To date, this is the longest continuous clay intercept discovered on the McGee Lithium Clay Project and the farthest step-out hole to the West, at approximately 3,700ft from any drill hole from previous phases of drilling.
On January 21, 2022, Spearmint announced that drill hole-15 of this phase III drill programme on McGee, encountered 562ft of continuous potential lithium-bearing claystone, which was the longest to date at that point.
The targeted potential lithium-bearing claystone was encountered in four holes drilled on the Phase III drill programme, including two massive intercepts of 562ft (hole-15) and 652ft (hole-18) of continuous claystone. These holes are two of the longest continuous intercepts of claystone recorded in the history of Clayton Valley, Nevada.
James Nelson, president of Spearmint Resources said: "We are extremely pleased to have once again discovered our longest intercept of 652ft of continuous potential lithium-bearing claystone to date on our flagship project, the McGee Lithium Clay Project in Clayton Valley, Nevada. Hole-18 beats our recent longest claystone intercept of 562ft, announced on January 21, 2022.
"Not only are these two holes the longest but they are approximately 2,500ft and 3,700ft to the West of any previously hole drilled in previous phases of drilling on the McGee. If these holes run at lithium grades, similar to what we've already achieved on the McGee Project, it could potentially increase our resource estimate significantly. Management eagerly awaits these assays, especially when you consider that lithium prices and demand are at all-time highs."
In June 2021, Spearmint received the technical report on its McGee Lithium Clay Project which included a maiden resource estimate of 815,000 indicated tonnes and 191,000 inferred tonnes for a total of 1,006,000t of lithium carbonate equivalent. The report was prepared in accordance with the requirements of National Instrument 43-101 by Stantec Consultant Ltd's qualified persons.
The goal of this drill programme will be to increase the maiden resource estimate by following the drilling recommendations provided by Stantec in the technical report.
Spearmint's two other lithium projects in Clayton Valley, Nevada include the recently acquired Green Clay Lithium Project comprised of 97 contiguous claims totalling approximately 2,000 acres, and 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. Lithium prices continue to make new all-time highs and have increased by approximately 700 per cent since the start of 2021.
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