Vancouver, British Columbia--(Newsfile Corp. - July 14, 2021) - Spey Resources Corp. (CSE: SPEY) (OTC PINK: SPEYF) (FRA: 2JS) ("Spey" or the "Company") announces that it has completed the Transient Electro Magnetic ("TEM") survey at Incahuasi salar. The survey has identified at least two major aquifers.
Figure 1 Line one was the northern most line and line three was the southern most line. The frequencies used were 25 Hz and 5 Hz and noise was eliminated using different frequencies were required. The bright pink areas have the lowest resistivity which indicated presence of potassium and lithium.
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Figure 2 The lithium isobars on the surface show the concentration of lithium in two locations that correspond with the aquifiers identified in the geophysics. The topline is line 1 and the bottom line is 3.
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The TEM lines were sampled for lithium at the surface, which is usually much lower in concentration than in the aquifer at depth and grades of 145ppm were recorded on the surface.
Figure 3 Profile 3 shows a large continuous area close to the surface of very low resistivity. Black circles delinate the aquifers.
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We are preparing the drill locations now that the aquifers have been identified and the surface sampling completed. 240 litres of brine from three locations have been taken and will be sent to Melbourne, Australia to be processed by the University of Melbourne in the pilot plant facility.
Nader Vatanchi CEO commented "We are making great progress at Incahuasi salar, having identified at least two major aquifers, ideal chemistry from the surface sampling and the project team able to mobilise shortly to commence drilling. Our geology team is putting together historical data with the new geophysics and geochemistry data to optimize the drilling locations. I'm delighted with the progress our team has made so far."
Qualified Person
Phillip Thomas, BSc Geol, MBusM, FAusIMM, MAIG, MAIMVA, (CMV), a Qualified Person as defined under NI 43-101 regulations, has reviewed the technical information that forms the basis for portions of this news release, and has approved the disclosure herein. Mr. Thomas is independent of the Company but discloses that he is a shareholder of SPEY.
About Spey Resources Corp.
Spey Resources is a Canadian mineral exploration company which holds an option to acquire 100% interest in the Candela II lithium brine project located in the Incahuasi Salar, Salta Province, Argentina through its wholly owned subsidiary Tech One Lithium Resources Corp. 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 future exercise of the Agreement to acquire an interest in the Property, the Company's exploration programs and the Company's mineral property development plans, 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, financing risks, delays in obtaining or inability to obtain required regulatory approvals, legislative, environmental and other judicial, regulatory, political or competitive developments, exploration and operational difficulties, the timing of future business expenditures, the potential of the Company's mineral properties and changes in economic conditions or financial markets. 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 Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
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