Spearmint Resources Announces Drilling Now Underway on the Chibougamau Project in Quebec

November 27, 2023 3:01 AM EST | Source: Spearmint Resources Inc.

Vancouver, British Columbia--(Newsfile Corp. - November 27, 2023) - Spearmint Resources Inc. (CSE: SPMT) (OTC Pink: SPMTF) (FSE: A2AHL5) (the "Company" or "Spearmint") wishes to announce the Company has commenced its 2023 drill program on the 100-per-cent owned, Chibougamau project. The project is composed of two contiguous blocks of 14 (west block) and 5 (east block) claims for a total of 776.59 acres and 277.23 hectares, and located in the direct vicinity of Lac Chibougamau, Quebec. In 2018, Spearmint conducted drone and heli-borne airborne magnetic geophysical surveys totaling 932 line-km over an area totalling approximately 3,400 hectares at 100 metres line-spacing. Data collected from this inaugural airborne survey shows the presence of multiple sharply defined areas of northeast trending magnetic susceptibility, including an anomaly measuring 9km in length. The drill program is composed of 4 drillholes for a total of 800 metres, all drillholes planned are in the east block and are targeting the main feature highlighted by vertical gradient of the residual magnetic field as presented in figure 1. Several pegmatites were identified in 3 drillholes about 2 km to the south-east (figure 2).

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Figure 1: Location of the planned drillholes, access, claims and vertical gradient of the residual magnetic field.
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Figure 2: Location of the project and gegmatite intersected close from the project with vertical gradient of the residual magnetic field.
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James Nelson, President of Spearmint Resources, stated, "We are excited to now be underway with a drill program on the Chibougamau project. After being quiet for most of the year, we expect to become a lot more active moving forward. This drill program will provide potential near-term catalysts for the Company, and we look forward to seeing the results."

On June 17, 2022, the Company announced that it has received the updated Technical Report and Mineral Resource estimate for the 100-per-cent-owned McGee Lithium Clay Deposit in Clayton Valley, Nevada. The Technical Report 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, P.Geo. and Mariea Kartick, P.Geo. of Stantec Consulting Services Ltd. ("Stantec") in conformity with CIM "Estimation of Mineral Resource and Mineral Reserves Best Practices" guidelines and were reported in accordance with the Canadian Securities Administrators NI 43-101.

Qualified Person

Mr. Maxime Bouchard, P.Geo., M.Sc., (OGQ #1752), an independent Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure contained within this news release. The drilling campaign and the quality control program have been planned by Laurentia Exploration and supervised by Maxime Bouchard. Core logging and sampling will be completed by Laurentia Exploration. The quality assurance and quality control protocols will include insertion of blank or standard samples every 10 samples on average, in addition to the regular insertion of blank, duplicate, and standard samples accredited by ALS Canada Ltd. during the analytical process.

About Spearmint Resources

Spearmint's projects include four projects in Clayton Valley, Nevada; the 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 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 Green Clay lithium project comprising 97 contiguous claims totalling approximately 2,000 acres; and the Clayton Ridge project comprising 35 contiguous claims totalling approximately 721 acres.

Spearmint's other projects include the 777-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. For a complete list of Spearmint's projects please visit spearmintresources.ca. 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

"James Nelson"
Spearmint Resources Inc.

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

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