VANCOUVER, British Columbia, May 12, 2023 (Globe Newswire) — Spey Resources Corporation (CSE: SPEY) (OTC: SPEYF) (FRA: 2JS) (“spey” or “company”) provided an update on the progress of exploration plans and resource estimates for Candela II, a property of Incahuasi Salar with five DDH wells drilled in 2021, in addition to a news release dated March 15, 2023. We are pleased to offer

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• Southern Rock Geophysics is a magnetolocation (MT) survey (“investigation”) is scheduled to begin around May 18, 2023. The study will take approximately five days to complete on Candela II, with results expected to be available approximately four to six weeks after the data are processed.
• We are WSP Australia (“WSPs”) to produce the NI 43-101 report. WSP is the world’s leading consultancy with over 4,400 professionals and a dedicated group of experts in hydrology and brine resource estimation. We recently completed an estimation and reporting exercise for Ionia’s mineral resources and ore reserves.NI 43-101“) resource estimates.

Figure 1 A map showing the MT line and Ganfeng Well, 9.8 km north of the salt lake.

Candela II Geophysical Exploration

Southern Rock Geophysics plans to mobilize a team in mid-May 2023 to complete the survey. Survey data, when received and processed, contributes to resource estimation data and also provides guidance on future drilling targets.

EC Asociados has initiated an environmental baseline study in preparation for further drilling activity. A social survey was also recently completed investigating the Tral Grande community, about 45 kilometers from Candela II. These studies are in addition to the existing Environmental Plan that the Company submitted to the Salta Mining Court on December 19, 2022.

Candela II NI 43-101 Resource Statement

The company sent requests for information to a number of specialized firms to complete resource estimates based on exploration data to date. Based on his responses, we selected his WSP based on his expertise, experience and skills appropriate for the job. One of the key future challenges is to determine the hydrological balance of salt lakes.

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), NI 43-101 “qualified”.

technical report

Scientific and technical information on the Incahuasi Shiobara Asset is supported by a technical report titled “.technical report Incahuasi salar Lithium Concession, Salta Province, Argentina“, dated June 10, 2022 (“technical report“), prepared by Michael J. Rosko for Spey. See full technical report. Technical report prepared in accordance with NI 43-101 and SEDAR (www.sedar.com) See under the company’s publisher profile for a description of the company’s data verification and QA/QC procedures.

About Spey Resources

Spey Resources is a Canadian lithium-focused mineral exploration company with an 80% interest in the Candela II Lithium Brine Project in the Salt Flats of Incahuasi, Salta, Argentina. Spey also has an option to acquire a 100% interest in the Kaslo Silver Project in Kaslo West, British Columbia.

For more information, please contact:

Philip Thomas Nader Batanki
CEO, President, Vice President of Corporate Finance, Director
This email address is being protected from spambots. JavaScript must be enabled to view. This email address is being protected from spambots. JavaScript must be enabled to view.
+61433747380 +1778-881-4631

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements that are subject to risks and uncertainties. Southern Rock Geophysics Start work on the Candela II and complete the survey within the planned schedule or in our capacity. The information gathered from the survey will be used for resource estimation of NI 43-101, preparation of the NI 43-101 report by WSP, and future drilling targets.to determine hydrological balance Salah, The likelihood of completing a potential resource estimation study and whether the mineralization meets the requirements to be classified as a resource. We provide forward-looking statements for the purpose of communicating information about our current expectations and plans for the future. Readers are cautioned that such statements may not be suitable for other purposes. By its nature, this information is subject to general or specific inherent risks and uncertainties that may cause expectations, projections, predictions, forecasts or conclusions to not apply. Although accurate, the assumptions may be incorrect and objectives, strategic goals and priorities may not be achieved. These risks and uncertainties include, but are not limited to, those identified and reported in the Company’s public documents under his SEDAR profile at www.sedar.com. yeah. While we strive to identify important factors that could cause our actual actions, events or results to differ materially from those set forth in the forward-looking information, there are other factors that may cause us to act. There is likely to be. event or if results differ from those expected, estimated or intended. There can be no assurance that such information will be accurate as a result of such statements, and future events may differ materially from those anticipated in such statements. We disclaim any intention or obligation to update or revise any forward-looking information. as a result Other, except as required by new information, future events, or law.

The Canadian Stock Exchange (CSE) has not reviewed, approved or disapproved of the contents of this Press Release.