McGee Lithium Clay Deposit

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.

In recent news announced June 17, 2022, Spearmint Resources 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 includes 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. The Technical Report and Mineral Resource Estimate has been 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 are reported in accordance with the Canadian Securities Administrators NI 43-101. The Stantec Qualified Persons (Derek Loveday, P.Geo. and Mariea Kartick, P.Geo.), have direct experience in lithium clay exploration projects in Nevada. Derek Loveday was the Qualified Person for the American Lithium Corp. (TSX.v: LI, NASDAQ: AMLI) TLC Lithium Project Technical Report.

James Nelson, President of Spearmint Resources stated, “We are very pleased to have increased our mineral resource estimate by more than double that of our maiden resource estimate. We foresee continued consolidation within the lithium space and this updated report adds significant value to Spearmint. Our goal is to develop this deposit with the hope to secure a domestic source of lithium right in the heart of the Clayton Valley, Nevada, one of the top lithium districts in the world. The four holes drilled in 2022 allowed us to significantly expand the resource to the West and based on this report, further potential increases to this resource estimate are possible. Lithium prices and demand remain near all-time highs, up over 900 percent since the start of 2021. In addition, announced on March 31, 2022, President Joe Biden enacted the Defense Production Act to increase domestic production of strategic and critical materials, such as lithium and cobalt, needed to build batteries for electric vehicles and other types of energy technologies. This could provide a major catalyst and sector momentum for developing domestic sources of battery metals.”

Lithium Resource Estimates – Metric Units

On May 14, 2021, Spearmint has achieved 83% lithium extraction from preliminary metallurgical Testing results on its McGee Lithium Clay Deposit in Clayton Valley, Nevada.

The ‘McGee Lithium Clay Deposit’ directly borders Century Lithium Corp (TSX.v: LCE, USA: CYDVF) and Pure Energy Minerals Limited (PE – TSX.v, PEMIF – USA). Pure Energy is in the only known lithium-bearing brine basin in North America that is in production and Spearmint is very pleased to be in this area.

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.