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Spey Resources Corp - Ordinary Shares

Exchange: Canadian Securities Exchange (CNSX) | Jun 24, 2019, 2:14 PM EDT

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Assay Results Show Silver at Standfast-Wigwam Zinc Project

Vancouver, British Columbia--(Newsfile Corp. - February 21, 2019) -  Spey Resources Corp. (CSE: SPEY) ("Spey" or "the Company") is pleased to announce that assay results have been received from 29 rock samples obtained from the Company's Standfast-Wigwam Project located in the Kootenay Arc in south-eastern British Columbia. Results include 28.60 grams per tonne (gpt) silver, 17.95 % lead and 11.95% zinc from a 60 centimeter chip sample within the northern area of the Main Zone. Numerous samples returned elevated silver (Ag), lead (Pb) and zinc (Zn) with 11 samples returning greater than 8% combined lead and zinc.

Of the 29 rock samples, 25 were chip and grab samples of fine grained quartzite and limestone (silicified), containing visible sulphide mineralization, taken over a 425 metre long northern section. Four chip and grab samples were obtained from a 250 metre long southern section where massive sulphide mineralization, brecciation and silicification were noted. All samples were taken from the Main Zone that has been traced for over three kilometres.

These initial rock sample results indicate a northwesterly trending area of interest worthy of continued exploration, with potential for near surface zinc-lead-silver mineralization. Silver values appear to show a previously unrecognized increase in grade related to silicification (silic) as noted by the samplers.

Sample results are tabulated and summarized in the table below:

Sample#Location UTM EUTM NChip/Grab* Sample Description Ag g/t Pb % Zn %
32251N Main431596.6563665265cmm chip silic band mass sulph, sph20.15.212.34
32252N Main431643.356366391.0m chip band silic lmst, sph-gal-py 4.723.026.1
32253N Main431643.3563663980cm chipadjoining bottom of 32252 1.511.617.33
32254N Main431643.356366411.0m chipadjoining bottom of 32253 2.212.965.51
32255N Main431643.356366451.0m chip start 1.0m above 322529.313.681.83
32256N Main431675.156366531.0m chipbx-silic lmst, po-py-sph3.010.482.9
32257N Main431694.256366421.0m chipband sulph, gal-sph-py 2.072.933.48
32258N Main431882.556365552.50m chipband sulph, po-py-gal-sph8.643.740.59
32259N Main431870.3563663230cm grabsilic limst, band py-sph-gal13.85.673.78
32260N Main431858.75636612float grabsilic lmst, 20cm gal bands5.228.940.11
32261S Main432444.9563641025cm grabmass py-po-sph, carb-bx0.920.516.15
32262S Main432443563642525cm grabband bx silic lmst, gal-sph 10.41.133.14
32263N Main4326225636364grabmudstn frags in quartzite0.570.10.07
32401N Main431540.656366531.5m grab f.g. dk-gry mass sulph2.360.914.09
32402N Main431540.65636655grab-floatwht silic lmst, py-gal-sph3.20.863.39
32403N Main431535.6563669440cm chipsilic bx limst, f,g. gal-sph 5.030.676.56
32404N Main431525.156366721.0m chipdk gry band mass sulph 1.320.522.26
32405N Main431514.2563668860cm chipbx silic lmst, gal-sph-py28.617.9511.95
32406N Main431607.7563664360cm chipsilic lmst, f.g. gal-sph-py9.3211.41.34
32407N Main431618.5563662150cm chipSilic cryst limst f.g. gal-sph10.557.590.45
32408N Main431649.2563663880cm chipquartzite, f.g. band sulph33.35.421.54
32409N Main431666.456366321.0m chipdk gry lmst, v.f.g. sphal-gal3.793.888.19
32410N Main431718.5563662650cm chipf.g. band mass sulph po-sph32.253.18
32411N Main431754.3563658260cm chipchert, f.g. band mass sulph2.640.772.88
32412N Main431831.656365621.0m chipcrystl limst, py-gal-sphal4.820.752.7
32413N Main431854.356366261.0m chipgry-wht band limst, gal 0.590.30.7
32414N Main431802.3563661850cm chipgry-wht band lmst, <5% sul1.361.690.75
32415S Main432478.5563638120cm chipx-cut fault zone, gal-sph-py2.931.887.32
32416S Main432442.7563642140cm chipsilic limst, po-sph-py, < gal9.91.617.59

 

"Spey is encouraged by the previously un-recognized increase in silver grades related to silica content in samples with low Pb values," said David Thornley-Hall, President of the Company. "We look forward to continuing to gain a better understanding of this compelling prospect."

*The reader is cautioned that grab samples are, by nature, selective and may not be representative of average grades on the property.

All rock samples were dried, crushed to 70% passing 2mm, then split to 250g, then pulverized to 75% passing 75um, at ALS Canada Ltd. (an Accredited Laboratory, ISO 17025:2005 Certified) in North Vancouver, BC. A portion of the resulting pulps were digested with aqua regia in a graphite heating block. After cooling the solution is diluted with deionized water and analyzed by ICP-AES (inductively coupled plasma-atomic emission spectrometry) for 51 elements. Ore grade samples containing >10,000 ppm Pb or Zn were also analyzed by ICP-AES to quantify the Pb and Zn to a percentage level (ME-OG46 assay procedure). ALS inserts blanks and standards and provides check re-samples at various intervals for each sample shipment analyzed to verify data.

About Spey Resources Corp.

Spey is a Vancouver-based mineral exploration company exploring for silver, lead and zinc in British Columbia and also exploring in the La Sal vanadium, uranium district in eastern Utah. For additional information on the Company and its properties, please visit the Company's website: www.speyresources.ca or email: dth@speyresources.ca.

The technical information contained in this news release was reviewed and approved by Perry Grunenberg, P. Geo., a consultant to the Company and a qualified person for the purposes of National Instrument 43-101.

On behalf of the Board of Directors of

SPEY RESOURCES CORP.

"David Thornley-Hall"

David Thornley-Hall,
President & Director

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS:

This news release may contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," 'projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Information inferred from the interpretation of drilling results may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from Spey's operations and other risks and uncertainties. Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/42967

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