(TheNewswire)
News Release - Vancouver, BritishColumbia – TheNewswire - November 22, 2023: GSP Resource Corp. ( TSXV:GSPR ) (the“ Company ” or “ GSP ”) announces the successful completion ofits surface diamond drill program at the Alwin Mine project (the“ Alwin Property ”). The 2023 drill program consisted of 5 drill holes andwas designed to target potential extensions of known high grade copperzones at the Alwin Property located in the Highland Valley Copper Campof British Columbia.
All five 2023 drill holes exhibitedvisual sulphide mineralization intervals interpreted to be part of oradjacent to the historic 4 Zone (Table 1;Figures 1, 2). Observed pyrite, chalcopyrite, bornite, andmolybdenite mineralization exhibited structurally controlled (in theform of mm to cm-scale vein sets, fracture, and fault infill), as wellas fine to coarsely disseminated, domanial and blebby textures.
Figure 1 AM-23-03 from 159.37 - 170 m exhibiting pyrite, chalcopyrite, and bornitemineralization and sericitic alteration
Figure 2 AM-23-004 from 28.55 –34.25 m exhibiting disseminations and veining ofpyrite, chalcopyrite and bornite mineralization within intenselyaltered granodiorite
GSP’s President & CEO, Simon Dyakowski,commented: “Our team isexcited to share the preliminary results of the 2023 drill program. We look forward to providing further updates as we receiveanalytical assay results for the five 2023 drill holes. The primaryobjective of the 2023 drill program was to drill test the Alwin 3Dcopper mineralization vein model recently developed for the high-gradepast producing Alwin Copper Mine with a focus on evaluating the upperand lower extents of the unmined historic 4 Zone. The potential tofurther expand the multiple parallel polymetallic mineralization zonesat Alwin remains a significant exploration upside that requiresfurther confirmation drilling. Potential new zones previouslyidentified from historic drill holes to the northwest, south and atdepth of the historic mine area remain untested and will be targetedwith additional drilling in 2024.”
A total of 5 HQ-size diamond drill holes were completedtotaling 640 metres. Drilling was completed from three sites along astrike length of approximately 100 m including the upper and lowerlevels of the 4 Zone (Figure 3; Table 1). Drill core samplesincluded implementation of Quality Assurance & Quality Control(QA/QC) procedures including the insertion of blanks, standards andcore duplicates at regular intervals into the sample stream. Drillcore samples were submitted to ALS Global Labs in North Vancouver andresults will be released once available.
Figure 3: Plan Mapof Surface Expression of Alwin Mine 3D Compilation Showing >1.5%Copper Mineralization Vein Model and 2023 drill hole locations
Table 1 Alwin2023 Core Drilling Significant Mineralization and Alteration
Hole ID | Target (m below surface) | From (m) | To (m) | Drilled Interval (m) | Alteration | Mineralization |
AM-23-01 | 4 Zone 130 – 140 m | 44.2 | 46.3 | 2.1 | Moderate to intense patchy to pervasive potassic,patchy chloritic, sericitic facture infill alteration | Disseminated and blebby pyrite, finely disseminatedchalcopyrite |
AM-23-01 | 4 Zone 130 – 140 m | 138.6 | 148.1 | 9.5 | Varying intensity of chloritic, potassic, prehnitic andsericitic alteration | Disseminated, fracture infills, patchy and blebbypyrite, chalcopyrite, molybdenite and bornite |
AM-23-02 | 4 Zone 120 – 130 m | 118.2 | 118.8 | 0.6 | Weak to strong chlorite, sericite and potassicalteration | Disseminated pyrite and bornite; massive chalcopyriteveinlet |
AM-23-02 | 4 Zone 120 – 130 m | 135.1 | 150.3 | 15.2 | Varying intensity of potassic, prehnitic and sericiticalteration | Disseminated, patchy, and blebby pyrite, chalcopyriteand bornite |
AM-23-03 | 4 Zone 160 – 170 m | 107.3 | 110.3 | 3 | Moderate potassic, chloritic and sericiticalteration | Pyrite, chalcopyrite and bornite within <1cmveinlets |
AM-23-03 | 4 Zone 160 - 170 m | 160.4 | 167.3 | 6.9 | Moderate to strong intensity of sericiticalteration | Disseminated, patchy and veinlets of pyrite,chalcopyrite, and bornite. |
AM-23-04 | 4 Zone 30 – 35 m | 29.1 | 33.8 | 4.7 | Varying intensity of chloritic, potassic and prehniticalteration | Disseminated pyrite, chalcopyrite and bornite |
AM-23-05 | 4 Zone 35 – 40 m | 28.0 | 41.3 | 13.3 | Varying intensity of potassic, sericitic and prehniticalteration | Disseminated, patchy, stringers pyrite, chalcopyriteand bornite |
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.), 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, receipt of assays from the five drill holes, otherstatements relating to the technical, financial and business prospectsof the Company, its projects and other matters . All statements in this news release, other thanstatements of historical facts, that address events or developmentsthat the Company expects to occur, are forward-looking statements.Although the Company believes the expectations expressed in suchforward-looking statements are based on reasonable assumptions, suchstatements are not guarantees of future performance and actual resultsmay differ materially from those in the forward-looking statements.Such statements and information are based on numerous assumptionsregarding present and future business strategies and the environmentin which the Company will operate in the future, including the priceof metals, the ability to achieve its goals, that general business andeconomic conditions will not change in a material adverse manner, thatfinancing will be available if and when needed and on reasonableterms. Such forward-looking information reflectsthe Company’s views with respect to future events and is subject torisks, uncertainties and assumptions, including the risks and uncertainties 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, adverseweather conditions, failure to maintain all necessary governmentpermits, approvals and authorizations, failure to 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) 2023 TheNewswire - All rights reserved.