Spey Resources completes acquisition of Lithium Energy Metal Corporation
Vancouver, British Columbia, Oct. 07, 2022 (GLOBE NEWSWIRE) — Spey Resources Corp. (CSE: SPEY) (OTC: SPEYF) (FRA: 2JS) (“Spey” or the “Company”) is pleased to announce, following its press release dated September 28, 2022, that it has finalized the acquisition (the “Acquisition”) of 100% of the issued and outstanding share capital of Lithium Energy Metal Corporation (“LEM“) of all former shareholders of LEM (the “LEM shareholders”).
In consideration for the Acquisition, the Company issued a total of 8,900,000 ordinary shares in the capital of the Company (each, aTo share”) to LEM Shareholders (collectively). The Company also issued 890,000 Spey shares as a finder’s fee to an arm’s length intermediary in connection with the acquisition.
LEM holds interests in four projects in the James Bay region of Quebec adjacent to projects held by Patriot Battery Metals Inc. The projects vary in distance from the PMET projects, with one being approximately one kilometer from the boundary of a PMET project.
- The 454 Block project – consists of 10 contiguous claims (513 hectares). The claims are within the Archean Langelier Complex, which are the oldest rocks in the Le Grand Subprovince of the Superior Regional Province, and include 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 wackes of the Marbot Formation (with granite injections), and the southern margin of the Mesoarchean tonalite pluton (Le Moyne post).
- The Trieste Project – consists of two separate contiguous blocks totaling 50 claims and covering 2,575 hectares (618 hectares in the north and 1,957 hectares in the south), with mylonite and amphibolite rocks of the Mesoarchean Trieste Formation derived from basalts .
- Salomon Project – 100 claims divided into two separate continuous blocks, covering 5,155 hectares. The project includes Mesoarchean mylonites and amphibolites, as well as younger Neoarchean metamorphic wackes and arkoses.
Qualified person
The technical and scientific information contained in this press 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 – Disclosure Standards for mining projects.
About Spey Resources Corp.
Spey Resources is a Canadian-based lithium-based mining exploration company that holds two option agreements to acquire a 100% interest in the Candela II, Pocitos I and II lithium brine projects located in the province of Salta, Argentina. Spey also owns 100% of the mining rights of 4 lithium exploration projects located in the James Bay region of Quebec, near a recent discovery of lithium in hard rock. Spey also holds an option to acquire a 100% undivided interest in the Silver Basin project located in the Revelstoke mining division in 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
Vice President of Corporate Finance, Director
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778-881-4631
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements that are subject to risks and uncertainties, including with respect to the Company’s business and plans, including with respect to the completion of new 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 which may be general or specific and which give rise to the possibility that the expectations, forecasts, predictions, projections or conclusions will not prove to be correct, 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 to, 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 the forward-looking information, there may be other factors that cause actions, events or results may not be those 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, except as required by law.
The Canadian Securities Exchange (CSE) has not reviewed, approved or disapproved of the contents of this press release.
