Canadian junior resource exploration company Spearmint Resources has increased its acreage in the Chibougamau vanadium district, in Canada, to 13 985 contiguous acres upon receiving preliminary airborne data.
The company is encouraged by the preliminary data from the airborne surveys and is awaiting final results for the entirety of the property before the end of the year, says Spearmint president James Nelson.
With the company having already uncovered at least one potential high-priority target to date on its vanadium prospect, Spearmint immediately expanded and consolidated its existing fragmented properties into one large contiguous land package bordering BlackRock Metals.
According to a statement on Tuesday, this new acreage strengthens the company’s footprint in the district.
Keeping in mind that the vanadium price per pound has recently reached “all-time highs” by breaking over $33/lb, Spearmint remains “excited” to have uncovered this sharply defined target this early in the first phase of its work programme on its Chibougamau vanadium prospect.
Immediate follow-up work is being planned and management is expecting to have crews on the ground shortly to further investigate the anomaly.