SPEY RESOURCES CORP. 2023 EXPLORATION PLANUPDATE AT INCAHUASI SALAR

Vancouver, British Columbia — March 15, 2023 — Spey Resources Corp. (CSE: SPEY) (OTC: SPEYF) (FRA: 2JS) ("Spey” or the "Company"), further to its January 16, 2023 news release, is pleased to provide an update on the progress of the exploration plan and diamond hole drilling (DDH) work in respect of its Incahuasi Salar property, Candela II, where five DDH wells were drilled in 2021.  The Company aims to utilize information gathered from this work, together with geophysics data (please see first bullet below), toward building a potential resource estimate study. 

Highlights

·        Noting that there is presently significant demand for geophysics work in the Puna region in Argentina, the Company is pleased to report that it has secured a contractor to commence work at Candela II in April 2023 to complete a magnetotelleric (MT) survey.

·        The Company has designed a request for proposal system for bidders to respond with price and service parameter submissions for an award to prepare a potential resource estimate study for Candela II. The Company expects to begin receiving responses from bidders soon.

·        Five DDH Wells were drilled at Candela II in 2021; noting hole five was pump tested and hole four recorded 173ppm Li.

·        Montgomery & Associates Consultores Limitada produced a National Instrument 43-101 ("NI 43-101") technical report, published on August 8, 2022.

·        The wells’ attributes have been assessed by a reserve engineer and the data declared suitable for inclusion in a future potential resource estimate study.

Candela II

The key features of Candela II exploration licence are as follows:

·        The brine resource is hosted within two main hydrogeological units: halite (salt) and sand-gravel-halite (higher porosity);

·        Lithium grades increase with depth, so there is potential to find values higher than 200 mg/L on  the eastern side of the licence area; and

·       The deeper clastic coarse grain aquifer is the hydrogeological unit with the highest potential in terms of economics.