• 3D interpretation will help target shallow, high-grade copper mineralization initially
• GSP has also applied for permits to test deeper porphyry targets
VANCOUVER, British Columbia, July 23, 2020 (GLOBE NEWSWIRE) — GSP Resource Corp. (TSX-V: GSPR) (the “Company” or “GSP”) is pleased to report that the 3-dimensional digital model of the shallow unmined portion of the #4 north zone of the Alwin Mine has been completed. The data sources for the model included sectional and plan information from past operators of the mine from 1967 to 2008. GSP intends to utilize this data in final planning and implementation, once permitting has been completed, of the upcoming shallow drilling program to both confirm historic intersections and improve definition of the zones as a prelude to developing a potentially open pit mineable resource.
3D Model Highlights – #4 Zone:
The 3D digital model focused on the Alwin Mine #4 north zone that consists of 2 major sub-zones:
- #4 North east zone – The largely unmined upper portion of the #4 North east zone which has been modeled as a 140 meter long by 75 meter high west trending subvertical body. The average thickness of the #4 south zone with a 1.0 % copper cutoff is 3.2 meters.
- #4 North west zone – The largely unmined portion of the WNW striking upper #4 North west zone occurs north of and west of the 4 South zone, is 100 meters long, 50 meters high and is also subvertical. It has an estimated average width of 3.2 meters at a 1.0 % copper cutoff.
Image Link: Alwin #4 Zone Long Section
Image Link: Alwin #4 Zone Plan View
Image Link: Alwin #4 Zone Horizontal WSW
Image Link: Alwin #4 Zone Scaled
Both zones are associated with smaller subparallel zones and occasional lower grade but wider zones such as near true width 7.6 meters intersection grading 1.1 % copper in a 1993 trench over the top of the 4N zone and 4S zone intersections grading 2.2% copper over a horizontal (near true) width of 5.5 meters in historic hole 67-28 near the east end, and 3.49% copper over a near true horizontal width of 4.3 meters in historic hole U-348 near its west end. Both intersections are only 30 meters from surface. Both upper portions overlie stopes but their lower portions extend for at least another 150 meters with various amounts of mining completed.
In addition to the upcoming shallow drilling program, the Company is also permitting for a deep drilling program and deep sensing IP to test beneath 2008 holes 5 and 6 which intersected 0.28% copper over a core width of 21.1 meters and 0.44% copper over a core width of 13.4 meters, respectively. Both holes also intersected smaller high-grade intersections within and outboard of these.1
GSP also expects to follow up on San Marco Resources Inc.’s 2008 drill hole 4a which intersected 19.6 meters grading 1.51% copper including a partial 3.6 meter intersection (2.2 meter true width) grading 6.34% copper, 121 g/t silver and 2.8 g/t gold in the #4 South zone. The 2008 drill hole 4a was terminated at the end of this intersection in then unmapped mine workings now interpreted to be the decline to the deep, partially mined portions of the #4 South zone.
GSP Resource Corp. President & CEO Simon Dyakowski commented: “The completion of the initial Alwin Mine 3D model allows GSP to efficiently target shallow mineralization in the Alwin Mine #4 North east and #4 North west zones with a goal to establishing a foundation for further study of a potentially open pit mineable resource through infill and confirmation drilling. The model data will also be instrumental in targeting deeper mineralization encountered in drilling by previous operators where contact with unmapped old mine workings prevented drill testing the full extent of potential mineralization.”
The Alwin Mine Copper-Silver-Gold property is approximately 575.72 hectares and is located on the semi-arid, interior plateau in south-central British Columbia. The underground mine, which was developed over a 500 meters long by 300 meters deep by 150 meters wide area produced from 1916 to 1981 from six major subvertical zones 233,100 tonnes that milled 3,786 tonnes of copper, 2,729 kilograms of silver and 46.2 kilograms of gold. Gold and silver content associated with bornite increase with depth within the individual mineralized zones.
The property also hosts several incompletely explored deep porphyry copper exploration targets to the north and west of the mine. It is adjacent to the western boundary of Teck Corporation’s Highland Valley Mine, the largest open-pit porphyry copper-molybdenum mine in western Canada. Alteration and mineralization of the Highland Valley hydrothermal system extends westward onto the Alwin property (see GSP’s news release dated January 30, 2020).
1 Please see San Marco Resource Inc. News Release Dated September 8, 2008 available on SEDAR (www.sedar.com)
Qualified Person: The scientific and technical disclosure contained in this news release has been reviewed and approved by Leopold J Lindinger, P. Geo, a consultant of the Company and a “Qualified Person” as that term is defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Lindinger verified the data disclosed which includes a review of the analytical and test data underlying the information and opinions contained therein.
About GSP Resource Corp.: GSP Resource Corp. is a mineral exploration & development company focused on projects located in Southwestern British Columbia. The Company has an option to acquire a 100% interest and title to the Alwin Mine Copper-Gold-Silver Property in the Kamloops Mining Division, as well as an option to acquire 100% interest and title to the Olivine Mountain Property in the Similkameen Mining Division.
Contact Information – For more information, please contact:
Simon Dyakowski, Chief Executive Officer & Director
Tel: (604) 619-7469
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, future exploration work on the Company’s projects, obtaining permits, improving the definition of the zones on the Alwin property, other statements relating to the technical, financial and business prospects of the Company, its projects and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR at www.sedar.com. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather conditions, failure to maintain all necessary government permits, approvals and authorizations, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, failure to maintain community acceptance (including First Nations), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.