Shares of normally thinly-traded Spearmint Resources Inc. (TSX-V:SRJ) are climbing in Wednesday morning trading on above average volume on news that the Vancouver-based junior explorer has added to its portfolio of Quebec properties.
Spearmint’s portfolio prior to today’s news was mostly centred on lithium, including properties in the James Bay area of Quebec. The company also has a 100% interest in 53 unpatented mineral claims in the lithium-rich Clayton Valley of Nevada.
Today, Spearmint said it acquired a 100% interest in four, separate vanadium prospects. All the projects are located in the vicinity of Lac Chibougamau, Quebec, which also happens to be the area of the company’s Quebec lithium properties.
The prospects are also in direct proximity to BlackRock Metals Ilmenite vanadium project, Vanadiumcorp Resource Inc's (TSX-V:VRB) Lac Dore vanadium project and Vanadium One Energy Corp's (TSX-V:VONE) Mont Sorcier vanadium project.
Spearmint’s new acquisition is comprised of 50 separate claims totaling approximately 6,850 acres. The company is aiming to align itself as a player in a market with growing demand for vanadium for its use in battery storage.
Shares of SRJ closed at two cents on Tuesday and gapped ahead 25% Wednesday morning following the news to 2.5 cents. Shares climbed as high as 50% to a formidable technical resistance at three cents. As the afternoon session gets underway, shares are holding at 2.5 cents.
