Spey Identifies Orogenic Gold Deposit Characteristics with Surface Samples Grading up to 23.7 g/t Gold and 5,862 g/t Silver
Spey Identifies Orogenic Gold Deposit
Characteristics with Surface Samples Grading
up to 23.7 g/t Gold and 5,862 g/t Silver
Vancouver, British Columbia--(Newsfile Corp. - December 22, 2020) - Spey Resources Corp. (CSE:
SPEY) ("Spey" or the "Company") is pleased to announce its summer 2020 geological mapping,
prospecting and rock sampling program resulted in the identification of regional scale, structural,
alteration and lithological characteristics of many of the deposits and occurrences in the Silver Basin
area.
These characteristics exhibit many of the global hallmarks of productive orogenic gold deposits
including; (1) an association with regional scale faults, (2) proximity to ultramafic bodies and (3) proximity
to regional scale antiforms.
Gold-silver mineralization in the Silver Basin Project area is associated with
the regional scale transcurrent Silver Cup fault, with historic surface and underground workings
developed along much of the strike of this fault and forming over impressive vertical distances,
potentially exceeding 1500m. The deep-rooted nature of this fault is also characterized by the presence
of sheared ultramafic bodies which track the hanging wall contact of the fault and exhibit extensive iron
carbonate - silica alteration and locally strong gold silver mineralized veins and replacement bodies.
The regional scale Silver Cup anticline is associated with many of the past producing mines within the
Silver Cup Ridge camp. The mineral claims that comprise the project consist of 2,268 hectares of
ground that cover an 8 km length of the axial trace of the southern Silver Cup anticline along which many
past producing mines in the camp are located. Along this trend on the project, limited scale surface and
underground exploration took place on at least nine prospects, five of which (IXL, Noble Five, HYM,
Foggy Day and Gallant Boy) produced small tonnages of ore.
Historical rock sampling and small-scale underground mining on the project generated a range of gold,
silver and base metal results.
A 7-ton sample mined prior to 1914 on IXL reportedly graded 39.08 g/t Au,
1885 g/t Ag, 27% Pb and 3% Zn.
Sampling of one of the veins on Foggy Day returned assays ranging
from 1.37 to 41.14 g/t Au and from trace to 116.6 g/t Ag across a 0.94m thick quartz sulphide vein.
Sampling of the Bonanza 'King' vein returned values ranging from 6.85 - 61.71 g/t Au and from 51.4 -
205.7 g/t Ag with significant concentrations of lead, zinc and copper.
During the 2020 exploration program, a total of 42 rock samples of vein and wallrock were collected
from outcrop, sub-outcrop and historic mine dumps.
An additional 12 saw-cut channel samples were
taken from a broad iron-carbonate alteration zone during a later period of sampling and will be reported
on in a future news release.
The objective of this work was to confirm the presence of high-grade
mineralization and to identify locations for subsequent drilling.
The high gold and silver grades, with accompanying anomalous to high grades of copper, lead and zinc,
are very encouraging.
Results for gold range from lows of below detection (less than 0.005 ppm Au) to a
high of 23.70 g/t Au and results for silver range from a low of 0.02 ppm Ag to a high of 5,862 g/t Ag.
Samples were submitted to MSA Labs in Langley, BC, where they were analyzed for 48 elements by
four-acid digestion ICP-MS analysis. Silver and base metal over-limits were re-analyzed by atomic
absorption or emission spectrometry.
Gold content was determined by fire assay with atomic emission
spectrometry and gravimetric finish when required (+10 g/t Au).
The table below provides highlights from
the sampling program and the map which can be seen at
https://www.speyresources.ca/silver-basin-
geology
shows the distribution of veins from which these samples were collected.
