With no recovery in sight, lithium prices force miners to reevaluate output
The price of the material that’s vital to the energy transition has plunged by around 80% since late 2022.
Spearmint Resources (CSE: SPMT) announced that it is planning to start up operations on its Clayton Valley lithium prospect in Nevada.
In a press release, Spearmint said the decision was made after completing exploration drilling on the property and intersecting lithium as high as 1,670 ppm Li.
Spearmint has two separate claim blocks in Nevada that are prospective for lithium. The areas are known as the Elon property and the McGee property which cover an aggregate area of 800 acres
“The three holes drilled into the clay formation all intersected lithium. Hole 1 had a range of 1670-396 ppm Li over 270 feet averaging 835 ppm Li, including 35 feet averaging 1,140 ppm Li. Hole 2 had a range of 1570-250 ppm Li averaging 642 ppm Li over 220 feet including 20 feet of 925 ppm Li. Hole 3 had a range of 1280-429 ppm Li averaging 772 ppm Li over 195 feet including 998 ppm Li over 20 feet,” the media brief states.
According to the company’s president, James Nelson, encouraging results from nearby properties also prompted his decision to move forward at Clayton Valley.
“On January 29, 2020, Noram Ventures Inc. announced successful drill results including 56.4 metres with an average of 1,230 parts per million lithium on their project that borders Spearmint,” Nelson said. “Also recently announced was news that Schlumberger Technology Corporation has begun the initial steps to advance its option to test and develop Pure Energy Mineral’s Clayton Valley project. When a major company like Schlumberger is looking at the property right beside Spearmint, and judging by how Noram shares doubled on their lithium drill results, it is clear that lithium in Nevada is gaining attention again.”
