the west and based on this report, further potential increases to this resource estimate are possible.
Spearmint's primary projects include three lithium projects in Clayton Valley, Nevada, including the McGee lithium clay deposit which has a resource estimate of 2,092,000 tonnes of LCE; the Elon lithium brine project which has access to some of the deepest parts of the only lithium brine basin in production in North America; and the recently acquired Green Clay lithium project comprised of 97 contiguous claims totaling approximately 2,000 acres.
Spearmint's other primary projects include the Goose gold project where Spearmint has sampled up to 973 ppb gold, and the Perron-East gold project consisting of 5 mineral claim blocks covering 11,608 acres located in the Abitibi greenstone belt of northwestern Quebec.
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