(TheNewswire)
News Release - Vancouver, BritishColumbia – TheNewswire – March 14, 2023: GSP Resource Corp. ( TSXV:GSPR ) (the“ Company ” or “ GSP ”) provides a progress update on thehistoric diamond drill hole data compilation and 3D modelling ofhistoric mine workings for the Alwin Mine Project (the “ Alwin Property ”)located in the Highland Valley Copper Camp of British Columbia. Thecompilation, which is now complete, is a significant development forthe Alwin Property and will provide a framework to identify prioritydrill ready targets focused on the significant high-gradecopper-silver-gold potential of the Alwin Project.
To support a robust 2023 exploration strategy and apossible future Mineral Resource Estimate the Company’s recent2020-2021 diamond drilling and 3D underground development model havebeen integrated with an expansive historic surface and undergrounddiamond drilling dataset not previously captured in digital and 3Dformat ( Figure 1 ).
Highlights of the historiccompilation:
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Digital and 3D spatial capture of 646 drill holes totaling 51,304metres completed from surface and undergroundbetween 1967-1981, in addition to 36 recent surface explorationdiamond core holes totaling 5,600 metres drilled by the Company andprevious operators,
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Over $20 million in present dayexploration value assuming all-up drilling costsof $400/metre, not including underground development costs,
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Of the 646 drill holes, 140 holes totaling 17,273metres were drilled from surface and 506 holes totaling 34,031 metresfrom underground,
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425 drill holes totaling 2,062 copperassay samples with partial gold-silverdata,
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Global length weighted average coppergrade of 1.8% from 3,287 metres sampled,compares favorably to 1.5% copper diluted head grade of historicproduction,
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Majority of historic drilling targeting a 600-metrestrike length of the past producing Alwin high-grade undergroundcopper mine,
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Significant exploration upsidepotential with high-grade copper-silver-goldzones remaining open along strike of the Alwin Mine workings, withmultiple zones open at depth.
GSP’s President & CEO, Simon Dyakowski,commented: “GSP hasacquired an extensive collection of historical exploration data fromthe past producing Alwin Copper-Gold Mine. This dataset includesover 50,000 metres of surface and underground drilling representing apresent-day value of over $20 million in exploration value. GSP hasalready begun to leverage the digital capture of this data tohighlight the near-mine expansion potential of multiple in-situhigh-grade copper zones and to identify potential new targetselsewhere within the Alwin Property. The Company is well positionedto advance the Project with a 5-year area-based drilling permit inplace and recent drilling that discovered some of the highest gold andsilver grades ever reported in the Highland Valley Camp.”
Figure 1: AlwinMine Historic 3D and Drilling Compilation (oblique view looking north)
Alwin Project Next Steps :
Continued review and validation of recent drilling from2008 (8 drill holes) and 2020-2021 (28 drill holes) totaling 5,600metres. This will allow full integration of modern and historicdrill results, and incorporating the existing historic undergroundmining solids, to support the development of a comprehensive 3Dgeological and mineralization model and a potential future MineralResource Estimate.
The historic drill intervals were assayed for copper, with limited testing of gold,silver . Therefore, the full extent ofpolymetallic mineralization of historic drilling represents asignificant exploration upside and requires follow up confirmationdrilling of known zones and possible extensions to the west and eastof the historic mine area. Furthermore, the high-grademineralization zones remain open at depth and warrant furtherinvestigation.
With the historic data compilation already generatingtargets for potential follow-up drilling, the Company looks forward toupdating shareholders as we advance plans towards a potential 2023diamond drill campaign.
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).
Qualified Person: The scientific and technical information contained in thisnews release has been reviewed and approved by Kristopher J. Raffle,P.Geo. (B.C.), a consultant to the Company and a principal andconsultant of APEX Geoscience Ltd. of Edmonton, AB, a qualified personas defined in National Instrument 43-101 — Standards of Disclosurefor Mineral Projects. Mr. Raffle has verified the data disclosed,which include a review of the sampling, analytical and test dataunderlying the information and opinions contained herein. Mineralization hosted on nearby properties is notnecessarily indicative of mineralization that may be hosted on theAlwin 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 drilling of the Alwin Property, potential mineralresource estimate future exploration work on the Company’s projects,other statements relating to the technical, financial and businessprospects of the Company, its projects and other matters . All statements in this news release,other than statements of historical facts, that address events ordevelopments that the Company expects to occur, are forward-lookingstatements. Although the Company believes the expectations expressedin such forward-looking statements are based on reasonableassumptions, such statements are not guarantees of future performanceand 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.sedar.com . Factors that could cause actual results to differ materiallyfrom those in forward looking statements include, but are not limitedto, continued availability of capital and financing and generaleconomic, market or business conditions, adverse weather conditions,failure to maintain all necessary government permits, approvals andauthorizations, failure to maintain community acceptance (includingFirst Nations), decrease in the price of copper, gold, silver andother 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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