Lithium Americas and GM close joint venture for Thacker Pass mine
Under the JV agreement GM would contribute $625 million to the project to gain a 38% stake
Spearmint Resources (CSE: SPMT) announced that it has drilled the highest lithium values to date at the Clayton Valley lithium clay project in Nevada.
In a press release, the Canadian miner said that assay results from the first three completed drill holes of its phase-II 2020 10-hole drill program all intersected lithium and that assays from drill hole #5 intersected values as high as 1,840 parts per million lithium with a range of 1,840 to 420 ppm lithium.
Previously, the highest values intersected by Spearmint drilling were 1670 ppm Li.
Assays from drill hole #5 intersected lithium values as high as 1,840 parts per million lithium
This time, the company reported that all 10 drill holes yielded substantial thicknesses of light green to olive-green coloured clay.
“Color variations within the clay section are thought to be due to the state of the iron content within the clay formation,” the media brief states. “Intervals of bluish-green and light brown coloured clays were also encountered. The clay section is contained within a devitrified air fall volcanic ash that has been reworked by water. This clay formation is a widespread blanket-like layer that extends onto claims controlled by Cypress Development Corp. and Noram Ventures Inc.”
According to the Vancouver-based miner, this is the most ambitious drill program that it has ever undertaken and management is very optimistic about what the remaining seven drill hole results could yield.
“In light of receiving these results, management is confident this drill program should enable Spearmint to start the process of establishing a resource estimate for this project, once the remaining drill assays are received shortly,” James Nelson, president of Spearmint, said in the release.
The Clayton Valley prospects comprise two claim blocks known as the Elon property and the McGee property which cover an aggregate area of 1,160 acres and border Pure Energy Minerals and Cypress Development Corp.
