SPEY RESOURCES CORP. COMPLETES MAGNETOTELLERIC GEOPHYSICS SURVEY – SHOWS THICK, LOW RESISTIVITY UNIT – CONTAINING LITHIUM BRINES NEAR SURFACE

Vancouver, British Columbia, June 09, 2023 (GLOBE NEWSWIRE) -- 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

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

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.

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, yellow). 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.