Spearmint Resources Inc. announces the commencement of drilling on its Clayton Valley lithium claystone project in Nevada, USA.
Recently, Cypress reported a 55% increase in their lithium mineral resource for total measured plus indicated resource estimates of 929.6 million tonnes averaging 1,062 ppm Li or 5.2 million tonnes LCE. This drill program will be a multi hole program targeting the lithium claystone formation.
James Nelson, President of Spearmint, stated, “There have been a lot of discussions recently regarding Tesla and what Elon Musk said about wanting to acquire Nevada lithium clay projects at the Tesla Battery Day held September 22, 2020 and their overwhelming need to secure domestic lithium deposits to feed their Gigafactory. This drill program will follow up the past success on our initial modest drill program targeting the clay that returned grades as high 1670 ppm. That drill program occurred at a time when the general market conditions were anemic. This current multi hole drill program will be much more robust and may potentially give Spearmint the ability to delineate a potential resource on our portion of this clay deposit that we share with Cypress Development Corp (CYP—tsxv). This deposit is one of the select few clay deposits that exist in Nevada of which Telsa has publicly stated they covet. Not only are we starting this significant drill program, we are currently working on the Goose Gold Project in Newfoundland being the closest property to the New Found Gold discovery hole. As well as this we expect to commence operations in October on our Perron East gold project in Quebec. As you can see, Spearmint has multiple shots on goal for potential shareholder success and we are very optimistic about what the remainder of 2020 will bring.”