SPEY RESOURCES ANNOUNCES COMMENCEMENT OF EXPLORATION FOR LITHIUM IN JAMES BAY REGION OF QUEBEC

Rhea-AI Summary

Spey Resources Corp. (CSE: SPEY) (OTC: SPEYF) has commenced initial exploration on its four lithium projects in Quebec's James Bay region. These projects, including the 454 Project and the West Lac Corvette Project, will undergo multi-spectral analysis using satellite imagery to identify potential spodumene pegmatites. CEO Phil Thomas highlighted the strategic importance of this exploration near recent lithium discoveries. Spey holds significant lithium interests in Argentina and plans to continue its development efforts in both regions.

Positive

• Commencement of exploration on four lithium projects in Quebec's James Bay region.
• Utilization of advanced satellite imaging technology for identifying spodumene pegmatites.
• Strategic positioning near existing lithium discoveries enhances exploration potential.

Negative

• No assurance that identified pegmatite occurrences will be similar to those found on nearby properties.

Vancouver, British Columbia, Oct. 24, 2022 (GLOBE NEWSWIRE) -- Spey Resources Corp. (CSE: SPEY) (OTC: SPEYF) (FRA: 2JS) ("Spey” or the "Company") is pleased to announce commencement of the initial exploration on the Company’s four lithium projects located in the James Bay region of Quebec (the “James Bay Property”). The four projects comprising the James Bay Property are the 454 Project, the West Lac Corvette Project, the Trieste Project and the Salomon Project, which are located between Patriot Battery Metals’ Corvette Lithium Project to the northwest, and Winsome Resources’ Adina lithium pegmatite to the southeast.

Patriot Battery Metals’ Corvette Lithium Project¹ has reported lithium occurrences in spodumene (hard rock lithium mineral) pegmatite. Spey notes that the reported pegmatite occurrences on nearby properties does not mean that similar occurrences will be found on the James Bay Property.

The first step of Spey’ lithium exploration program is a multi-spectral analysis of satellite imagery from the European Space Agency’s Sentinel-2 high-resolution, multi-spectral imaging mission. Spey’s consultants are applying principal component analysis (PSA) to as many as 10 spectral bands, and comparing the results from the James Bay Property to spodumene pegmatites identified from nearby properties, after making required atmospheric corrections. Any targets identified as spodumene pegmatites will be mapped, channel sampled at surface, and drilled as warranted.

Phil Thomas, CEO of the Company, states, “We are excited to commence exploration on these projects in the James Bay Region of Quebec, Canada. Adding exposure in Canada near a recent lithium discovery gives Spey diversification as we continue to drill and progress our flagship assets in Argentina.”

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 National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and is CEO of the Company.

About Spey Resources Corp.

Spey Resources is a Canadian 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% undivided interest in Pocitos II and 20% interest in the ‎Pocitos I lithium projects‎. Spey also holds interests in four lithium exploration projects located ‎in the James Bay Region of ‎Quebec‎. Spey has a 100% 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
VP Corporate Finance

nader@speyresources.ca
778-881-4631

Forward-Looking Statements ‎

This news release contains "forward-looking information" within the meaning of applicable securities ‎laws relating to statements regarding the Company's initial exploration, pegmatite occurrences, and mapping, sampling and drilling any identified spodumene pegmatites. Although the Company believes that the ‎expectations reflected in the forward-looking information are reasonable, there can be no assurance that ‎such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-‎looking information. Such forward-looking statements are subject to risks and uncertainties that may ‎cause actual results, performance and developments to differ materially from those contemplated by ‎these statements. Except as required by law, the Company expressly disclaims any obligation and does ‎not intend to update any forward-looking statements or forward- looking information in this news ‎release. Although the Company believes that the expectations reflected in the forward-looking ‎information are reasonable, there can be no assurance that such expectations will prove to be correct ‎and makes no reference to profitability based on sales reported.‎

The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.

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¹ Alex Knox, M.Sc., P.Geol., 2022, NI 43-101 TECHNICAL REPORT ON THE CORVETTE PROPERTY QUEBEC, CANADA

FAQ

What is the recent update from Spey Resources Corp. on their lithium projects?

Spey Resources announced the commencement of initial exploration on four lithium projects in Quebec's James Bay region.

What technology is Spey Resources using for their lithium exploration?

Spey is applying multi-spectral analysis of satellite imagery from the European Space Agency's Sentinel-2 mission.

What are the names of the lithium projects in the James Bay region?

The lithium projects include the 454 Project, West Lac Corvette Project, Trieste Project, and Salomon Project.

What risks are associated with Spey Resources' exploration efforts?

The company noted that reported pegmatite occurrences on nearby properties do not guarantee similar occurrences on their James Bay Property.