Business
Spey Resources Corp. Provides Further Detail Regarding Its Acquisition of Tay Resources Inc.
Vancouver, British Columbia--(Newsfile Corp. - March 2, 2021) - Spey Resources Corp. (CSE: SPEY) ("Spey" or the "Company") would like to provide further detail
About this update from Armory Mining Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - March 2, 2021) - Spey Resources Corp. (CSE: SPEY) (\"Spey\" or the \"Company\") would like to provide further detail regarding the completion of its acquisition (the \"Transaction\") of Tay Resources Corp. (\"Tay\") previously announced on March 1, 2021. The Company acquired 100% of the issued and outstanding common shares in the capital of Tay (the \"Tay Shares\") from the shareholders of Tay (the \"Tay Shareholders\") pursuant to an agreement among the Company, Tay and the Tay Shareholders, resulting in Tay becoming a wholly-owned subsidiary of Spey. In connection with the Transaction, the Company issued 2,000,000 common shares (each a \"Spey Share\") in the capital of the Company to the Tay Shareholders. Tay owns an option (the \"Option\") to acquire from John (Jack) Denny and Robert (Bob) Denny (together, the \"Dennys\") an undivided 100% interest in and to the Kaslo Silver Property (the \"Kaslo Silver Property\"), located 12 kilometres west of Kaslo in southern British Columbia. Adding the Kaslo Silver Property to Spey's portfolio provides the Company with a second highly prospective silver and base metal property. The Kaslo Silver Property The Kaslo Silver Property is located along the Keen Creek Valley, 12 kilometres west of Kaslo, British Columbia. The Kaslo Silver Property underwent extensive prospecting and exploration during the mineral rush of the late 1800's and early 1900's. Numerous small mines went into production on the narrow high grade silver-bearing veins that were discovered. The most substantial of these operations was the Cork-Province mine, which is reported to have consisted of underground workings at several mining levels that exploited zones of replacement mineralization within the host limestone rocks. A total of 210,990 tonnes of material was mined with reported average grade of 70.3 grams per tonne silver, 3.05 percent lead and 4.72 percent zinc. Significant amounts of work were completed during programs conducted by Cream Minerals Ltd. spanning the interval 1997 to 2004. Highlights from that work include a 1997 trenching program above the Cork-Province Mine that returned an estimated true thickness of 6.50 metres grading 136.7 g/t Ag, 6.47% Zn and 3.45% Pb. Diamond drilling of this mineralization included hole 97CP04 that returned a 21.1 metre interva...