Resource News

Spey Resources Corp. further to its news releases dated October 22, 2021 and August 31, 2021, wishes to provide an update regarding the British Columbia Securities Commission’s continuous disclosure review. The Company currently remains cease traded, and is continuing to work actively with the BCSC to assist in completing their review. The Company expects to be in a position to file certain disclosure documents ...

Spey Resources Corp. (CSE: SPEY) (OTC: SPEYF) (FRA: 2JS) (" Spey " or the " Company "), further to its news releases dated October 22, 2021 and August 31, 2021, wishes to provide an update regarding the British Columbia Securities Commission's (the " BCSC ") continuous disclosure review. The Company currently remains cease traded, and is continuing to work actively with the BCSC to assist in completing their review.

The Company expects to be in a position to file certain disclosure documents within the next few weeks regarding its acquisition of Tech One Lithium Resources Corp. (" Tech One ") (please see the Company's news release dated April 26, 2021), including a new listing statement with the Canadian Securities Exchange. Such documents will reflect that the acquisition of Tech One constituted a reverse take-over and fundamental change.

Tech One Lithium Resources Corp.

Tech One's business is the acquisition, exploration and evaluation of natural resource properties in Argentina. Tech One holds an option to acquire up to 100% of the mineral concessions of the Candela II project located within the prolific Lithium Triangle, in the Salta Province of Argentina.

About Spey Resources Corp.

Spey Resources is a Canadian mineral exploration company which holds two option agreements to acquire 100% interest in the Candela II, Pocitos I and II lithium brine projects located in the Salta Province, Argentina. Spey also holds an option to acquire a 100% undivided interest in the Silver Basin Project located in the Revelstoke Mining Division of British Columbia as well as an option to acquire a 100% interest in the Kaslo Silver project, west of Kaslo, British Columbia.

For more information, please contact:

Nader Vatanchi CEO, Director

nader@speyresources.ca
778-881-4631

Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release may constitute "forward-looking information" within the meaning of Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable. However, the forward-looking statements in this release, including without limitation, statements pertaining to the timing of filing of certain disclosure documents and potential for conclusion of the BCSC's review, are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks include, without limitation, regulatory, legislative, environmental and other judicial or political developments, and operational difficulties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

The CSE has neither approved nor disapproved the contents of this press release.


News Provided by GlobeNewswire via QuoteMedia

Spey Resources

Spey Resources

Overview

Argentina and lithium mining go hand-in-hand. The South American nation is one of three encompassed in the prolific Lithium Triangle, a region that holds more than half of the world’s lithium deposits. With demand for lithium on the rise, Argentina’s advantageous positioning as the host of the world’s third-largest lithium reserves presents a world-class mining opportunity.

Market researchers project the global lithium market to spike to US$8.24 billion in 2027. The international drive to produce sustainable alternatives for transportation through the adoption of electric vehicles and greener power makes Argentina an especially unique location for high yield lithium mining across the country’s famous lithium salars.

Spey Resources (CSE:SPEY,OTCQB:SPEYF,FSE:2JS) is a Canadian mineral exploration company focused on addressing the demand for lithium as a natural resource to fuel the future. The company holds an option to acquire 100 percent interest in the Candela II lithium brine project located in the Incahuasi Salar, Salta Province, Argentina and an option to acquire a 100 percent undivided interest in the Silver Basin project and Kaslo silver project in British Columbia.

The Candela II project or “Incahuasi project,” hosts two major aquifers located with 145ppm lithium and strong brine flow. In July 2021, Spey Resources announced it had accepted a quotation from Amaru Mining Services and made preparations to commence drilling at the Incahuasi Salar, Argentina within a few weeks. This exciting chapter in the exploration of the Candela II project includes up to four exploration wells and expansive testing, drilling and pilot plant construction.

The short-term next steps for the company include utilizing drawdown funding for C$15 million for a large pilot plant with an estimated 100-ton capacity. The company plans to complete a US175 million funding and US$60 million in drawdowns to construct the plant over 18 months. This pilot plant could see full production in 2.5 years.

Spey Resources continues to advance its goals of meeting lithium demand with its recent option agreement to acquire a 100 percent interest in the Pocitos I and II claims from AIS Resources in Salta, Argentina. The property has strategic positioning near high yield lithium projects and leverages excellent infrastructure, including gas, electricity and road access.

The company’s major silver projects in British Columbia offer excellent exposure to the precious metals and silver markets and boast exceptional positioning in a politically stable, mineral-rich and mining-friendly jurisdiction. The Silver Basin gold-silver property leverages close proximity to the historic Silver Cup mining camp and Kaslo Silver hosts diverse deposits of silver-lead-zinc, making it an exceptional exploration prospect.

Spey Resources has a highly experienced management and technical exploration team with over a century of professional expertise in the resource, finance and energy sectors. This results-oriented team and their vested interest in company success prime Spey for exceptional discovery potential and advanced development of its lithium and precious metal projects.

