Spey Resources Corp. Completes Magnetotelleric Geophysics Survey – Shows Thick, Low Resistivity Unit – Containing Lithium Brines Near Surface
SPEY RESOURCES CORP. COMPLETES MAGNETOTELLERIC
GEOPHYSICS SURVEY – SHOWS THICK, LOW RESISTIVITY UNIT –
CONTAINING LITHIUM BRINES NEAR SURFACE
Vancouver, British Columbia — June 8, 2023 — Spey Resources Corp. (CSE: SPEY) (OTC:
SPEYF) (FRA: 2JS) ("Spey” or the "Company") is pleased to summarise its geophysics results
at the Incahuasi Salar property, Candela II, where five DDH wells were drilled in 2021. Lithium
brine values of 153ppm and 174ppm were assayed (please refer to the Company’s National
Instrument 43-101 (“NI 43-101”) technical report titled "Technical Report for the Incahuasi Salar
Lithium Concession, Salta Province, Argentina", dated June 10, 2022) from DDH4 and DDH5.
Highlights
• Southern Rock Geophysics have completed the 1D and 2D inversions of the
magnetotelleric (MT) survey (the “ Survey”) on three lines. The results show a low
resistivity zone that extends to the eastern border of Candela II and extends from Line
L7312200 to line L7309700 a distance of approximately 2.5km. The Survey penetrated to
4,000m depth.
• The conductive lithology units show a unit approximately 300m in thickness about 50m
below the surface which is the aquifer intercepted.
Figure 1. Shows the three MT survey lines that enabled the lithology to be measured below 150m from surface
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Figure 2 Shows the two most northern lines of the MT survey and the low resistivity units getting thicker to the east
Figure 3 Shows the granites on the left hand side of the image that are not conductive and the conductive red and
pink units
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The interpretation of the deeper geophysics shows approximately 300m thick lithological units
which were coarse sands in the upper sequences that were drilled to 200m in 2021. The Company
anticipates its next drill program will be down to 350m for one or more holes to access these units.
Figure 4 Line L7310850 shows a surface unit and then another unit to the east with high conductive triangle zones
which may represent coarser units with lithium brines in them or a infill turbidite type sequences.
Figure 5 Line 7309700 closest to the edge of the salar shows a highly conductive unit at depth and a continuation of
the low resistivity aquifers seen on the previous two lines.
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The interpretation of the 2D inversion model shows a centre highly conductive intrusion, with
basement rocks at 3000m ABSL, that have higher resistivity (light green, yel low). No low
resistivity units exist below 3,250m ABSL.
Figure 6 2D Inversion shows a large granite intrusion (blue colour), with mostly flat lying low resistivity lithological unit
and a basement at 3000m ABSL.
Between 643500E and 644400E there appears to be a slight anticlinal fold followed by a syncline
fold that may control the depth of the aquifer to the east. The Company expects to have a detailed
report from Southern Rock Geophysics in the next few weeks.
Candela II NI 43-101 Resource Statement
Mr. Ian Unsworth of WSP Australia (“WSP”) completed a visit to the project from May 19, 2023
to May 23, 2023. Mr. Unsworth visited the 5 drill holes previously drilled and reviewed the brine
flows from the Ganfeng spring 10km away. WSP are currently working on the mineral estimation.
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Qualified Person
The scientific and technical content of this news release has been reviewed and approved by
Phillip Thomas, BSc. Geol, MBM, FAusIMM, MAIG, MAIMVA(CMV), who is a "qualified person"
for the purposes of NI 43-101.
Technical Report
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 (the “Technical Report"), 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
(www.sedar.com) under the Company's issuer profile, for a description of the Company’s data
verification and QA/QC procedures.
About Spey Resources Corp.
Spey Resources is a Canadian lithium focused mineral exploration company which has an 80%
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% interest in the Kaslo Silver project, west
of Kaslo, British Columbia.
For more information, please contact:
Phillip Thomas Nader Vatanchi,
CEO, President VP, Corporate Finance, Director
[email protected] [email protected]
+61433747380 +1778-881-4631
Cautionary Note Regarding Forward-Looking Statements
This news release includes forward-looking statements that are subject to risks and uncertainties,
including with respect to the Company’s next drill program being down to 350m for one or more
holes, the Company receiving a detailed report from Southern Rock Geophysics and WSP
providing the mineral estimation. The Company provides forward- looking statements for the
purpose of conveying information about current expectations and plans relating to the future and
readers are cautioned that such statements may not be appropriate for other purposes. By its
nature, this information is subject to inherent risks and uncertainties that may be general or
specific and which give rise to the possibility that expectations, forecasts, predictions, projections,
or conclusions will not prove to be accurate, that assumptions may not be correct, and that
objectives, strategic goals and priorities will not be achieved. These risks and uncertainties
include but are not limited those identified and reported in the Company’s public filings under the
Company’s SEDAR profile at www.sedar.com. Although the Company has attempted to identify
important factors that could cause actual actions, events, or results to differ materially from those
described in forward-looking information, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There can be no assurance that such
information will prove to be accurate as actual results and future events could diff er materially
from those anticipated in such statements. The Company disclaims any intention or obligation to
update or revise any forward-looking information, whether as a result of new information, future
events or otherwise unless required by law.
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The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the
contents of this press release.