Spearmint Resources Inc. (CSE: SPMT)has received the drill permit from the Government of Newfoundland and Labrador Mineral Lands Division to conduct the maiden exploration drill program on the 100-percent owned “Goose Gold Project”. The project directly borders New Found Gold Corp.’s Queensway project.
Crews will be mobilised shortly to begin preparations. During the phase II work programme, a ground magnetic survey allowed the identification of a major NE-trending magnetic lineament (GG-M-01), a negative magnetic anomaly (GG_M-02) delineated in the SW of the study grid, and a moderate discontinuous magnetic lineament (GG_M-03) striking NE and parallel to GG-M-01.
Several narrow, magnetic trends were also successfully mapped thanks to the high-resolution ground magnetic survey. As for the VLF-EM survey, one main relatively highly conductive axis was detected in the NW part of the study grid and four moderate conductive axes in the southern part of the Goose Gold property.
All the delineated VLF-EM axes appear oriented NE-SW and some of the anomalous Au assay obtained from soil and rock samples appear to be associated with these conductive axes or located in their path.
“We are very pleased to have received the drill permit to conduct the maiden drill program on our ‘Goose Gold Project’ directly bordering New Found Gold Corp.’s Queensway project. Not only do we border New Found Gold, but our Goose property is approximately one km from their ‘Keats Zone’ discovery making this one of, if not the closest projects to the discovery,” President, James Nelson, said.
“This drill programme is funded with flow-through funds on hand which included an investment by certain funds managed by Sprott Asset Management LP. Mr. Sprott is also one of the largest shareholders of New Found Gold.
“Spearmint also recently announced a major upgrade to our resource estimate in Nevada on our McGee Lithium Clay Deposit, having more than doubled the previous amount of lithium carbonate equivalent (LCE) to 1,369,000 indicated tonnes and 723,000 inferred tonnes of LCE for a total of 2,092,000 tonnes of LCE. We feel the second half of 2022 could have a significant impact for our shareholders.”
For further information please visit: https://www.spearmintresources.ca/