Following the news release published on September 28th, 2022, Spey Resources Corp., also known as Spey or the Company, is happy to declare that it has gained the acquisition of 100% of the outstanding and issued share capital of Lithium Energy Metal Corporation (“LEM”) from all former shareholders of LEM (the “LEM Shareholders”).
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The Company issued a total of 8,900,000 common shares in the capital of Spey (each, a “Spey Share”) to the LEM Shareholders, taking the Acquisition into the account. In connection with the Acquisition, the Company has also issued 890,000 Spey Shares to an arm’s length finder as a finder’s fee.
In the James Bay Region of Quebec, LEM has interests in four projects, which are held by Patriot Battery Metals Inc. These projects differ in distance from projects of PMET, one of them found within nearly 1 km of the PMET project’s boundary.
- The 454 Block Project—comprises 10 contiguous claims (513 hectares). The claims can be found inside the Archean Langelier Complex, which are the most ancient rocks in the Le Grand sub-province of the regional Superior Province, and consist of foliated tonalite with hornblende-biotite magnetite.
- The West Lac Corvette Project—has 10 contiguous claims (513 hectares). The claims encompass Mesoarchean rocks of the Rouget Formation, which are derived from basalts and Neoarchean Marbot Formation wackes (with injections of granite), and the southern margin of the Mesoarchean tonalite pluton (post de Le Moyne).
- The Trieste Project—comprises two individual contiguous blocks that sum up to 50 claims and cover 2,575 hectares (618 hectares north and 1,957 hectares south), with amphibolite and mylonite rocks of the Mesoarchean Trieste Formation that were resultant of basalts.
- Salomon Project—has 100 claims in two individual continuous blocks, which cover 5,155 hectares. The project comprises Mesoarchean mylonites and amphibolites, along with younger Neoarchean metamorphic wackes and arkoses.
Source: https://www.speyresources.ca/