Spey Resources Commences Drilling at Candela II Project on Incahuasi Salar, Argentina
Rhea-AI Summary
Spey Resources Corp. (CSE: SPEY) (OTC: SPEYF) has announced the start of a 5-hole, 710-meter drilling program at Incahuasi Salar, Argentina, set to begin on August 30, 2021. The drilling will utilize a double packer system for brine sampling, with core samples sent to Core Laboratories in Texas for testing. A geophysics report identified significant aquifers, with the nearest one over 1 km long and 75 m below the surface. Results will contribute to an NI 43-101 report following the drilling.
Positive
- Commencement of drilling at Incahuasi Salar signifies progress in exploration.
- Identification of multiple extensive aquifers by geophysical report.
- Brine analysis results expected to enhance mineral resource evaluation.
Negative
- Forward-looking statements indicate risks related to financing and regulatory approvals.
News Market Reaction – SPEYF
In the trading session that priced this news, SPEYF declined 11.31%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
VANCOUVER, British Columbia, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Spey Resources Corp. (CSE: SPEY) (OTC: SPEYF) (FRA: 2JS) ("Spey” or the "Company") is pleased to announce that Amaru Drilling is onsite at Incahuasi Salar, Argentina and will commence its 5 hole, 710m program on Monday August 30, 2021. Brine samples from the drill holes will be collected using a double packer system and core samples will be sent to Core Laboratories, Texas USA for porosity and transmissivity testing. This data will be incorporated in the NI 43-101 report that will be completed after the drilling results are collated. Our TEM geophysics report has identified three extensive sandy units bound by clay units that have very low resistivity values and appear to host the main aquifers. The aquifer closest to the surface is more than 1km in length and is about 75m below the surface. The sampling has shown higher concentrations at the surface on the western end of the concession.
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
Figure 1: Cross section on TEM line 1 showing the sandy unit in bright pink with lowest resistivity
Nader Vatanchi CEO commented, “I’m delighted with the progress our team has made and look forward to the brine analysis results from the deep drilling at Candela II next week.”
Qualified Person
Phillip Thomas, BSc Geol, MBusM, FAusIMM, MAIG, MAIMVA, (CMV), a Qualified Person as defined under NI 43-101 regulations, has reviewed the technical information that forms the basis for portions of this news release, and has approved the disclosure herein. Mr. Thomas is independent of the Company but discloses that he is a shareholder of SPEY.
About Spey Resources Corp.
Spey Resources is a Canadian mineral exploration company which holds two option agreements to acquire
For more information, please contact:
Nader Vatanchi CEO, Director
nader@speyresources.ca
778-881-4631
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release may constitute "forward-looking information" within the meaning of Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable. However, the forward-looking statements in this release, including without limitation, statements pertaining to the future exercise of the Agreement to acquire an interest in the Property, the Company’s exploration programs and the Company’s mineral property development plans, are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks include, without limitation, financing risks, delays in obtaining or inability to obtain required regulatory approvals, legislative, environmental and other judicial, regulatory, political or competitive developments, exploration and operational difficulties, the timing of future business expenditures, the potential of the Company’s mineral properties and changes in economic conditions or financial markets. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
