(TheNewswire)
News Release - Vancouver, BritishColumbia – TheNewswire - October 19, 2023: GSP Resource Corp. ( TSXV:GSPR ) (the “ Company ” or“ GSP ”) announces that a drilling company has been contractedand field crews have mobilized for the Fall 2023 exploration programat the Alwin Mine Project (the “ Alwin Property ”). The planned Fall 2023 exploration program( see the company’s news release datedSeptember 11, 2023 ) will include 5 to 6 diamond drill holes designed to targetpotential extensions of known high grade copper zones at the AlwinProperty located in the Highland Valley Copper Camp of BritishColumbia. The exploration program will commence with a detailedground magnetic survey to define mineralization host structures whichwill aid in further refining the drill targets.
During October 2022, GSP engaged APEX Geoscience Ltd.to review and compile geological data from drill logs of more than 450historic surface and underground diamond drill holes from the 1960s– 1980s. The historic drilling along with more recent 2008, 2020– 2021 drilling represents a final integrated geological dataset ofdrill holes covering an area over 500 m strike length, 100 m wide, toa depth of 300 m ( see theCompany’s news releases dated March 14, 2023, April 17, 2023 andAugust 24, 2023).
Utilizing the 3D copper mineralization model developedthrough the integration of these assay results, that included acomprehensive visualization of the geometry of 5 high gradecopper-gold zones that were the subject of historic development andmining activities of the late 1960’s – early 1980’s and mid1990’s, new drill targets were identified for the Fall 2023campaign.
During Q2 and Q3 of 2023 GSP advanced explorationpermitting by submitting its Multi-Year Area Based (MYAB) annualupdate and 2023 exploration plan for upcoming work for approval.Subsequently, the BC Ministry of Energy, Mines & Low CarbonInnovation (BC MEMLCI) completed two (2) site visits in May and August2023 at the Alwin Mine project. The site visits resulted in theapproval of the Company’s 2023 drilling plans. In addition, the 2021permit allows drilling at the Alwin Project until June 2026.
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 hasverified the data disclosed, which includes a review of the sampling,analytical and test data underlying the information and opinionscontained herein. Mineralization hostedon nearby properties is not necessarily indicative of mineralizationthat may be hosted 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, prospective drill program (including the size of theintended drill program), magnetic survey and results andinterpretations therefrom, potential drill targets and the objectives,drill results, 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.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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