Spearmint Resources (TSXV: SPMT; US-OTC: SPMTF) has intersected lithium values in all ten drill holes completed at its Clayton Valley lithium clay project, and recently completed its first resource estimate on the project, about 280 km northwest of Las Vegas and 55 km west of the town of Tonopah, in Nevada.
The company announced the resource estimate on June 11, outlining indicated resources of 196 million tonnes grading 781 parts per million lithium for 153,000 tonnes of lithium (815,000 tonnes of lithium carbonate (Li2CO3)) and inferred resources of 44 million tonnes grading 808 parts per million lithium for 36,000 tonnes of lithium (191,000 tonnes of lithium carbonate). The resource estimate was based on a lithium cut-off grade of 400 parts per million.
"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," James Nelson, the company's president, stated in a news release.
"Spearmint's recently completed drill program, that discovered lithium in all ten out of ten holes, was drilled directly into the shared blanket-like claystone deposit where our neighbour Cypress Development Corp. already has total measured plus indicated resource estimates of 929.6 million tonnes averaging 1,062 parts per million lithium or 5.2 million tonnes LCE (lithium carbonate equivalent) announced on August 11 2020."
Drilling on the east half of the claystone formation at the project has revealed a continuous, well mineralized section up to 300 feet (91.4 metres) thick, the company noted.
In February, Spearmint reported the final five drill holes of its ten-hole drill program. Highlights included drill hole 11, which hit a high of 1,490 parts per million lithium within 235 feet (72 metres) averaging 817 parts per million lithium, including 110 feet (34 metres) averaging 1,020 parts per million lithium starting at 20 feet (6.1 metres) from surface. Hole 14 returned a high of 1,730 parts per million lithium within 225 feet (69 metres) averaging 900 parts per million lithium, including 55 feet (17 metres) averaging 1,046 parts per million lithium starting at 15 feet (5 metres) from surface. Hole12 hit a high of 1,370 parts per million lithium within 105 feet (32 metres) averaging 1,042 parts per million lithium, starting at 10 feet (3 metres) from surface.
Nelson called the results "game changing."
"Having achieved drilling success in every hole on this drill program legitimizes the quality and projectivity of this lithium project," he stated in the news release. "Not only did we have strong, consistent results, the drilling showed that the lithium is very near surface, which would be optimal versus deeper projects."
Earlier results reported in January included drill hole 6, which returned an average lithium value of 966 parts per million over 220 continuous feet (67 metres), including a high value of 1,490 parts per million lithium.
Spearmint's project is near two other significant lithium development projects and Albemarle's (NYSE: ALB) Silver Peak mine, North America's only lithium brine operation.
It borders Cypress Development's (TSXV: CP; US-OTC: CYDVF) 100%-owned Clayton Valley lithium project (which sits adjacent to the Silver Peak mine), and is also close to Pure Energy Minerals' (TSXV: PE; US-OTC: PEMIF) Clayton Valley lithium project, where Schlumberger, the company's strategic investor, is building a pilot plant for lithium brine extraction.
Spearmint's project in Esmeralda County sits on federal land managed by the Bureau of Land Management. The company describes the Clayton Valley as a "flat bottomed, dry salt lake basin bordered by the Silver Peak Range."
The lithium is hosted in a thick sequence of claystone, minor sandstone lenses, and interbedded lapilli tuffs.
The company has about $3.5 million in its treasury.