- 6 holes intersected “Alwin style” replacement copper sulphide mineralization
- GSP is now drilling to test deeper porphyry copper targets
VANCOUVER, British Columbia, Sept. 24, 2020 (GLOBE NEWSWIRE) — GSP Resource Corp. (TSX-V: GSPR) (FRA: 0YD) (the “Company” or “GSP”) is pleased to report that it has completed the first eight holes of the Phase 1 drill program at its Alwin Mine Copper-Silver-Gold Project. The initial eight holes of the program targeted shallow mineralization in the Alwin Mine #4 North east and #4 North west zones. The initial eight holes of phase 1 shallow drilling consisted of approximately 400 meters and 6 holes intersected both “Alwin style” replacement copper sulphide mineralization associated with structurally controlled sericite-quartz alteration zones and overprinting quartz vein/stockwork hosted copper sulphide mineralization. The first batch of samples from the phase 1 shallow program have been shipped to Bureau Veritas Mineral Laboratory for geochemical analysis. Results are anticipated in the next 6 to 8 weeks.
The drill has now been mobilized to test a deeper ‘porphyry copper’ style target 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 2008 holes also intersected smaller high-grade intersections within and outboard of these.1 The current deep drill hole is expected to total at least 600 meters, and GSP maintains the financial flexibility to expand this program by testing additional deep targets if it decides to.
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 historic 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).
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. Mineralization hosted on nearby properties is not necessarily indicative of mineralization that 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 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, receipt of assays, additional drilling 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, decrease in the price of copper and other metals, 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.
1 Please see San Marco Resource Inc. News Release Dated September 8, 2008 available on SEDAR (www.sedar.com)