Spey Resources Commences Exploration at Standfast-Wigwam Zinc Project
Vancouver, British Columbia--(Newsfile Corp. - November 5, 2018) - Spey Resources Corp. (CSE: SPEY) ("Spey" or the "Company") is pleased to announce that exploration work has begun on the Company's Standfast-Wigwam Project 19km southeast of Revelstoke, B.C. With winter conditions fast approaching, the exploration campaign will be focused on surface and underground rock chip and channel sampling to locate and define higher grade portions of thickened-folded zones of conformable sulphide mineralization. Initial work will target westerly extensions of the main zone in proximity to the historic Gold and Sleeper adits.
To-date, approximately only two thirds of the 3km long mineralized zone has been sampled. The rock chip and channel sampling program is designed to enhance the geological understanding of the Project and will assist with the targeting for a diamond drill program scheduled for spring 2019.
The Standfast-Wigwam zinc-lead occurrence has been known since 1915. From 1924 to 1930, work conducted included geophysical surveys by Schlumberger Electrical Prospecting Co., 1,791 meters of diamond drilling in 28 holes, trenching and the completion of 1,969 meters of underground workings in 13 adits.
From 1960 to 1984, detailed mapping, sampling, road construction and diamond drilling of over 1,000 meters in more than 20 holes was carried out. This work was conducted by; Kennco Explorations, Cominco, Parmac Mines, Canex Aerial Exploration, Cyprus Anvil Mining and Metallgesellschaft Canada. Most of the original diamond drill hole data for the Standfast-Wigwam deposit has been lost. The only historical drill hole for which assays have been recorded is a 15.8 meter drill intercept (The true width of the mineralized zone is unknown) with a weighted average grade of 15.20% zinc and 9.87% lead (BC Ministry of Energy and Mines Property File #811182). The Qualified Person has been unable to verify the historical drill results referred to above and therefore the information cannot be relied upon.
The Company also reports that it has secured the services of Mr. John Mirko as a Project Consultant to provide guidance to management with the oversight of this exploration program.
Marshall Farris, CEO of Spey Resources, states "John's 40+ years of on the ground exploration, development and production experience in British Columbia is of great value to a junior exploration company like ours. His no-nonsense approach of getting the job done effectively and efficiently is as valuable as his knowledge of what works and what doesn't from an economics standpoint. We are delighted to have him on the team."
The Company has granted 140,000 incentive stock options to Mr. Mirko. The options are exercisable for a period of five years at an exercise price of $0.10 per common share. The incentive options were granted in accordance with the Company's stock option plan.
The Company further reports that it is reviewing additional mineral projects for potential acquisition that would give its shareholders exposure to exceptional exploration opportunities.
On behalf of the Board of Directors of
SPEY RESOURCES CORP.
Marshall Farris, President and Chief Executive Officer
Alistair Waddell, a Consulting Geologist and Director of the Company and Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mining Projects has reviewed and approved the technical disclosure in this news release.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) nor any other regulatory authority 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.