Yesterday, the Spearmint Resources Inc (OTCMKTS:SPMTF) stock suffered from a bit of a selloff and ended the day with a decline of as much as 7%. While the magnitude of the decline on Thursday was notable, it is also necessary for investors to keep in mind that in the past week the stock actually performed well and is still up by 34% in that period.
Market Action
On Thursday, SPMTF stock decreased 8% at $0.1341 with more than 337k shares, compared to its average volume of 178K shares. The stock has moved within a range of $0. 0.1321 – 0.1500 after opening the trade at $0.15.
Secures Drill Contractor
There was no news about the company yesterday but earlier on in the week on Wednesday, Spearmint Resources had made an announcement with regards to the fact that it had hired the services of Harris Exploration Drilling and Associates Inc for a drilling programme.
The drilling in question is going to take place at the McGee Lithium Clay Project where the company wishes to start the programme shortly. The project is located at Clayton Valley in Nevada. In this context, it is perhaps also necessary to point out that a technical report in relation to the McGee Lithium Clay Project had provided a clear idea about the resources that could be available at the project. The maiden resource estimate for the property was pegged at , indicated tonnes at the property.
Key Quote
James Nelson, President of Spearmint Resources, stated, “We are very pleased to have contracted Harris for the upcoming drill program on the ‘McGee Lithium Clay Project’ in Clayton Valley, Nevada. Harris Exploration is not only familiar with our project, having conducted our first drill program, but is one of the most reputable and professional drilling companies operating in Nevada with extensive knowledge and experience drilling for lithium. There has been massive market attention focused on lithium in Nevada recently, as such, drill rigs are at a premium and Spearmint will be one of the few companies to have secured a drill rig within this current lithium exploration rush. Since August 1st, 2021, lithium prices have gone parabolic, increasing over 100% and are now up over 300% since the beginning of 2021. “
“Clearly, this is an opportune time to be recommencing operations on our lithium holdings in Clayton Valley, Nevada. This upcoming drill program will use the recommendations provided by Stantec in the Technical Report, with the goal to increase our maiden resource estimate. Spearmint still has approximately $3 million in the treasury; we are well funded for multiple planned drill and work programs in the US and Canada with no need to raise additional funds. We look forward to building upon an already active and successful year and we are about to enter a major news flow cycle. The remainder of 2021 and beyond will be an extremely active period for Spearmint with potential catalysts coming ahead on multiple projects.”
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