Spey Resources Corp. to Acquire Lithium Energy Metal Corporation
SPEY RESOURCES CORP. TO ACQUIRE LITHIUM ENERGY METAL CORPORATION
Vancouver, British Columbia — September 28, 2022 — Spey Resources Corp. (CSE: SPEY)
(OTC: SPEYF) (FRA: 2JS) ("Spey” or the "Company") is pleased to announce that it has entered
into an agreement (the “Agreement”) to acquire all of the shares of Lithium Energy Metal
Corporation (“LEM”), which owns the following four (4) projects in the James Bay Region of
Quebec:
The 454 Block Project - consists of 10 contiguous claims (513 hectares). The claims occur
within the Archean Langelier Complex, which are the oldest rocks in the Le Grand sub-
province of the regional Superior Province, and comprise foliated tonalite with hornlende-
biotite magnetite.
The West Lac Corvette Project - consists of 10 contiguous claims (513 hectares). The
claims cover Mesoarchean rocks of the Rouget Formation, derived from basalts as well
as Neoarchean Marbot Formation wackes (with injections of granite), and southern margin
of the Mesoarchean tonalite pluton (post de Le Moyne).
The Trieste Project - consists of two separate contiguous blocks totaling 50 claims and
covering 2,575 hectares (618 hectares north, and 1,957 hectares south), with mylonite
and amphibolite rocks of the Mesoarchean Trieste Formation that were derived from
basalts.
Salomon Project – 100 claims in two separate continuous blocks, covering 5,155
hectares. The project includes Mesoarchean mylonites and amphibolites, as well as
younger Neoarchean metamorphic wackes and arkoses.
On and subject to the conditions set forth in the Agreement, in consideration for the Acquisition,
the Company will issue an aggregate of 8,900,000 common shares to the shareholders of LEM
(collectively).
Closing of the Acquisition is subject to the Company being satisfied with its due diligence review,
as well as certain customary conditions, including receipt of all necessary regulatory and other
approvals.
Qualified Person
The technical and scientific information contained within this news release has been reviewed
and approved by Robert Lane, MSc., P.Geo., who is a "qualified person" for the purposes of
National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
- 2 -
About Spey Resources Corp.
Spey Resources is a Canadian mineral exploration company which holds two option agreements
to acquire 100% interest in the Candela II and Pocitos II lithium brine projects, and a 20% interest
in the Pocitos I lithium project, all of which are located in the Salta Province, Argentina. 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
778-881-4631
Cautionary Note Regarding Forward-Looking Statements
This news release includes forward-looking statements that are subject to risks and uncertainties,
including with respect to with respect to the Acquisition and the Company's business and plans,
including with respect to undertaking further acquisitions. 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
differ 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.
The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the
contents of this press release.