(TheNewswire)
Drill Hole AM23-01 Intersects 12.8mof 3.14% CuEq
in cluding 5.7m of 6.77% CuEq
News Release - Vancouver, BritishColumbia – TheNewswire - February 20, 2024: GSP Resource Corp. ( TSXV:GSPR )( FRA:0YD ) (the “ Company ” or “ GSP ”) reports acorrection to the copper equivalency calculation of its February 7,2024 news release regarding the assay results of the recentlycompleted surface diamond drill program at the Alwin Mine project (the“ Alwin Property ”). The previous disclosure had incorrectly calculatedthe conversion of tonnes to ounces, thereby understating theequivalent copper grade. There are no changes to the reportedprimary assay results or intervals of the individual metals. Theupdated equivalency table is presented below (see Figure 1.)
Table 1. Alwin2023 Diamond Drilling Significant Assay Results with CorrectedCuEq
DDH | From (m) | To (m) | Drilled Interval* (m) | Cu % | Ag g/t | Au g/t | CuEQ** % |
AM-23-01 | 138.0 | 150.8 | 12.8 | 2.42 | 47.0 | 0.57 | |
including | 141.6 | 147.3 | 5.7 | 5.21 | 103.1 | 1.22 | 6.77 |
including | 141.9 | 143.8 | 1.9 | 7.84 | 198.3 | 2.75 | 11.08 |
and | 153.4 | 154.6 | 1.1 | 3.48 | 13.0 | 0.04 | 3.61 |
AM-23-02 | 118.2 | 118.8 | 0.6 | 8.01 | 30.0 | 0.05 | 8.28 |
and | 134.6 | 140.7 | 6.1 | 0.88 | 3.9 | 0.06 | 0.95 |
including | 135.1 | 138.6 | 3.5 | 2.40 | 9.7 | 0.18 | 2.59 |
AM-23-03 | 108.6 | 109.4 | 0.8 | 1.06 | 7.7 | 0.03 | 1.14 |
and | 160.4 | 166.1 | 5.7 | 3.77 | 16.5 | 0.05 | 3.93 |
and | 166.9 | 167.3 | 0.4 | 3.85 | 11.0 | 0.06 | 3.97 |
AM-23-04 | 33.0 | 33.8 | 0.8 | 0.84 | 4.5 | 0.02 | 0.88 |
AM-23-05 | 28.0 | 38.6 | 10.6 | 1.15 | 4.0 | 0.04 | 1.21 |
including | 33.8 | 37.0 | 3.2 | 3.50 | 10.3 | 0.07 | 3.62 |
*True width estimate is 60% of DrilledInterval presented here.
**CuEQ % = [Cu (%) x 1] + [Ag (g/t) x0.007926] + [Au (g/t) x 0.606956]
(using ,800/tonne Cu, /oz Ag. ,850/oz Auand historic recoveries 95.1% Cu, 89.7% Ag, 85.4% Au)
As previously reported, all drill holes intersectedCopper-Gold-Silver mineralization at shallow depths, with hole AM23-01reporting some of the highest grades of copper and precious metalsdrilled at the Alwin Property in the project’s history (see newsrelease dated February 7, 2024).
Drillhole AM23-01 intersected 2.42%Cu, 47.0 gpt Ag, and 0.57 gpt Au over 12.8m including a 5.7m intervalaveraging 5.21% Cu, 103.1 gpt Ag and 1.22 gpt Au.
The result of this drilling demonstrates the high-gradepotential for the Alwin Property and reinforces the polymetallicupside with significant gold and silver values. GSP’s datacompilation exercise completed in 2023 suggeststhat many of the historic drillholes in the pre-2008 exploration ofthe property did not include assays for gold and silver.
The drill program, completed in November 2023, wasdesigned to target high-grade copper zones at the Alwin Propertylocated in the Highland Valley Copper Camp of British Columbia. Atotal of 5 HQ-size diamond drill holes were completed totaling 640metres (see the Company’snews release dated November 22, 2023 ). Drilling was completed from three sites over a 100-metre strikelength targeting the upper and lower levels of the historic Alwin Mine“4 Zone” ( Figure1 ).
Figure 1. AlwinMine 2023 Drill Plan
All five 2023 drill holes intersected sulphidemineralization, with multiple intervals encountered in drill holesAM-23-01, -02 and -03 targeting the historic 4 Zone at depth. Drillholes AM-23-04 and -05 targeted the historic 4 Zone near surface( Table 1, Figures 2 and3 ).
Mineralization appears structurally controlledcomprising chalcopyrite, minor bornite and pyrite, and associatedvarying intensity of sericitic, potassic, and chloritic alteration.
