Spey Resources Corp. (CSE: SPEY) (OTCQB: SPEYF) (FRA: 2JS) is pleased to announce, further to its news release dated September 28, 2022, that it has completed the acquisition (the “Acquisition”) of 100% of the issued and outstanding share capital of Lithium Energy Metal Corporation (“LEM”) from all of the former shareholders of LEM (the “LEM Shareholders”).
In consideration for the Acquisition, the Company issued an aggregate 8,900,000 common shares in the capital of the Company (each, a “Spey Share”) to the LEM Shareholders (collectively). The Company has also issued 890,000 Spey Shares as a finder’s fee to an arm’s length finder in connection with the Acquisition.
LEM holds interests in four projects in the James Bay Region of Quebec near projects held by Patriot Battery Metals Inc. The projects vary in distance from PMET’s projects, one of them being within approximately one kilometer of the border of a PMET project.
- 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.
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.
About Spey Resources Corp.
Spey Resources is a Canadian lithium focused mineral exploration company which holds two option agreements to acquire 100% interest in the Candela II, Pocitos I and II lithium brine projects located in the Salta Province, Argentina. Spey also owns 100% of the mineral rights to 4 lithium exploration projects located in the James Bay Region of Quebec, in proximity to a recent hard rock lithium discovery. 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.