(TheNewswire)
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Historic exploration work discoveredshallow copper mineralization
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Historic shallow drilling included30m averaging 0.53% Cu and 21 m averaging 0.51% Cu
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High priority for follow upexploration during upcoming field season
News Release - Vancouver, BritishColumbia – TheNewswire - April 16, 2024: GSP Resource Corp. ( TSX-V: GSPR / FSE: 0YD ) (the“ Company ” or “ GSP ”) announces that it has entered into anarm’s length acquisition agreement with Dylan Adam (the“ Agreement ”) to acquire a 100% interest in the Mer Claims in theHighland Valley Copper Camp of British Columbia. The two Mer claimsare comprised of 185 hectares in the Kamloops Mining Division. Theclaims are situated approximately 1.5km NW of GSP’s Alwin MineProject and are surrounded by Teck Resource’s Highland Valley Copperclaim group directly west and south of the Highland Valley CopperMine’s active operations 1 (seeFigure 1 below).
Terms of the acquisition for 100% of the Mer claims area $10,000 cash payment and the issuance of 100,000 commons shares ofGSP within 10 days of TSXV Exchange acceptance of the Agreement. Theseller of the claims will retain a 1.0% Net Smelter Return(“ NSR ”) Royalty with a buyback option for the Company ofC$500,000. All GSP common shares issuedpursuant to the Agreement will be subject to a hold period of fourmonths and one day from the closing date.
The Mer Claims host a copper exploration target zonelocated NW of the Company’s Alwin Mine High grade copper-silver-goldtarget zone.
Simon Dyakowski, President & CEO of GSP Resourcecommented: “We are verypleased to enter into this agreement to acquire the only remainingground within the Highland Valley Copper camp near our flagship AlwinMine High Grader Copper-Silver-Gold project. The Mer claims areunderexplored having seen limited drilling in the 1960’s and1970’s discovering shallow copper mineralization. Over the comingweeks, we look forward to integrating the Mer claim group into ourAlwin Mine Copper Project 2024 field season explorationplans.”
About the Mer Claims:
The Mer Claims were the subject of intensiveexploration by the Cleveland Ming & Smelting Co. Ltd. between theyears 1965 and 1971. During that time exploration within the currentMer and surrounding claims now held by Teck Highland Valley CopperCorporation comprised geochemical and IP/resistivity geophysicalsurveys, geologic mapping, bulldozer trenching, completion of 16percussion drill holes totaling 610 metres (m), and a single 150 mdiamond drill hole targeting the Mer showing.
Percussion and diamond drilling were reported to definea 70 x 120 metre northeast trending porphyry copper-molybdenum zonecharacterized by disseminated chalcocite, chalcopyrite, bornite andmolybdenite mineralization and associated biotite and sparse potassicalteration.
At the Mer showing, percussion drill holes 1, 3, 15,and 16, forming a 70 x 40 m diamond pattern in plan returned values of 9 m averaging 0.47% copper(Cu); 30 m averaging 0.53% Cu; 15 m averaging 0.50% Cu; and 21 maveraging 0.51% Cu 2 respectively, commencing at downhole depths ranging from 6to 18 m.
A single diamond drill hole was centered on thepercussion drill holes and intersected a zone of chalcocitemineralization within biotite and potassic altered granodioriteintrusive rocks averaging 0.29% Cu over 24 m from a downhole depth of 9m. The zone of mineralization remains open to the north andwest.
No significant exploration has been reported withinthis project since the initial work programs ending in the early1970’s. Given the presence of drill confirmed porphyrycopper-molybdenum mineralization, a location 6 kilometers west of theValley Pit at Teck Resource Limited’s Highland Valley CopperOperations, and its position with the Chataway and Guichongranodiorite phases of the Guichon Batholith the Mer Project is a highpriority for follow up exploration.
Figure 1: Mer and Alwin Mine Claims– Highland Valley Copper Camp
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:
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, the closing of the acquisition of the Mer Claims, carryingout future exploration work on the Company’s projects, otherstatements relating to the technical, financial and business prospectsof the Company, its projects and other matters .All statements in this news release, other than statements ofhistorical facts, that address events or developments that the Companyexpects to occur, are forward-looking statements. Although the Companybelieves the expectations expressed in such forward-looking statementsare based on reasonable assumptions, such statements are notguarantees of future performance and actual results may differmaterially from those in the forward-looking statements. Suchstatements and information are based on numerous assumptions regardingpresent and future business strategies and the environment in whichthe Company will operate in the future, including the price of metals,the ability to achieve its goals, that general business and economicconditions will not change in a material adverse manner, thatfinancing will be available if and when needed and on reasonableterms. Such forward-looking information reflects the Company’s viewswith respect to future events and is subject to risks, uncertaintiesand assumptions, 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 or climate conditions, failure tomaintain all necessary government permits, approvals andauthorizations, failure to obtain or maintain 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.
1 Mineralization presentwithin Teck Resources Highland Valley Operations is not necessarilyindicative of GSP Resources Corp. properties.
2 All drill holes areassumed to be vertical, and the true width of mineralization itunknown.
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