Spey Resources’ Company Highlights

  • Spey Resources Corp. is a Canadian mineral exploration company focused on advancing its lithium projects to address the demand for lithium as a natural resource to fuel a greener future.
  • The company has an option to acquire 100 percent of the Candela II project located on the Incahuasi Salar in the prolific Lithium Triangle area of Salta, Argentina.
  • Candela II/ Incahuasi project hosts two major aquifers with 145ppm lithium and strong brine flow. AIS Resources is the project manager.
  • In June 2021, Spey Resources signed an option agreement to acquire 100 percent interest in the Pocitos I and II claims from AIS Resources in Salta, Argentina. The project leverages excellent infrastructure and highly prospective exploration potential.
  • The company’s Canadian projects include the Silver Basin gold-silver property and Kaslo Silver property in British Columbia. Both projects present excellent exposure to the precious metals market and leverage historic silver mining districts.
  • Short-term goals for the company include working to operate its pilot plant at Candela II and reach full production within 2.5 years.

Spey Resources’ Key Projects

Incahuasi Salar Project

The Incahuasi Salar project is located approximately 45 kilometers from the township of Tolar Grande in Salta, Argentina. The project leverages close proximity to major lithium players and famous lithium salars such as Arizaro,(Next View Energy), Pocitos, Rincon, Pozelous, Pular, Cauchari and Oloroz.

Incahuasi Salar has seen significant exploration with completed VTEM geophysics showing low aquifers with potassium, magnesium and lithium brines. Likewise, drill hole data shows lithium brines are close to the surface with sample analysis revealing lithium values from 250-400ppm. Exploration has been aided by accessible roadways and minimal human disruption in the area.

The next steps for the project include additional geophysics, testing and drilling to conform to resource sizing. Spey Resources intends to build a camp to aid its operations and construct its pilot plant, which could see full production in January 2023.

Kaslo Silver Property

The Kaslo silver property consists of 13 claims and 13 crown grants covering a total area of 3,238.9 hectares along Keen Creek, 12 Kilometres west of Kaslo in the Slocan Mining Division of southern British Columbia, Canada. Spey Resources has the right to earn an undivided 100 percent interest in and to the property, which is subject to a 2.5 percent net smelter return royalty.

Historic mining production boasts a reported average grade of 70.3g/t silver, 3.05 percent lead and 4.72 percent zinc. The property uniquely hosts faulting, shearing and intrusive activities across deposits of silver-lead-zinc. Despite its rugged terrain, Kaslo leverages accessible roadways, nearby communities and utility networks.

Recent work includes geochemical sampling, prospecting, ground and airborne geophysical survey, geological mapping, excavator trenching and diamond drilling. In 2018, Tay Resources collected a total of 12 rock samples, which helped Spey advance its exploration and targeting for the highly prospective project.

Silver Basin Gold-Silver Property

The Silver Basin gold-silver property is located in the Columbia Mountains near Trout Lake in the West Kootenay region of British Columbia. The property covers the southern part of the historic Silver Cup Mining Camp in the Lardeau District of the Revelstoke Mining Division. The mineral claims that comprise the property cover 2,268 hectares of ground and touch an eight-kilometer length of axial trace that hosts past-producing mines.

In 2020, Spey Resources conducted mineralization sampling from the IXL, Morning Star, Chance, Foggy Day, Bonanza, Butte and Gallant Boy workings as well as a number of other prospects on the property. The next steps for the project include sample analysis to determine targeting and further exploration.

Spey Resources’ Management Team

Nader Vatanchi - CEO & Director

Nader Vatanchi has spent the last nine years in finance, starting with Edward Jones and IG Wealth Management in 2012 where he spent a combined six years before selling his business to pursue his entrepreneurial goals.

Vatanchi graduated with a Bachelor of Arts in Criminology from Simon Fraser University. Currently, he serves as CEO of Musk Metals Corp. (CSE:MUSK), CEO of Forty Pillars Mining Corp., and CFO of Triangle Industries Ltd., a reporting issuer.

Abbey Abdiye - CFO

Abbey Abdiye has extensive experience in the financial sector in both public and private companies. He is a chartered professional accountant (CPA) and CFO of other reporting issuers, where he was responsible for all financial, fiscal management, regulatory compliance matters and reporting aspects of company operations. He also provided strategic guidance and direction in capital structuring and engaged in an innovative financing program that leveraged sales and development.

At Spey, Abdiye will provide leadership and coordination in the administrative, business planning, reporting and budgeting efforts of the company. He will oversee the company’s financial reporting, internal controls, corporate governance management systems, annual audit and regulatory compliance matters. He obtained a Bachelor of business administration degree from Simon Fraser University and a co-op education certificate.

Ian Graham - Director

Ian Graham is a mining professional with over 28 years of experience in the technical characterization and financing of mineral deposit exploration and development. His 20 years with the major mining companies Anglo American and Rio Tinto has been followed by experience in founding and financing public companies in the minerals sector.

In his roles with both the major and junior companies, Graham has been involved with exploration for mineral deposits, from targeting through discovery and the delineation to the feasibility of projects. He has experience with the modelling of project economics (DCF) and the structuring of project and company financing. Graham’s project roles have taken him to southern Africa, Canada, the US, India, Russia and Latin America; as the chief geologist with the Project Generation Group at Rio Tinto, his focus was global.

Lawrence Hay - Director

Mr. Hay has extensive experience providing corporate development services and consultation to both private and public sector clients, particularly those within the lithium industry. Mr. Hay studied at Vancouver Community College, obtaining his Red Seal certification in 2012, while apprenticing and developed a significant interest in the lithium market due to the growing demand in electric vehicles. Mr. Hay has since been working within the automotive industry for the past 10 years before he proceeded with the incorporation and operation of Tech One Lithium Resources Corp.

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