Green Clay Lithium Project

Spearmint Resources Inc. has three separate claim blocks in Nevada that are prospective for lithium known as the 1,136-acre ‘McGee Lithium Clay Project’, the recently acquired 124-acre ‘Green Clay Lithium Project’, and the 280-acre ‘Elon Lithium Brine Project’, covering an aggregate area of 1,540 acres.

Spearmint is very pleased to add the ‘Green Clay Lithium Project’ to our growing portfolio of lithium projects in Clayton Valley, Nevada, the most premier address for lithium in North America. Spearmint will begin to formulate work programs shortly for this new lithium clay project and 2023 will be an extremely active period for Spearmint with catalysts coming ahead on multiple projects.

Regarding other lithium clay projects within the Clayton Valley, there has been exciting news recently. Announced on June 12, 2024, Noram Lithium Corp. (TSX.v: NRM, USA: NRVTF) has completed an updated mineral resource estimate (MRE) for its 100-per-cent-owned Zeus lithium project, located in the Clayton Valley, Nevada. Updated MRE Highlights an Indicated Resources of 564 million tonnes grading 956 ppm lithium for 2.9 million tonnes of contained Lithium Carbonate Equivalent (“LCE”) and an Additional Inferred Resources2 of 287 million tonnes at 861 ppm lithium; 1.3 million tonnes of contained LCE.

Announced on June 13, 2024, Century Lithium Corp. (TSX.v: LCE, USA: CYDVF) the filing of the report “NI 43-101 Technical Report on the Feasibility Study of the Clayton Valley Lithium Project, Esmeralda County, Nevada, USA”, with effective date April 29, 2024. Using a base case price of $24,000/tonne of lithium carbonate, the Project after-tax cash flow has a 17.2% Internal Rate of Return (IRR) and a $3.16 billion Net Present Value (NPV) at an 8% discount rate. The Mineral Resource and Reserve Estimates for the Project were updated for the Report and built using geologic data and 1,318 lithium assays from 45 core holes drilled between 2017 and 2022 and have an effective date of April 29, 2024. The constrained Measured and Indicated Resource Estimate is 1,138.59 million tonnes (Mt) with an average grade of 966 parts per million (ppm) lithium and contains 1.099 Mt of lithium or 5.852 Mt of lithium carbonate equivalent (LCE). The Proven and Probable Mineral Reserve Estimate was derived from the constrained Mineral Resources and contains 287.65 Mt with an average grade of 1,149 ppm lithium and contains 0.330 Mt of lithium or 1.759 Mt of LCE.

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. Mr. Frank Bain, P.Geo., a director of Spearmint and a Qualified Person as defined by National Instrument 43-101 has reviewed and approved the scientific and technical disclosure contained within this website.