Vancouver, British Columbia--(Newsfile Corp. - August 28, 2018) - Spey Resources Corp. (CSE:SPEY), a junior mineral exploration company engaged in the business of acquiring, exploring and evaluating natural resource properties, is the latest new listing on the Canadian Securities Exchange.
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In July 2017, the company entered into the Option Agreement to acquire a 100% interest in the Standfast Wigwam Project, subject only to a 3% NSR on all base, rare earth elements and precious metals. The property, consisting of 8 contiguous mineral titles covering an area of 1019 hectares, is located approximately 19.5 kilometres southeast of Revelstoke in southeast British Columbia, Canada.
The Wigwam deposit is one of a group of concordant lead-zinc deposits that occur along the Kootenay Arc. The Wigwam occurrence has been known since 1915 with work by several companies over the years including diamond drilling, trenching and open-cutting and underground workings.
The 2017 exploration program conducted by Rich River Exploration on behalf of the company included prospecting and rock sampling. Many of these samples returned significant values for zinc and lead. In the central zone, sample SF-17R44, a 30 cm chip sample of quartzite with massive sulphide bands that was collected near the No. 13 adit, returned 18.8% zinc and 1.69% lead.
To earn its 100% interest, Spey must make cash payments of $155,000, issue 600,000 shares, and incur exploration expenditures of $500,000 staged over 4 years.
The company recently closed an IPO, raising gross proceeds of $350,000 through the placement of 3.5 million shares at $0.10 per share. Mackie Research Capital was the agent for the offering. The shares are currently trading at $0.145.
For more information please contact Marshall Farris, CEO, at 604-637-6373 or email email@example.com.
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