Spearmint Provides an Update on Recent Lithium Developments in Clayton Valley, Nevada

Rhea-AI Summary

Spearmint Resources Inc. (CSE: SPMT) (OTC Pink: SPMTF) provided an update on recent lithium developments in Clayton Valley, Nevada. The company highlighted a significant breakthrough by SLB (formerly Schlumberger) in sustainable lithium production. SLB's proprietary solution, which includes direct lithium extraction (DLE), achieves a 96% lithium recovery rate from brine, producing lithium 500 times faster than conventional methods while using only 10% of the land.

Spearmint maintains four projects in Clayton Valley, including the Elon Lithium Brine Project and the McGee Lithium Clay Deposit. The company's Technical Report for the McGee project revealed an updated Mineral Resource Estimate of 2,092,000 tonnes of lithium carbonate equivalent (LCE), more than doubling its previous estimate.

Positive

• SLB's breakthrough in lithium extraction technology could potentially benefit Spearmint's projects in Clayton Valley
• Spearmint's McGee Lithium Clay Deposit has an updated Mineral Resource Estimate of 2,092,000 tonnes of LCE, more than doubling the previous estimate
• The company is permitted for 4 additional drill holes on the McGee Lithium Clay Project

Negative

• None.

News Market Reaction

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+4.98% News Effect

On the day this news was published, SPMTF gained 4.98%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Vancouver, British Columbia--(Newsfile Corp. - September 16, 2024) - Spearmint Resources Inc. (CSE: SPMT) (OTC Pink: SPMTF) (FSE: A2AHL5) (the "Company" or "Spearmint") wishes to report on some recent developments by our neighbor within the Clayton Valley of Nevada. On September 10, 2024, SLB (formerly Schlumberger) announced that "… it has proven its solution for sustainable lithium production at scale at its demonstration plant in Clayton Valley, Nevada, to accelerate responsibly-sourced lithium products to market. The proprietary integrated solution combines SLB's subsurface expertise with surface engineering of advanced technologies that include direct lithium extraction (DLE). It produces lithium 500 times faster than conventional methods while using only 10 percent of the land. Operating at approximately one tenth the size of a commercial-scale facility, the plant reached a verified recovery rate of 96% lithium from brine… The conventional alternative for producing lithium from brine at scale is evaporation. This process not only requires a significant amount of land but also results in massive water loss. Salt, underground minerals and used chemicals are then left at the surface, creating impact on biodiversity and the environment. SLB's sustainable lithium production solution enhances sustainability by reducing water use. The proprietary process also returns the spent brine, or the brine with a reduced lithium concentration, back to its source after the lithium is processed and separated… The entire SLB solution, from extracting lithium from brine to converting it to technical-grade lithium carbonate, takes just hours. By comparison, evaporation methods can take up to 18 months and have a much lower recovery rate of 50 percent or less."

James Nelson, President of Spearmint Resources stated, "We would like to congratulate SLB and Pure Energy on their hard work and success on this significant and scalable lithium production milestone. To achieve this level of efficiency in lithium production on such a reduced footprint compared to the existing evaporation pond method, it is truly a gamechanger for lithium development in Clayton Valley, Nevada. Spearmint maintains a sizeable footprint in Clayton Valley across 4 separate projects that have exposure to both lithium brine and lithium clay formations. Spearmint is currently permitted by the BLM for 4 additional drill holes on the McGee Lithium Clay Project and are optimistic about what the future has in store for the lithium stakeholders in Clayton Valley."

Spearmint currently has four projects in Clayton Valley, Nevada, including the Elon Lithium Brine Project which is completely surrounded by the Pure/SLB Clayton Valley Project (see map) and is located in some of the deepest sections of this basin. Also located in Clayton Valley is Spearmint's 100-per-cent-owned McGee Lithium Clay Deposit, where on June 17, 2022, the Company released its Technical Report which included an updated Mineral Resource Estimate of 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, more than doubling the Maiden Resource Estimate announced on June 11, 2021. The Technical Report and Mineral Resource Estimate was prepared by Derek Loveday, PGeo, and Mariea Kartick, PGeo, of Stantec Consulting Services Ltd. in conformity with CIM Estimation of Mineral Resource and Mineral Reserves Best Practices guidelines and were reported in accordance with the Canadian Securities Administrators National Instrument 43-101. Spearmint management cautions that past results or discoveries on properties in proximity to Spearmint Resources Inc. may not necessarily be indicative of the presence of mineralization on the company's properties.

Spearmint Ownership Map

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Qualified person

The technical contents of this release were reviewed and approved by Mr. Bain, PGeo, a director of the Company and qualified person as defined by National Instrument 43-101.

About Spearmint Resources

Spearmint's projects include four projects in Clayton Valley, Nevada; the 1,136-acre McGee lithium clay deposit, which has a resource estimate of 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, directly bordering Pure Energy Minerals & Century Lithium Corp.; the 280-acre Elon lithium brine project, which has access to some of the deepest parts of the only lithium brine basin in production in North America; the 124-acre Green Clay lithium project; and the 248-acre Clayton Ridge Gold project.

Spearmint's other projects include the 3,015-acre Chibougamau project located in the direct vicinity of Lac Chibougamau, Quebec, and the Perron-East gold project consisting of five mineral claim blocks covering 11,608 acres located in the Abitibi greenstone belt of Northwestern Quebec in the direct vicinity of Amex Exploration Inc.'s Perron property and past-producing Normetal mine. Management cautions that past results or discoveries on properties in proximity to Spearmint may not necessarily be indicative to the presence of mineralization on the Company's properties.

If you would like to be added to Spearmint's news distribution list, please send your email address to info@spearmintresources.ca

Contact Information
Tel: 1604646-6903
www.spearmintresources.ca

"James Nelson"
President
Spearmint Resources Inc.

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223441

FAQ

What is Spearmint Resources' (SPMTF) involvement in Clayton Valley, Nevada?

Spearmint Resources (SPMTF) has four projects in Clayton Valley, Nevada, including the Elon Lithium Brine Project and the McGee Lithium Clay Deposit. The company is actively involved in lithium exploration and development in the area.

What is the updated Mineral Resource Estimate for Spearmint's (SPMTF) McGee Lithium Clay Deposit as of June 17, 2022?

The updated Mineral Resource Estimate for Spearmint's (SPMTF) McGee Lithium Clay Deposit is 2,092,000 tonnes of lithium carbonate equivalent (LCE), consisting of 1,369,000 indicated tonnes and 723,000 inferred tonnes.

How does SLB's new lithium extraction technology compare to conventional methods in Clayton Valley?

SLB's new lithium extraction technology in Clayton Valley produces lithium 500 times faster than conventional methods, uses only 10% of the land, and achieves a 96% lithium recovery rate from brine. This is significantly more efficient than traditional evaporation methods.

What permits does Spearmint Resources (SPMTF) currently hold for its Clayton Valley projects?

Spearmint Resources (SPMTF) is currently permitted by the Bureau of Land Management (BLM) for 4 additional drill holes on its McGee Lithium Clay Project in Clayton Valley, Nevada.