Spey Resources (CSE: SPEY) is starting the week off on a positive note, with the firm revealing this morning that it has received its drill permits for its planned lithium brine-focused drill program.
The drill permits, granted by the Minister of Production and Sustainable Development, apply to the firms Pocitos Salar properties, referred to by the firm as Pocitos 1 and Pocitos 2. With mobilization for the program having already begun earlier this month, drilling was able to already get underway.
“These are exciting times for the Company since we have received our green light to drill and have mobilized the drill rigs to Pocitos 1. Drilling has begun on Pocitos 1 and we anticipate drilling to begin on Pocitos 2 around October 27, 2022,” said Spey Resources CEO Phil Thomas.
The planned program will see a 400 metre deep exploration well drilled at Pocitos 2, which will then be used to collect samples from the brine to determine mineralized content. Provided its successful, the company then intends to drill a production well on the property. A second such exploratory well is expected to be drilled at the property, with a third well designated to occur at the firms Incahuasi Salar as well.
Spey Resources last traded at $0.34 on the CSE.
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