Prospect
Sample ID
Sample Description
Au (g/t)
Ag (g/t)
Cu (ppm)
Pb (ppm)
Zn (ppm)
Bonanza - lower
adit
C0004986
grab from 3m wide x 4m long x 2m thick
dump; massive c-gr py in gangue of qz in
black argillite host rock
3.12
25.3
233.9
176.1
595
Bonanza - upper
trench cut
C0004988
0.35m chip sample across sheeted veins
carrying 6-8% diss gn-sl-tt-cp-py; veins
oriented 015/70NW
0.52
317
419.2
2.80%
1969
Butte - upper adit
C0004957
grab from base of caved adit; heavily
oxidized qz-py (~5%) vein material;
common boxwork texture
8.67
196
580.1
131.3
164
Butte - road cut
C0004958
grab from road cut; oxidized qz-gn-py vein
material with trace sl & tt; 3-5% total
sulphides; common boxwork texture
1.42
96.2
23.8
2.56%
62
Butte - collapsed
adit
C0004989
grab from base of 4m x 5m x 3m dump
below road; c-gr gn & minor py in oxidized
qz vein material; minor jarosite
0.61
782
466.8
16.20%
211
Chance - upper
adit
C0004967
grab from 3m x 5m x 2m dump; semi-
massive gn-py-sl±cp in white qz vein with
inclusions of black argillte
2.00
547
4481.5
10.10%
1.28%
Chance - lower
adit
C0004972
grab from 3m x 5m x 2.5m dump; 3-5% m-
gr diss gn-py-sl-cp in white qz vein
0.20
85.2
6365.2
5067.3
6416
Foggy Day - below
adit
C0004953
grab of float; qz vein w 10-12% combined
c-gr py>sl-gn
19.80
183
135.4
4430.6
2652
Foggy Day - north
adit
C0004981
grab from 2m x 3m x 1.5m dump; gn-sl-
py±cp in white qz
1.84
235
284.9
11.04%
1322
Foggy Day - north
adit
C0004984
outcrop grab from right wall of adit
entrance; c-gr sl with m-gr cp-py in silicified
& qz veined wallrock
3.30
18.0
525.8
2294.3
1.58%
Gallant Boy
C0004959
outcrop grab from 8-10cm quartz-gn-sl-py
vein in 3-4m wide Fe-carbonate zone
0.02
9.3
40.7
4069.4
6144
Gallant Boy (west)
C0004990
grab from 8m x 12m x 1.5m dump above
road; 4cm wide massive cp-py vein cutting
metasiltstone
0.20
88.4
1.82%
442.6
144
IXL - upper adit
C0004975
grab from 1.5m x 2m x 1.5m dump; 12-
15% m to c-gr diss sl-py-gn in weathered qz
with boxwork texture
5.36
821
1430.8
3.25%
12.55%
IXL - middle adit
C0004976
grab from 1.5m x 2.5m x 1.5m dump; 6-8%
m to c-gr diss to banded py-gn-sl in iron-
stained white qz
15.30
122
4021.9
8578.9
2.41%
IXL - lower adit
C0004977
grab from 2m x 2.5m x 1.5m dump; qz vein
1-2% diss cubic py & 5cm wide selvage of
massive gn-sl-py-cp
8.96
574
815.4
14.64%
4.14%
Morningstar - lower
adit
C0004973
grab from 3m x 4m x 2m dump; white
oxidized qz-sulphide vein w 3-5% gn &
trace py
4.77
277
54.7
2.46%
96
Morningstar - old
hand trench
C0004974
suboutcrop grab; 0.20cm wide 'flat' vein
oriented 120/20N; 6-8% banded c-gr gn-py-
sl in qz
23.70
5862
3172.4
5.91%
1.41%
All values are in parts per million (ppm) unless otherwise noted. Abbreviated Sample IDs (last four digits only) are plotted for map clarity.
Mineral abbreviations: qz = quartz, cp = chalcopyrite, gn = galena, py = pyrite, sl = sphalerite, tt = tetrahedrite.
Other abbreviations: c-gr = coarse-
grained, m-gr = medium-grained, diss = disseminated.
Spey President and Director, David Thornley-Hall, commented:
"We are extremely excited by both the
impressive grades and the broad distribution of well-mineralized veins identified in the 2020
exploration program at Silver Basin. This early-stage work confirms the compelling gold and silver
grades reported in the literature and demonstrates the potential for significant high-grade
mineralization within an 8 km long corridor that follows the key Silver Cup Anticline. Several of these
veins will be considered for drill testing in 2021."
The veins developed within phyllitic to graphitic argillites, slatey to siliceous argillites, siltstones and
greenstones of the lower Paleozoic Lardeau Group in association with faults, shear zones, and
occasionally joint sets.
The veins typically trend north-northwest to north-northeast and dip steeply east;
however, some mineralized veins have other orientations.
The veins are commonly moderately
discordant with respect to the prominent foliation of the host rocks, are vertically and laterally persistent,
and range in width from centimeter-scale to occasionally more than 5m.
Mineralization primarily occurs within discrete veins that consist of white to semi-translucent, massive to
drusy quartz with variable amounts of cream ankerite that, upon exposure to the elements, weathers
orange-red.
Pyrite is typically present in at least trace amounts, but zones of semi-massive to massive
pyrite can occur. The base metal sulphides galena, sphalerite, chalcopyrite, tetrahedrite and chalcocite
typically occur in trace amounts, but can form semi-massive to massive seams in richer veins. High
concentrations of lead+/-zinc are commonly associated with elevated gold and silver grades.
Prominent
iron-carbonate zones with variable amounts of quartz veining may also be important hosts to polymetallic
mineralization.
About Spey Resources Corp.
Spey Resources Corp. is a mineral exploration company based in British Columbia, Canada. Spey's
main exploration project is the Silver Basin property located in southern British Columbia. Spey views
the Silver Basin project as one with significant regional, as well as deposit scale, potential. Spey's
exploration programs utilized exploration methodologies, techniques and insights which may not have
been available to the historic operators in the long dormant camp.
Qualified Person
Spey's Qualified Person, Robert ("Bob") Lane, MSc., P.Geo., is a Qualified Person as defined by
National Instrument 43-101, "Standards of Disclosure for Mineral Deposits" and has reviewed and
approved the technical information contained in this news release.
On behalf of the Board of Directors of SPEY RESOURCES CORP.
"
David Thornley-Hall
"
David Thornley-Hall, President and Director
For additional information on the Company or its Project, please visit the Company's website:
www.speyresources.ca
or email:
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