(SPEYF) Update: Currently Up Approximately 10%, This Lithium Explorer Just Dropped Huge LOI News
Drop everything and get SPEYF on radar this morning.
Right now SPEYF is up approximately 10% and has hit a high of $.193.
And earlier this morning, the company dropped this bombshell news:
Spey Resources Corp. Executes Agreement For Lithium Offtake With Richlink Capital Pty Ltd.
Vancouver, British Columbia, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Spey Resources Corp. (CSE: SPEY) (OTC: SPEYF) (FRA: 2JS) ("Spey” or the "Company"), is pleased to announce that the Company has executed a letter of intent (the “LOI”) with Richlink Capital Pty Ltd. (“Richlink”), an investment bank servicing international institutions in the lithium markets. The LOI outlines the potential for the Company to supply up to 20,000 tonnes of lithium chloride annually to two of Richlink’s clients from potential future production at the Company’s Incahuasi Salar and Pocitos 2 Salar lithium brine projects in Salta province, Argentina.
The LOI contemplates that Richlink’s clients would contract to purchase a minimum of 10,000 tonnes of lithium chloride of potential future production on a free on board basis from the port in Antofagasta, Chile. The current benchmark price quoted by Trading Economics is 577,500 yuan or USD equivalent $80375.78 per tonne as at November 4, 2022.
The obligations of the parties will be subject to customary conditions after satisfactory completion of due diligence, including:
- the board of directors of each party approving the proposed transaction;
- the parties’ execution of a definitive agreement;
- the receipt of any regulatory approvals; and
- there being no material adverse change in the operations, condition (financial or otherwise) or assets of either party.
Nader Vatanchi, VP of Corporate Finance of the Company, stated, “with our Incahuasi project adjacent to Ganfeng’s project, and Pocitos 2 drilling on track to commence this month, the LOI is another plank in our road to successfully developing our lithium projects. We are delighted to be working with Sam Zheng and George Su at the Richlink office in Australia and their lithium buyer clients. Our drillers, logistics and legal teams have prepared for our next phase of development operations to commence in Argentina."
Read the full article here.
On top of this huge news, SPEYF is currently trading above 3 key lines of potential support. Those include SPEYF's"
- 50-Day Simple Moving Average (SMA)
- 200-Day SMA
- 13-Day Exponential Moving Average (EMA)
If potential support grows at those key levels, it could act as building blocks for possible continued vertical chart move near term.
Read my initial SPEYF report below and get this profile on your radar now.
Ready for a recap? Let's go.
Our Halloween alert was an NYSE American profile that absolutely became a wild, breakout idea.
Running from an open of $10.32, it surged approximately $4.00+ during the week to a high of $15.12 Thursday.
Overall on its way to a new 52-week high, this profile crushed an approximate move of 46%.
Pair that with the 4 champs from the previous week running approximately 69% combined, and we've been on a little bit of heater.
But that was then. This is now.
I've uncovered a new breakout idea, and by the way, this company is another lithium exploration company.
Let me tell you why this is important.
In the previous few weeks, I've brought two separate lithium related explorers to your attention and what did they do? They crushed it.
Running approximately 65% short term and 10% intraday respectively, they put a spotlight on what could happen to profiles in the battery metals sector.
So when I came across this lithium explorer, I knew I had to jump into action and put together this detailed report.
And based on its MULTIPLE bullish technical indicators across the short, medium, and long term, its recent bombshell acquisition news, and several positive press releases over the past month, this profile needs top spot on your watch-list.
For Monday, November 7th, there is only one exploration company to focus on:
*Spey Resources Corp. (SPEYF)*
Spey Resources is a Canadian mineral exploration company which has an 80% 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% undivided interest in Pocitos II and 20% interest in the Pocitos I lithium projects.
Spey also holds interests in four lithium exploration projects located in the James Bay Region of Quebec. Spey has a 100% interest in the Silver Basin Project located in the Revelstoke Mining Division of British Columbia as well as an option to acquire a 100% interest in the Kaslo Silver project, west of Kaslo, British Columbia.
And based on 4 potential catalysts, SPEYF could become a breakout star near term. Here are the details:
No. 1 - Multiple Bullish Technical Indicators
No. 2 - Company Uses Ekosolve™ And Gets Some Game-Changing Results
No. 3 - Commencement Of Lithium Exploration In Quebec
No. 4 - Huge Acquisition Bombshell (4 Projects Included)
But more on those in a second...
Full Company Breakdown - Key SPEYF Details To Know (1)
Spey Resources Corp. is a Canadian mineral exploration company which has an 80% 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% undivided interest in Pocitos II and 20% interest in the Pocitos I lithium projects.
Spey has a 100% interest in the Silver Basin Project located in the Revelstoke Mining Division of British Columbia as well as an option to acquire a 100% interest in the Kaslo Silver project, west of Kaslo, British Columbia.
Spey also holds interests in four lithium exploration projects located in the James Bay Region of Quebec.
The four projects comprising the James Bay Property are the 454 Project, the West Lac Corvette Project, the Trieste Project and the Salomon Project, which are located between Patriot Battery Metals’ Corvette Lithium Project to the northwest, and Winsome Resources’ Adina lithium pegmatite to the southeast.
Patriot Battery Metals’ Corvette Lithium Project has reported lithium occurrences in spodumene (hard rock lithium mineral) pegmatite.
Spey notes that the reported pegmatite occurrences on nearby properties does not mean that similar occurrences will be found on the James Bay Property.
The first step of Spey’ lithium exploration program is a multi-spectral analysis of satellite imagery from the European Space Agency’s Sentinel-2 high-resolution, multi-spectral imaging mission.
Spey’s consultants are applying principal component analysis (PSA) to as many as 10 spectral bands, and comparing the results from the James Bay Property to spodumene pegmatites identified from nearby properties, after making required atmospheric corrections.
Any targets identified as spodumene pegmatites will be mapped, channel sampled at surface, and drilled as warranted.
Phil Thomas, CEO of the Company, states, “We are excited to commence exploration on these projects in the James Bay Region of Quebec, Canada. Adding exposure in Canada near a recent lithium discovery gives Spey diversification as we continue to drill and progress our flagship assets in Argentina.”
Spey Resources Corp. Projects (2)
Incahuasi Salar - Argentina
Spey Resources Corp. is pleased to announce that it has completed exploration activities and hit multiple lithium brine aquifers in the Incahuasi Salar (the Candela II Project), the “Lithium Triangle.” They are also pleased to report a planned 5 hole production drilling program in the coming months. Incahuasi Salar is located in the Province of Salta, located approximately 45 kilometers from the township of Tolar Grande, Argentina.