Figure 3. DrillSection showing AM-23-03, -04 and -05
About the Alwin MineProject: The Alwin Mine Copper-Silver-Goldproperty is approximately 575.72 hectares and is located on thesemi-arid, interior plateau in south-central British Columbia. Thehistoric underground mine was developed over 500 m long by 200 m wideby 300 m deep. Production took place between 1916 to 1981 from fivemajor subvertical high-grade copper mineralization zones totaling233,100 tonnes that milled 3,786 tonnes of copper, 2,729 kilograms ofsilver and 46.2 kilograms of gold. The average diluted head grade was1.5% copper.
The Alwin Property is adjacent with the westernboundary of Teck Corporation’s Highland Valley Mine, the largestopen-pit porphyry copper-molybdenum mine in western Canada. Alteration and mineralization of the Highland Valley hydrothermalsystem extends westward from the Highland Valley mine onto the AlwinProperty (see GSP’s news release dated January 30, 2020).
Methodology and QA/QC
The analytical work reported on herein was performed byALS Global (“ALS”), Vancouver, Canada. ALS is an ISO-IEC17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory andis independent of GSP Resource Corp. and the QP. Drill core sampleswere subject to crushing at a minimum of 70% passing 2 mm, followed bypulverizing of a 250-gram split to 85% passing 75 microns. Base andprecious metals were determined via four-acid digestion 33 elementICP-AES geochemistry and overlimit values for copper (>1%) andsilver (100 g/t) were analyzed via four-acid digestion ICP-AES or AAS.
GSP Resource Corp. follows industry standard proceduresfor the work carried out on the Alwin Mine Project, with a qualityassurance/quality control (QA/QC) program. Blank, duplicate, andstandard samples were inserted into the sample sequence sent to thelaboratory for analysis. GSP Resource Corp. detected no significantQA/QC issues during review of the data. GSP Resource Corp. is notaware of any drilling, sampling, recovery, or other factors that couldmaterially affect the accuracy or reliability of the data referred toherein.
Qualified Person: The scientific and technical information contained in thisnews release has been reviewed and approved by Kristopher J. Raffle,P.Geo. (B.C.), principal and consultant of APEX Geoscience Ltd. ofEdmonton, AB, a consultant to the Company and a “qualified person”as defined in National Instrument 43-101 — Standards of Disclosure for MineralProjects . Mr. Raffle has verified the datadisclosed, which includes a review of the sampling, analytical andtest data underlying the information and opinions containedherein. Mineralization hosted on nearbyproperties is not necessarily indicative of mineralization that may behosted on the Alwin Property.
About GSP Resource Corp. : GSP Resource Corp. is a mineral exploration &development company focused on projects located in SouthwesternBritish Columbia. The Company has an option to acquire a 100%interest and title to the Alwin Mine Copper-Gold-Silver Property inthe Kamloops Mining Division, as well as an option to acquire 100%interest and title to the Olivine Mountain Property in the SimilkameenMining Division, of which it has granted an option to earn a 60%interest to a third party .
Contact Information - For more information, please contact:
Simon Dyakowski, Chief Executive Officer &Director
Tel: (604) 619-7469
Email: simon@gspresource.com
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Forward-Looking Information
This news release contains “forward?lookinginformation or statements” within the meaning of applicablesecurities laws, which may include, without limitation, potential further drilling at the Alwin Property andpotential drill targets, future exploration work on the Company’sprojects, other statements relating to the technical, financial andbusiness prospects of the Company, its projects and othermatters . All statements inthis news release, other than statements of historical facts, thataddress events or developments that the Company expects to occur, areforward-looking statements. Although the Company believes theexpectations expressed in such forward-looking statements are based onreasonable assumptions, such statements are not guarantees of futureperformance and actual results may differ materially from those in theforward-looking statements. Such statements and information are basedon numerous assumptions regarding present and future businessstrategies and the environment in which the Company will operate inthe future, including the price of metals, the ability to achieve itsgoals, that general business and economic conditions will not changein a material adverse manner, that financing will be available if andwhen needed and on reasonable terms. Suchforward-looking information reflects the Company’s views withrespect to future events and is subject to risks, uncertainties andassumptions, including the risks anduncertainties relating to the interpretation of exploration results,risks related to the inherent uncertainty of exploration and costestimates and the potential for unexpected costs and expenses, and those filed under the Company’s profile onSEDAR+ at www.sedarplus.ca. Factors that couldcause actual results to differ materially from those in forwardlooking statements include, but are not limited to, continuedavailability of capital and financing and general economic, market orbusiness conditions, adverse weather and climate conditions, failureto maintain or obtain all necessary government permits, approvals andauthorizations, failure to maintain or obtain community acceptance(including First Nations), decrease in the price of copper, gold,silver and other metals, increase in costs, litigation, and failure ofcounterparties to perform their contractual obligations. The Company does not undertake to update forward?lookingstatements or forward?looking information, except as required bylaw.
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