{kanada_flagge}In an exploration update for 2023, Spey Resources Corp. (CSE: SPEY; OTC: SPEYF; FRA: 2JS) announced it will focus entirely on continuing work at the Incahuasi Salar in Argentina. The Company intends to deliver a 43-101 compliant resource estimate there as soon as possible.
{kanada_flagge}In an exploration update for 2023, Spey Resources Corp. (CSE: SPEY; OTC: SPEYF; FRA: 2JS) announced it will focus entirely on continuing work at the Incahuasi Salar in Argentina. The Company intends to deliver a 43-101 compliant resource estimate there as soon as possible.
Five diamond drill holes (DDH) have already been drilled on the Incahuasi Salar in 2021. Drill hole 5 was pump tested and drill hole 4 assayed 173 ppm Li. Montgomery & Associates Consultores Limitada prepared a National Instrument 43-101 (“NI 43-101”) technical report which was released on August 8, 2022. Drill hole attributes were evaluated by a reserve engineer and the data was declared suitable to establish an Inferred and Indicated Mineral Resource in accordance with NI 43-101. Spey is refraining from drilling to test the 532 ha Pocitos project for the time being. Spey had originally planned to drill there in November 2022, but experienced delays in drill rig availability.
The following work must be completed before a NI 43-101 mineral resource estimate can be completed: A long-term pumping test in a new well to measure aquifer hydraulic parameters and verify lithium grade trends. A new depth-specific sampling campaign using a bailer or electric wireline sampler in the wells to verify lithium contents in the lithologic units of the aquifer. Specific geophysical surveys and, in particular, an audio-magnetotelluric survey (CSAMT) to expand information on the distribution of lithium grades vertically at depth and horizontally. Spey also intends to prepare to drill a well on the easternmost side of the license to reach the deeper part of the clastic aquifer, possibly at 300-400 m depth, and to simulate a pump well based on the measured hydraulic parameters of the clastic aquifer.
Spey has decided at this time not to buy out A.I.S. Resources Limited’s (“A.I.S.”) 20% interest in the project, but is in discussions with A.I.S. regarding a possible joint venture agreement involving a pro-rata interest in further project development.
Key features of the Candela II exploration license include that the brine resource is located in two main hydrogeological units: Halite (salt) and sand-gravel-halite (higher porosity). Lithium grades increase with depth, such that values greater than 200 mg/L can be found in the eastern portion of the license area; and the deeper clastic coarse-grained aquifer is the hydrogeologic unit with the highest economic potential.
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