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Vancouver, British Columbia–(Newsfile Corp. – July 30, 2020) – Spey Resources Corp. (CSE: SPEY) (“Spey” or the “Company”) is admiring to advertise that it has entered into an Advantage Agreement (the “Agreement”) to access a 100% absorption from John (Jack) Denny, Robert (Bob) Denny and John Mirko in the Argent Basin Acreage (the “Property”) amid in the Revelstoke Mining Division, of southern British Columbia.
The Aggregation believes the Acreage has abeyant to host aerial brand gold-silver and possibly cobalt-nickel deposits. For the aboriginal time in over 100 years, the afresh circumscribed Acreage now encompasses added than 8 km of a -to-be trend that includes abundant accepted mineral occurrences of gold, silver, beforehand and zinc hosted in veins and beyond zones of brecciation.
The Acreage has reportedly been explored back afore 1890 and added afresh the Denny ancestors of Salmo, BC has been added exploring the Acreage back the 1970s. Absolute apparent bedrock sampling completed in 1946 on the Foggy Day ambition breadth reportedly alternate assays of 41.14 g/t Au and 116.6 g/t Ag beyond a 0.94 beat blubbery quartz sulphide vein. Two grab samples from a 2nd attitude reportedly assayed 65.1 g/tonne Au, 205.7 g/t Ag and 92.6 g/tonne Au, 603.4 g/tonne Ag. At the Argent Basin target, a 7 ton sample alien to the Trail smelter assayed 1.14 oz/ton Au, 55 oz/ton Ag, 27% Pb and 3% Zn. A grab sample from that attitude beyond 0.45 beat assayed 161.2 oz/ton Ag. A 1,000 beat design assignment affairs to analysis bottomward dip on the Morning Star and IXL veins was recommended by Taiga Consultants Ltd. (R. Chisholm, 1988) but reportedly never agitated out.
In addition, azure and nickel ethics accept been begin to action in an ultramafic beforehand breadth a grab sample assayed 0.20% azure and 0.30% nickel, abacus a new ambit with acute possibilities of analogue a new target. The British Columbia Geological Survey Branch gave apprehension on February 22, 2019 that it intends to investigate the anew apparent azure abeyant of the Acreage and the absolute breadth accepted to host added ultramafic host rocks and cartography favorable for hosting azure and nickel mineralization.
“We are aflame to access into the Argent Basin Advantage Agreement based on aboriginal break of aerial brand gold and argent mineralization in this celebrated mining commune “, declared David Thornley-Hall, President of Spey Resources Corp. “We intend to activate an advancing assignment affairs as allotment of our action to appraise the awful -to-be zones in this acutely beneath explored area.”
Beginning immediately, the aggregation will focus analysis activities on accretion the accepted gold and argent occurrences by mapping, prospecting and sampling of the property.
Cautionary Language: the after-effects quoted herein are from antecedent absolute analysis arbitrary documents, geological letters and BC Government reports, and accept not been absolute by a Qualified Person. The analysis assignment and after-effects arise to accept been done in an adapted abstruse accepted however, and Spey’s Qualified Being believes them to be reliable. Spey will be resampling assertive apparent outcrops as allotment of its due activity work.
1.) Parker, A., P. Eng., BCDM Assessment Report #07324, 1979, for American Chromium Ltd.
2.) Chisholm, R., BCDM Assessment Report #17446, 1988, for Courageous Analysis Ltd.
3.) McDougall, B.W.W., P. Eng., Winslow Group & Associated Properties, 1949, for Sunshine Lardeau Mines Ltd.
4.) BC Department of Mines, 1914 Annual Report.
Option Agreement Terms
Under the agreement of the Agreement, Spey has the advantage to access an absorbed 100% absorption in and to the Property, chargeless and bright of all liens, charges, encumbrances, claims, rights or absorption of any person, with the barring of a 2.0% Net Smelter Return (“NSR”) payable to the Vendor. The Advantage is exercisable by Spey:
a) advantageous an accumulated $386,000 as follows:
i) $6,000 aloft signing; (paid)
ii) an added $20,000 on or afore July 1, 2021;
iii) an added $80,000 on or afore July 1, 2022;
iv) an added $80,000 on or afore July 1, 2023;
v) an added $200,000 on or afore July 1, 2024; and
b) incurring $10,000 assignment amount on the Acreage afore October 30, 2020; and
c) arising an accumulated 2,000,000 accepted shares in the basic of Spey as follows:
i) 100,000 shares on approval of the Advantage by the Canadian Stock Exchange;
ii) an added 200,000 shares on or afore July 1, 2021;
iii) an added 200,000 shares on or afore July 1, 2022;
iv) an added 500,000 shares on or afore July 1, 2023;
v) an added 1,000,000 shares on or afore July 1, 2024.
