(TheNewswire)
News Release - Vancouver, BritishColumbia – TheNewswire - May 22, 2024: GSP Resource Corp. ( TSX-V: GSPR / FSE: 0YD ) (the“ Company ” or “ GSP ”) provides an update related to ongoingadvancement of the Alwin Mine Copper-Silver-Gold Project (the “AlwinProperty”). New modelling has, for the first-time, enabled 3Dvisualization of the shear vein system that hosts high-grade copper atAlwin and represents a significant leap in the Company’s ability todrive expansion and discover new zones of high-grade coppermineralization.
The APEX Geoscience Ltd. (“APEX”) resourcemodelling team has made significant progress in the geologic modeldevelopment for the Alwin Project. To date, APEX has georeferencedin 3D space a total of 70 historic underground level plans and crosssections, digitally captured this data comprising detailed undergroundmapping completed during mining operations between 1968 and 1979. The modelling program has yielded over 18,000 mineralized polygons,1,200 fault traces, and 300 structural strike and dip measurements(see Figure 1).
Anticipated workflow is progressingrapidly as follows:
• 3D georeferencing of historicalgeological plans and sections (COMPLETE)
• Digitization of mineralized polygons,fault traces and point structure (COMPLETE)
• Implicit 3D modelling of shear veinlodes, and fault planes (INPROGRESS)
• Validation of 3D underground developmentand mined stope volumes (INPROGRESS)
• Handoff of finalized geological,mineralization, and mine depletion models to APEX geostatistical andresource estimation team (PLANNED)
• Exploration block modelling, conceptualpit shell and stope optimization (PLANNED)
The APEX team has now progressed to the domaining phaseof the 3D modelling exercise, by assigning individual mineralized lodecodes to the underground mapping strings and mineralized drillintercepts leading to the development of a series of structurallyinformed implicit modelled wireframes. Refinement of the implicitmodel is currently underway, in parallel with analogous development ofassociated fault planes, and the development of a mined stope anddevelopment depletion model.
GSP reports that historic digital data capture andgeological modelling completed to date has for the first-time enabled3D visualization of a well-developed en-echelon shear vein system hostto high-grade copper Alwin Mine. The current interpretationindicates the presence of a subvertical East-West trending parentshear zone, within which steeply south dipping tension veins havedeveloped. The intersection of these features has produced steeplysoutheast plunging continuity of mineralization.
The APEX team is continuing to refine itsinterpretation of the geologic and structural model for the AlwinMine, however the information currently available points to theprevalence of predictable shear-hosted vein geometries, which areexpected to be readily targetable using structural geologicalprinciples. This informationrepresents a significant leap in the Company’s ability to develop high-conviction drill targetswith meaningful potential to drive expansion and discover new zones ofhigh-grade copper mineralization.
This work will build on the recent drilling campaignexecuted by GSP in late 2023 which returned significant high-grademineralization including drillhole AM23-01 intersected 2.42% copper (Cu), 47 g/tsilver (Ag), and 0.57 g/t gold (Au) over 12.8 m (3.14% copper-equivalent, CuEq) ; including 5.7 maveraging 5.21% Cu, 103 g/t Ag and 1.22 g/t Au (6.77%CuEq) ( see GSP Resource Corp. news release dated February 20,2024 ).
Figure 1: UpdatedAlwin Mine Shear System Model Showing Historic Underground Mapping,Faults, and Diamond Drilling Copper Assays >1.5%
Simon Dyakowski, President & CEO of GSP, commented:
“With the Copper price recentlyachieving all-time highs above US$5/pound, GSP is rapidly advancinggeologic and structural modelling of decades of historic explorationdata related to a compelling and underexplored brownfield high-gradeCopper project. This important work underway prepares the project forresource modelling and expansion drilling to build on GSP’s recentdrilling in the shallow high-grade copper-silver goldsystem.”
About the Alwin Mine Project
The Alwin Mie Copper-Silver-Gold property isapproximately 575.72 hectares and is located on the semi-arid,interior plateau in south-central British Columbia. The historicunderground mine was developed over 500 m longby 200 m wide by 300 m deep. Production took place between 1916 to1981 from five major subvertical high-grade copper mineralizationzones totaling 233,100 tonnes that milled 3,786 tonnes of copper,2,729 kilograms of silver and 46.2 kilograms of gold. The averagediluted head grade was 1.5% 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.), 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 .
For more information, pleasecontact:
Simon Dyakowski, Chief Executive Officer &Director
Tel: +1 (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, completing ongoing and planned work, develop new drilltargets at the Alwin Property, carrying out future exploration work onthe Company’s projects, other statements relating to the technical,financial and business prospects of the Company, its projects andother matters . Allstatements in this news release, other than statements of historicalfacts, that address events or developments that the Company expects tooccur, are forward-looking statements. Although the Company believesthe expectations expressed in such forward-looking statements arebased on reasonable assumptions, such statements are not guarantees offuture performance and actual results may differ materially from thosein the forward-looking statements. Such statements and information arebased on 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 ofexploration results, risks related to the inherent uncertainty ofexploration and cost estimates and the potential for unexpected costsand expenses, and those filed under theCompany’s profile on SEDAR+ at www.sedarplus.ca. 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 or climateconditions, failure to maintain all necessary government permits,approvals and authorizations, failure to obtain or maintain communityacceptance (including First Nations), decrease in the price of copper,gold, silver and other metals, increase in costs, litigation, andfailure of counterparties to perform their contractualobligations. The Company does not undertake toupdate forward?looking statements or forward?looking information,except as required by law.
Copyright (c) 2024 TheNewswire - All rights reserved.