(TheNewswire)
Vancouver, British Columbia – TheNewswire - August 24, 2023: GSPResource Corp. ( TSXV:GSPR ) (the “ Company ” or“ GSP ”) announces the results of an updated 3D vein modeling ofcopper mineralization at the Alwin Mine Project (the “AlwinProperty”), located in the Highland Valley Copper Camp of BritishColumbia.
The initial 3D copper mineralization model integratedover 4,000 individual copper assays from more than 450 historicdiamond drill holes for which results are available combined with morerecent 2008, 2020 – 2021 drilling ( see the Company’s news release datedMarch 14, 2023 ). Based on these data, coppergrade shells were generated via implicit modelling guided bystructural trend surfaces based on the geometry of historically minedhigh-grade copper zones ( seethe Company’s news release dated April 17, 2023 ).
The updated interpretation incorporates recent diamonddrilling, further refines the 3D geometry of the known historic zonesand has resulted in the identification of additional mineralized zonesnot previously modelled (Figure 1).
Highlights ofupdated 3D copper mineralization vein model:
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Updated 3D model constrained by downhole compositedassays of copper mineralization vein intervals along structural trendsbased on the known 5 historic sub-vertical vein zones;
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Potentially underground mineable high-grade copperfocused 3D model utilizes minimum 1.5 m downhole assay composites andgreater than 0.5% copper (Cu) cut-off to isolate high-grade copperzones demonstrating increased continuity;
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Three (3) new copper mineralization vein zonesidentified that warrant follow up drill testing located to the south,northwest and at depth of known historic mineralizationzones.
Historical diamond drill interceptsfrom three new copper zones include:
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Southzone
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Northwestzone
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Intersected in holes 67-19, 75-17
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67-19 (surface): 2.8% Cu over 2.0m from 67.1 m
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75-17 (underground): 1.3% Cu over1.6 m from 31.6 m
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Deep Zone
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Two zones intersected historically in hole SS-73-8 (surface)
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4.3% Cu over 0.9 m from 325.8 m
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1.4% Cu over 2.1 m from 351.4 m
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The updated 3D copper mineralization vein model willguide the prioritization of targets in the upcoming diamond drillprogram planned for Fall 2023. Historic drilling was primarily assayedfor copper and had limited assay results for gold, and silver. Recent2020 – 2021 drilling including 3.4% Cu, 40 grams-per-tonne (g/t)silver (Ag) over 6.4 m within dill hole AM-21-01A, and 10.4 g/t gold(Au), 1.2% Cu over 1.6 m within AM-21-08B highlights the polymetallicpotential for zones to include gold and silver mineralization( see the Company’s newsrelease dated April 17, 2023 ). The Company plansa diamond drilling program of approximately 1,200m to 1,500m to test 4to 6 targets (200 to 300 m per drill hole), subject to availablefunds.
Figure 1: AlwinMine 3D Compilation Showing >1.5% Copper Mineralization Vein Modeland Potential 2023 Drill Targets (oblique view looking southwest)
GSP’s President & CEO, Simon Dyakowski,commented: “The updated 3Dcopper mineralization vein model for the high-grade past producingAlwin Copper-Gold Mine once again points to the potential forexpansion and discovery of additional copper and polymetallic zones.The broad extent of polymetallic mineralization at Alwin represents asignificant exploration upside and requires confirmation drilling ofknown zones and testing of potential new zones identified to thenorthwest, south and at depth of the historic mine area. We lookforward to prioritizing drill targets for our proposed upcomingdiamond drill program in Fall 2023.”
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, prospective drill program (including the size of the planneddrill program) and potential drill targets, 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 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 conditions, failure to maintainall necessary government permits, approvals and authorizations,failure to maintain community acceptance (including First Nations),decrease in the price of copper, gold, silver and other metals,increase in costs, litigation, and failure of counterparties toperform their contractual obligations. TheCompany does not undertake to update forward?looking statements orforward?looking information, except as required by law.
1 The estimated true widthof mineralization in historic drilling approximately 40-50% of thedrilled length.
2 See the Company’s News Release dated October 21,2021
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