Mr. Phillip Thomas reports
CANDELA II RESOURCE ESTIMATE NEAR COMPLETION
The option exercise in respect of Spey Resources Corp.'s Pocitos 1 and Pocitos 2 properties in Argentina has not been completed. As a result, the company has returned to Recharge Resources Ltd. the $850,000 (U.S.) that it had received from Recharge in contemplation of the option exercise. The company also returned to Recharge 2.5 million common shares of Recharge which it had received in connection with the option arrangement.
Candela II project
Recently, Spey engaged WSP Australia to produce a resource estimation from the five drill holes completed in 2021 following on from the initial National Instrument 43-101 report published by Montgomery & Associates in June, 2022.
Three geologist and hydrologist consultants from WSP Australia have been working closely with Spey's chief executive officer to finalize the resource estimate. The most recent data contribution was from the MT geophysics survey results interpreted in June, 2023, where significant low resistivity areas were identified below the depth of the initial drill program where they were interpreted as potential aquifers. A detailed report was released on June 9, 2023 -- "Spey Resources Corp. Completes Magnetotelluric Geophysics Survey." A rigorous analysis of the porosity of core and close to aquifers in the area has been undertaken and WSP (which visited the property in May, 2023) believe it will be able to publish the report in the next few weeks.
Joint venture agreement
Spey Resources SA (SRS) is drafting a shareholder agreement between AIS Resources SA (AISSA) and SRS for the development of the Candela II concession. SRS holds an 80-per-cent interest and AISSA a 20-per-cent interest. Spey's next milestone will be a production well and two exploration wells to conduct a brine release test and specific yield test. AISSA will have the right to financially contribute to the drill program to retain its equity percentage pursuant to the shareholder agreement.
The scientific and technical content of this news release has been reviewed and approved by Phillip Thomas, BScGeol, MBM, FAusIMM, MAIG, MAIMVA (CMV), who is a qualified person for the purposes of National Instrument 43-101.
Scientific and technical information relating to the Incahuasi salar property is supported by the technical report titled "Technical Report for the Incahuasi Salar Lithium Concession, Salta Province, Argentina," dated June 10, 2022, and prepared by Michael J. Rosko for Spey. Reference should be made to the full text of the technical report, which was prepared in accordance with NI 43-101 and is available electronically on SEDAR under the company's issuer profile, for a description of the company's data verification and QA/QC (quality assurance/quality control) procedures.
About Spey Resources Corp.
Spey Resources is a Canadian lithium-focused mineral exploration company which has an 80-per-cent interest in the Candela II lithium brine project located in the Incahuasi salar, Salta province, Argentina. Spey also holds an option to acquire a 100-per-cent interest in the Kaslo silver project, west of Kaslo, B.C.
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