CANDELA II RESOURCE ESTIMATE NEAR COMPLETION

POCITOS 1 AND 2 PROJECT OPTION EXERCISE DOES NOT PROCEED

Vancouver, British Columbia, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Spey Resources Corp. (CSE: SPEY) (OTC: SPEYF) (FRA: 2JS) ("Spey” or the "Company") announces that the option (“Option”) exercise in respect of the Pocitos 1 and Pocitos 2 properties in Argentina has not been completed. As a result, the Company has returned to Recharge Resources Ltd. (“Recharge”) the USD$850,000 that it had received from Recharge in contemplation of the Option exercise. The Company also returned to Recharge 2,500,000 common shares of Recharge which it had received in connection with the Option arrangement.

Candela II Project Incahausi
Recently, Spey engaged WSP Australia to produce a resource estimation from the five drill holes completed in 2021 following on from the initial NI 43-101 report published by Montgomery & Associates in June 2022.

Three geologist and hydrologist consultants from WSP Australia have been working closely with Spey’s CEO to finalise the resource estimate. The most recent data contribution was from the MT geophysics survey results interpreted in June 2023 where significant low resistivity areas were identified below the depth of the initial drill program where they were interpreted as potential aquifers. A detailed report was released on June 9, 2023 – “Spey Resources Corp. Completes Magnetotelluric Geophysics Survey”. A rigorous analysis of the porosity of core and close to aquifers in the area has been undertaken and WSP (who visited the property in May 2023) believe it will be able to publish the report in the next few weeks.

Joint Venture Agreement
Spey Resources SA (SRS) is drafting a shareholder agreement between AIS Resources SA (AISSA) and SRS for the development of the Candela II concession. SRS holds an 80% interest and AISSA a 20% interest. Spey’s next milestone will be a production well and two exploration wells to conduct a brine release test and specific yield test. AISSA will have the right to financially contribute to the drill program to retain its equity percentage pursuant to the shareholder agreement.

Approved for release by the Board of Directors

“signed by Phillip Thomas”
Phillip Thomas
Chief Executive Officer

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 NI 43-101.