Mr. Phillip Thomas reports

SOILS, ROCK CHIPS ASSAYED RECORDING CONTIGUOUS ANOMAL OUS AREAS OF SILVER, ZINC, COPPER, LEAD, and TIN

Spey Resources Corp. has received the results from its June 23 soil sampling, rock chip and reconnaissance work on its 42 claims west of the town of Kaslo, B.C., Canada.

The area is of interest owing to the historical mining activity and its structural-geological setting. The main target areas of the 2023 field program were the Bismark-Gold Cure-Wintrop Cork-Province-Black Fox trends. Additional work was completed on the Silver Bell-Silver Bear trend and the Cat occurrence.

A total of 207 soil samples were collected along predetermined soil lines at a 25-metre spacing. Field duplicates and blanks were inserted at a rate of two quality control samples per 50 soil samples. A total of 62 rock grab samples were collected. Rocks were collected into poly ore bags and secured with a zip tie for transport back to camp.

The Bismark-Gold Cure-Wintrop (1) trend is defined as a 2.4-kilometre-long southwest-northeast-trending set of mineral occurrences in the central-south portion of the property. Each of these occurrences contain historic producing mines with a total combined production of 1,499 tonnes recovering 2,914 kilograms silver and 156,093 kg lead. Note that gold, zinc and copper values were largely not reported despite copper and zinc mineralization being observed in material from the mine dumps during the 2023 field season.

The Cork-Province-Black Fox (1) trend is defined as a greater than one km long southwest-northeast-trending set of mineral occurrences in the central-north portion of the property. Each of these occurrences contains historic producing mines with a total combined production of 192,296 tonnes recovering 16,053 kg Ag, 5,851,180 kg Pb, 9,107,400 kg Zn, 69,041 kg cadmium and 2.08 kg Au.

The Silver Bear-Silver Bell (1) trend is defined as a greater than one km long southwest-northeast-trending set of mineral occurrences in the southwest portion of the property. Each of these occurrences contain historic producing mines with a total combined production of 1,115 tonnes recovering 3,364 kg Ag and 121,868 kg Pb, 20,960 kg Zn, 66 kg Cd and 93 g Au.

The Cat (1) trend and mineral occurrence is located up the east slope of Deer Creek at the eastern extent of the property and only has the Cat mine.

(1) Important disclaimer: The reader should note that none of the above estimates are National Instrument 43-101 compliant and are taken from historical records where no information is available on quality assurance/quality control procedures for measurement.

Further work

The Kaslo property provides multiple high-interest targets for future work.

Progress was made during the 2023 field season toward determining structural constraints on mineralization and areas of mineralization, but the property anomalies all justify further detailed work. The company is assessing the resources required to complete a comprehensive data compilation of the thousands of historical soil, rock, silt, channel and trench samples, as well as digitization of surface and underground geological mapping; diamond drilling is also being considered.

Based on the findings of the 2023 fieldwork, including the arsenic vector and base-metal results in chips and soils, clear drill targets on the Black Fox occurrence are readily defined. Geophysics will also be considered as a preliminary step, and would refine targeting at Black Fox and also assist with second-priority targeting at the Bismark and Gold Cure trend. This latter area would require helicopter placement of a drill due to the narrow ATV (all-terrain vehicle) access roads and inclination of the slopes. Any of these mineralized trends could also be explored by mechanical trenching.

Amendment to option agreement

The company has amended the option agreement pertaining to the Kaslo property, whereby, in lieu of a $100,000 cash payment that was due by Aug. 31, 2023, the company shall pay $50,000 and issue common shares in the capital of the company having a value of $50,000 on Dec. 15, 2023. The deemed price of the shares shall be calculated based on the market price of the shares at the time of issuance. The Shares shall be subject to a statutory hold period of four months and one day from issuance.

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 qualified person for the purposes of NI 43-101.

About Spey Resources Corp.

Spey Resources is a Canadian lithium-focused mineral exploration company which has an 80-per-cent interest in the Candela II lithium brine project located in the Incahuasi salar, Salta province, Argentina. Spey also holds an option to acquire a 100-per-cent interest in the Kaslo silver project, west of Kaslo, B.C.

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