Spey Plans Seasonal Work Program at Silver Basin, British Columbia
Spey Plans Seasonal Work Program at Silver
Basin, British Columbia
Vancouver, British Columbia--(Newsfile Corp. - April 20, 2021) - Spey Resources Corp. (CSE: SPEY)
(OTC Pink: SPEYF) ("Spey" or the "Company") is pleased to announce that it has approved its summer
field work program on the Silver Basin project located in the historic Silver Cup mining camp of the
Revelstoke Mining Division, in south-eastern British Columbia.
The Company is engaging Tripoint Geological Services Ltd. to follow up on last season's successful field
campaign which consisted of locating and sampling seven of the nine known polymetallic orogenic vein
prospects on the Project. Selected results from the 2020 program are shown in the table below.
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.
In 2021, the focus will be on continued re-assessment of the Foggy Day, Bonanza, Butte and Gallant Boy
vein prospects, and locating, mapping and sampling the Noble Five and HYM gold-silver-lead vein
prospects. Fieldwork in 2021 will also include the evaluation of several ultramafic bodies for their nickel-
cobalt-copper potential. The ultramafic bodies occur within rocks of the Index Formation along the
approximate trace of the Silver Cup anticline, the principal ore-controlling structure in the camp.
In anticipation of a follow-up diamond-drill program, the company has submitted a multi-year drilling
permit application to the British Columbia Ministry of Energy, Mines and Low Carbon Innovation for
review and approval.
Nader Vatanchi, CEO and Director, said,
"Spey Resources is excited to be returning to the Silver
Basin project to follow-up the promising gold and silver results obtained in 2020.
The potential for
discovery of important concentrations of nickel-cobalt-copper mineralization is very intriguing and,
significantly, may provide a second, distinctly different type of deposit for the project."
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.
About Spey Resources Corp.
Spey Resources is a Canadian mineral exploration company which 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 BC.
For more information, please visit the Company's public disclosure at
www.sedar.com
and
www.speyresources.ca
.
For more information, please contact:
Nader Vatanchi
CEO, Director
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 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, among others, financing risks, delays in obtaining or inability to obtain required
regulatory approvals and the use of the proceeds from the Private Placement. 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/80957