(TheNewswire)
Vancouver, British Columbia / TheNewswire / March 26, 2024: GSPResource Corp. ( TSX-V:GSPR ) (the “ Company ” or“ GSP ”) reports the assay results of surface rock grab samplingand the results of ground geophysical surveys at the Alwin MineCopper-Silver-Gold Project (the “Alwin Property”). The resultsof surface rock grab sampling, which includes a sample from the historic 3 Zone that returned 11% Cu(copper) and 0.65 g/t (grams-per-tonne) Au (gold) , and the identification of magnetic low structurallineaments hosting polymetallic mineralization, point the way toenhanced drill targeting for the 2024 exploration season.
The Company also announces that it has acquiredadditional historical exploration data for the Alwin Mine includingover 200 underground geological level plans, cross and longitudinalsections. The updated geological maps have recently been digitizedin preparation for addition to 3D mine planning software and will beinstrumental in the continued refinement of the Alwin Mine 3D models(geological and mineralization) that are expected to continue to drivenew discoveries in 2024.
The 3D modeling work completed by the Company,including digital capture of over 50,000 meters of surface andunderground diamond drilling, has already resulted in explorationsuccess the with recent the fall 2023 diamond drill program thatyielded some of the highest grades of copper and precious metalsdrilled at the Alwin Property in the project’s history. Significantly, drillhole AM23-01 intersected 2.42% Cu, 47 g/t Ag, and 0.57 g/t Au over12.8 m (3.14%copper-equivalent, CuEq) ; including 5.7 m averaging 5.21% Cu, 103 g/t Ag and1.22 g/t Au (6.77 CuEq) ( see GSP Resource Corp. news release datedFebruary 20, 2024 ).
GSP’s President & CEO, Simon Dyakowski,commented:
“With the Copper price recentlysurpassing US$4/pound, now is great time own a historic high-gradecopper mine in an area well suited for potential brownfielddevelopment. S&P Global market Intelligence projects that annualglobal copper demand will nearly double to 50 million tonnes by 2035. Last year, global copper mine production sat at approximately 22million tonnes, short of even the current demand.
The recent surface assay resultsverify and confirm the presence of exceptionally high-grade coppervalues at surface, reaffirming the potential of the historicmineralized zones targeted during past underground development.
Ground surveys have delivered amodern orientation survey over the known historic mineralized area.The magnetic response successfully delineated subsurface structuresthat host copper and polymetallic mineralization. Future geophysicaland geochemical surveys over a larger area of the Alwin Property areplanned to expand on the results to identify additional structureswith the potential to host mineralization.”
During the Fall 2023 exploration season, select grabsamples were collected from the surface expression of the historic 3Zone mineralized structure from previously unsampled trenchesexcavated in 1993 testing the surface expression of the historic 4Zone. (Figures 1 and 2; Table 1).
In addition to grab samples, an orientation groundgeophysical program totaling 6.6 line-kilometres was completed toprovide a detailed magnetic dataset and assessing potential responsesfrom very-low frequency electromagnetic (VLF-EM) at the AlwinProperty.
The magnetic survey (VerticalDerivative of magnetic dataset shown in Figure 1) provided an enhancedunderstanding of structures within the host Bethsaida granodioriteknown to control mineralization at the Alwin Mine. Linear magneticlows parallel to mineralized zones were observed. These magneticanomalies appear to correlate with drill core magnetic susceptibilitymeasurements, which showed fresh and less altered rocks yielded ahigher magnetic response than that of structural shears and veins thathost mineralization. An expanded program of ground geophysicalsurveys is being designed to expand the zone of mineralized structuresbeyond the limits of the Alwin Mine zone.
Figure 1. AlwinMine Plan Map – 2023 Ground Magnetics and Rock Grab Sample Locations
Figure 2. AlwinMine Mineralized Pit Sample 625453 (11% Cu, 0.65 g/t Au)
Table 1. Alwin2023 Rock Grab Sample Assay Results
Sample ID | Sample Description | Cu (%) | Au (g/t) | Ag (g/t) |
625451 | Historic 3 Zone, weathered, in-situ; softclay-sericite-mica altered shear structure | 0.83 | 0.11 | 5 |
625452 | Historic 3 Zone, less weathered vs -01, in-situ; at thewall rock; soft clay-sericite-mica altered shear structure | 0.60 | 0.07 | 7 |
625453 | Historic 3 Zone, weathered, in-situ;from offset sheared vein structure; blue-green copper minerals(azurite and malachite) | 11.2 | 0.65 | 13 |
625454 | Historic 4 Zone trench; soft clay-sericite-mica alteredshear | 0.26 | 0.08 | 10 |
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).
Methodology and QA/QC
The analytical work reported on herein was performed byALS Global (“ALS”), Vancouver, Canada. ALS is an ISO-IEC17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory andis independent of GSP Resource Corp. and the QP. Surface grab sampleswere subject to crushing at a minimum of 70% passing 2 mm, followed bypulverizing of a 250-gram split to 85% passing75 microns. Base and precious metals were determined via four-aciddigestion 33 element ICP-AES geochemistry, gold determined via 30-gramfire assay and ICP-AES, and overlimit values for copper (>10%) wereanalyzed via four-acid digestion ICP-AES or AAS. GSP Resource Corp.follows industry standard procedures for the work carried out on theAlwin Mine Project, with a quality assurance/quality control (QA/QC)program followed for the 2023 drilling. Due to the small number ofsurface grab samples collected, blank, duplicate, and standard sampleswere not inserted into the sample sequence. GSP Resource Corp. is notaware of any sampling, recovery, or other factors that couldmaterially affect the accuracy or reliability of the data referred toherein.
The ground geophysical survey grid comprised 14 lines,spaced 50 metres apart, oriented at 018-198 °with lines averaging 450 metres in length. Theground magnetic and VLF-EM geophysical survey were conducted using aGEM GSM-19V Overhauser magnetometer with a VLF attachment, withdiurnal correction provided by a second stationary base GEM GSM-19Vmagnetometer.
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, carrying out future exploration work on the Company’sprojects, other statements relating to the technical, financial andbusiness prospects of the Company, its projects and othermatters . All statements inthis news release, other than statements of historical facts, thataddress events or developments that the Company expects to occur, areforward-looking statements. Although the Company believes theexpectations expressed in such forward-looking statements are based onreasonable assumptions, such statements are not guarantees of futureperformance and 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 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, 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.
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