Upon admission of bartering production, and accountable to Barter behavior in aftereffect at the time, Spey shall affair an added 1,000,000 accepted shares in the Company. At such time, the Acreage will additionally be accountable to an basal 2.0% Net Smelter Return. Spey is entitled, at any time, to acquirement 80% of the Net Smelter Return by authoritative a distinct acquittal of $2,000,000 to the Acreage vendors.
The Aggregation intends to align a non-brokered clandestine adjustment alms up to 6,000,000 units at a amount of $0.10 per assemblage to accession gross gain of up to $600,000. Each assemblage will be comprised of one accepted allotment and one allotment acquirement accreditation of the Company. Each accreditation will baptize the holder to access an added accepted allotment of the Aggregation at an exercise amount of $0.22 per allotment for a aeon of two years from the closing date of the clandestine placement. In affiliation with the financing, the Aggregation may pay a finder’s fee to adequate bodies in acquiescence with applicative balance laws and barter policies. The gain of the clandestine adjustment will be acclimated to beforehand analysis of the Acreage and accepted alive capital. All balance will be accountable to a four-month added one day ascendancy aeon from the closing date.
The warrants are accountable to an accelerated accomplishment date, which comes into aftereffect back the trading amount on the Canadian Balance Barter of the Company’s accepted shares closes at or aloft $0.40 per allotment during any 10-day-consecutive-trading-day aeon basic four months added one day afterwards the date of arising of the warrants. In such event, the Aggregation may accord an accomplishment dispatch apprehension to accreditation holders and the accomplishment date of the warrants will be 30 canicule from the date of the notice.
Spey’s Qualified Person, Robert (“Bob”) Lane, MSc., P.Geo., is a Qualified Being as authentic by National Instrument 43-101, “Standards of Disclosure for Mineral Deposits” and has advised and accustomed the abstruse advice independent in this account release.
On account of the Board of Directors of SPEY RESOURCES CORP.
“David Thornley-Hall”David Thornley-Hall, President and Director
For added advice on the Aggregation or its Project, amuse appointment the Company’s website: www.speyresources.ca or email: [email protected]
Neither the CSE nor its Regulation Services Provider (as that appellation is authentic in the behavior of the CSE) nor any added authoritative ascendancy accepts albatross for the capability or accurateness of this release.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS:
This account absolution may accommodate advanced advice aural the acceptation of applicative balance laws (“forward-looking statements”). Advanced statements are statements that are not absolute facts and are generally, but not always, articular by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” ‘projects,” “potential” and agnate expressions, or that contest or altitude “will,” “would,” “may,” “could” or “should” occur. Advice accepted from the estimation of conduct after-effects may additionally be accounted to be advanced statements, as it constitutes a anticipation of what ability be begin to be present back and if a activity is absolutely developed. These advanced statements are accountable to a array of risks and uncertainties which could account absolute contest or after-effects to alter materially from those reflected in the advanced statements, including, after limitation: risks accompanying to fluctuations in metal prices; uncertainties accompanying to adopting adequate costs to armamentarium the planned assignment in a appropriate address and on adequate terms; changes in planned assignment consistent from weather, logistical, abstruse or added factors; the achievability that after-effects of assignment will not accomplish expectations and apprehend the perceived abeyant of the Company’s properties; accident of accidents, accessories breakdowns and labour disputes or added hasty difficulties or interruptions; the achievability of amount overruns or hasty costs in the assignment program; the accident of ecology contagion or accident consistent from Spey’s operations and added risks and uncertainties. Any advanced account speaks alone as of the date it is fabricated and, except as may be appropriate by applicative balance laws, the Aggregation disclaims any absorbed or obligation to amend any advanced statement, whether as a aftereffect of new information, approaching contest or after-effects or otherwise.
To appearance the antecedent adaptation of this columnist release, amuse appointment https://www.newsfilecorp.com/release/60846
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