- Spey Resources (SPEY) has entered into an option agreement with AIS Resources (AIS) to acquire two claims in Argentina
- AIS Resources has spent more than US$1.5 million exploring the project, and Spey Resources plans to sample current drill holes and drill an additional two holes to create a resource estimate
- Spey will pay AIS a total of US$1,732,000 before June 23, 2022, to acquire the property
- AIS Resources Ltd. (AIS) is down 11.11 per cent, trading at $0.08 per share
- Spey Resources Corp. (SPEY) is down 8.33 per cent, trading at $0.55 per share
Spey Resources (SPEY) has entered into an option agreement with AIS Resources (AIS) to acquire two claims in Argentina.
The two claims, Pocitos I and Pocitos II, are located near the township of Pocitos in Salta, Argentina.
AIS Resources has spent more than US$1.5 million exploring the project, including surface sampling, trenching, and TM geophysics. The company has also drilled two 400-metre holes at Pocitos I with outstanding results.
Pocitos II has yet to be drilled, although locations have been identified for the third and fourth holes.
AIS Resources did not pursue the property due to the high magnesium content of the brines. However, the Ekosolve lithium extraction process that Spey acquired from the University of Melbourne will alleviate issues caused by the magnesium levels.
Spey Resources plans to sample current drill holes and drill an additional two holes to create a resource estimate. The company’s intent is to eventually build a production pilot plant.
Currently, AIS has an option to acquire the property from its current owners. Once AIS has completed its underlying option agreement, Spey will exercise its option and acquire a 100 per cent interest in the property from AIS by paying a total of US$1,732,000 before June 23, 2022.
Spey will immediately pay AIS a total of $100,000 and issue 2,500,000 common shares. In addition, Spey must complete a $500,000 exploration program on the property within the next 12 months.
Nader Vatanchi, Spey Resources CEO and director, commented on the agreement.
“Working with AIS and their team in Argentina has been very productive and we are fortunate that they have access to these projects to expand our lithium portfolio,” he said.
Martyn Element Chairman of AIS, stated, “We are delighted to see our solid working relationship between AIS Resources and Spey Resources develop to include the Pocitos I and II properties which are at an advanced stage of exploration.”
AIS Resources Ltd. is a publicly-traded investment issuer focused on precious and base metals exploration.
Spey Resources Corp. is a mineral exploration company that is engaged in the acquisition and exploration of mineral property assets.
AIS Resources Ltd. (AIS) is down 11.11 per cent, trading at $0.08 per share.
Spey Resources Corp. (SPEY) is down 8.33 per cent, trading at $0.55 per share as of 2:39 pm ET.
