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Spey Resources Signs Option Agreement to Acquire a 100% Interest in the Pocitos I and II Claims from AIS Resources in Salta, Argentina
Vancouver, British Columbia--(Newsfile Corp. - June 24, 2021) - Spey Resources Corp. (CSE: SPEY) (OTC Pink: SPEYF) (FSE: 2JS) ("Spey" or the "Company") is very
About this update from Armory Mining Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - June 24, 2021) - Spey Resources Corp. (CSE: SPEY) (OTC Pink: SPEYF) (FSE: 2JS) (\"Spey\" or the \"Company\") is very pleased to announce that it has entered into an Option Agreement (the \"Agreement\") dated June 23, 2021 with A.I.S. Resources Ltd. (\"AIS\") for an Option (the \"Option\") to acquire a 100% interest in the Pocitos I and Pocitos II claims (the \"Property\") located in Salta, Argentina. The project is located approximately 10km from the township of Pocitos where there is gas, electricity and telephone internet services. Pocitos I is 800 Ha and Pocitos II 532 Ha, both of which are accessible by road. AIS Resources has spent more than USD$1.5m exploring the project, including surface sampling, trenching, TEM geophysics and drilling two 400m holes had outstanding results. To date, Pocitos II has yet to be drilled and the locations have been identified for holes 3 and 4. Figure 1 AIS Resources did not pursue the property due to the high magnesium content of the brines, however, the Ekosolve™ lithium extraction process will help alleviate the magnesium situation. Lithium values of up to 125ppm were recorded and the flow rate of the hole exceeded 75,000 Litres per minute and continued for more than 5 hours. Both drill holes had exceptional brine flow rates. Spey's plan is to sample the current drill holes and drill a further two holes to estimate a NI 43-101 resource calculation and progress discussions to build a production pilot plant. Pursuant to an option agreement, AIS has an option (the \"Underlying Option\") to acquire the Property from the current owners. Upon the exercise of the Underlying Option by AIS, Spey will be able to exercise the Option and acquire a 100% interest in the Property from AIS by paying a total of US$1,732,000 (the \"Purchase Price\") prior to June 23, 2022. In order to maintain the Option in good standing under the Agreement, Spey must immediately pay AIS a total of US$100,000 and issue 2,500,000 Spey common shares. In addition, Spey must complete a US$500,000 exploration program on the Property within the next 12 months. Upon exercise of the Option and Spey's acquisition of a 100% interest in the Property, AIS will retain a 7.5% royalty on the sales revenue of lithium carbonate or other lithium compounds from the Property, net of export taxes....