SPEY RESOURCES ANNOUNCES COMMENCEMENT OF EXPLORATION FOR

Vancouver, British Columbia, Oct. 24, 2022 (GLOBE NEWSWIRE) — Spey Resources Corp. (CSE: SPEY) (OTC: SPEYF) (FRA: 2JS) (“Spey” or the “Company“) is pleased to announce commencement of the initial exploration on the Company’s four lithium projects located in the James Bay region of Quebec (the “James Bay Property”). The four projects comprising the James Bay Property are the 454 Project, the West Lac Corvette Project, the Trieste Project and the Salomon Project, which are located between Patriot Battery Metals’ Corvette Lithium Project to the northwest, and Winsome Resources’ Adina lithium pegmatite to the southeast.

Patriot Battery Metals’ Corvette Lithium Project¹ has reported lithium occurrences in spodumene (hard rock lithium mineral) pegmatite. Spey notes that the reported pegmatite occurrences on nearby properties does not mean that similar occurrences will be found on the James Bay Property.

The first step of Spey’ lithium exploration program is a multi-spectral analysis of satellite imagery from the European Space Agency’s Sentinel-2 high-resolution, multi-spectral imaging mission. Spey’s consultants are applying principal component analysis (PSA) to as many as 10 spectral bands, and comparing the results from the James Bay Property to spodumene pegmatites identified from nearby properties, after making required atmospheric corrections. Any targets identified as spodumene pegmatites will be mapped, channel sampled at surface, and drilled as warranted.

Phil Thomas, CEO of the Company, states, “We are excited to commence exploration on these projects in the James Bay Region of Quebec, Canada. Adding exposure in Canada near a recent lithium discovery gives Spey diversification as we continue to drill and progress our flagship assets in Argentina.”

Qualified Person

The scientific and technical content of this news release has been reviewed and approved by Phillip Thomas, BSc. Geol, MBM, FAusIMM, MAIG, MAIMVA(CMV), who is a…