GSP Resource Corp. (
TSX-V: GSPR) (
FRA:
0YD) (the “
Company” or
“
GSP”) announces initial diamond drill results
from the Summer 2021 drilling program at the Alwin Mine project
(the “
Alwin Property”) located in the Highland
Valley Copper Camp of British Columbia.
Five holes totalling 1,439 meters were completed
to test the bulk tonnage Copper potential of unmined mineralization
within and surrounding the historic Alwin mine. Complete analytical
results for holes AM21-1 and AM21-3 have been received and
analyzed, and results from holes AM21-2, AM21-4, and AM21-5 are
expected to be received within the next four weeks.
Drill Highlights:
- Hole
AM21-01 – 0.28% CuEq (0.21% Cu) over 158.5 m, including:
- 0.48%
CuEq (0.36% Cu, 0.2 gpt Au, 5.7 gpt Ag) over 79.4m
- 1.60%
CuEq (1.19% Cu, 0.7gpt Au, 20.8 gpt Ag) over 21.1m
- 4.66 %
CuEq (3.50% Cu, 2.4gpt Au, 39.6 gpt Ag) over 6.4m
- 6.15%
CuEq (4.42% Cu, 3.5gpt Au, 92.8 gpt Ag) over 4.4 m
Figure 1: Map of GSP Alwin Project and
Highland Valley Copper (Valley Pit)
Link to Map of GSP Alwin Project and
Highland Valley Copper (Valley Pit)
Hole AM21-01 was targeted to
intersect an unmined portion of the historic 4 South zone. The hole
was collared from the south of the Alwin deposit near its known
eastern extent and successfully intersected portions of several
known and previously unrecognized copper mineral zones.
Highlight intersections include the targeted
4South zone grading 4.42% copper, 3.5 gpt gold, 92.8 gpt silver,
and 0.14 ppm rhenium (6.15% CuEq) over a drilled width of 4.4m. Up
hole from the 4South zone, drill hole AM21-01 intersected a
post-Alwin Highland Valley style quartz vein stockwork copper zone
grading 0.133% copper and 0.204% copper equivalent over a 32.3m
drilled width from 102.7m to 134.0m. Similar mineralization was
intersected in hole 20-10D some 250 m to the west (please see news
release date March 2, 2021).
Extensions of the 4North zone were intersected
at depth that graded 0.13% copper equivalent over 12.9 meters. The
hole returned an overall bulk tonnage 158.5m width grading 0.284%
CuEq from both Alwin and Highland Valley style mineralization.
Link to section view of hole
AM21-01A
Hole AM21-03 was collared 200m
west southwest of hole AM21-01 and drilled northeastward to a deep
unmined target of the historic #3 zone. The intersection is
approximately 100 metres southwest from the hole 1 target but 50
metres deeper. The hole steepened more than expected and the
primary target was undercut.
Link to section view of hole
AM21-03
GSP President & CEO Simon Dyakowski,
commented:
“Initial results of GSP’s Summer drilling
program continue to support a shallow bulk tonnage deposit model at
Alwin. We are also encouraged by the presence of Gold and Silver in
the drill core, which represent some of the highest grades of
precious metals drilled in the Highland Valley Camp to date. The
Alwin Mine project’s location adjacent to Teck Resource’s Highland
Valley Mine operations, including its favourable elevation and
hill-top topography, make the project a compelling open pit target.
The broad bulk tonnage grade copper intersections encountered in
hole 1 compare favourably to the average grade of the mineral
resources reported at the adjacent Highland Valley Mine and provide
GSP with the confidence to continue pursuing Alwin for its
potential as bulk tonnage deposit.”
GSP’s Summer 2021 drilling program focused on a
300m by 100m by 250m+ deep portion of the Alwin “replacement-style”
copper deposit. The style of mineralization is observed as
subvertical individual, or multiple and closely spaced, subparallel
in-situ muscovite-quartz-sericite wall rock replacement zones. On a
mine scale, the zones form a rough conjugate partially interlocking
system with subvertical WNW and WSW zones. Individual zones average
100 to 150 metres long by up to 250 metres vertical and zones can
reach 10 metres thick grading over 4% copper.
Table 1: Assay intervals for holes
AM21-01A & AM11-03
2021 DRILLING SUMMARY RESULTS |
Hole |
|
FROM (M) |
TO (M) |
DRILLED LENGTH (M) |
EST. TRUE WIDTH (M) |
% Cu |
Au gpt |
Ag gpt |
% CuEq |
AM21-01 |
|
102.7 |
261.2 |
158.5 |
111.0 |
0.21 |
|
|
0.28 |
AM21-01 |
INCL |
102.7 |
134.0 |
32.3 |
20.9 |
0.13 |
|
|
0.20 |
AM21-01 |
INCL |
181.9 |
261.2 |
79.4 |
55.6 |
0.36 |
0.2 |
5.7 |
0.48 |
AM21-01 |
INCL |
181.9 |
202.9 |
21.1 |
14.7 |
1.19 |
0.7 |
20.8 |
1.60 |
AM21-01 |
INCL |
187.1 |
193.5 |
6.4 |
4.4 |
3.50 |
2.4 |
39.6 |
4.66 |
AM21-01 |
INCL |
187.1 |
191.5 |
4.4 |
3.1 |
4.42 |
3.5 |
92.8 |
6.15 |
AM21-01 |
INCL |
249.3 |
262.2 |
12.9 |
8.0 |
|
|
|
0.13 |
AM21-03 |
|
|
|
|
|
|
|
|
|
AM21-03 |
|
8.5 |
72.9 |
64.4 |
39.3 |
0.07 |
|
|
0.09 |
AM21-03 |
INCL |
40.4 |
44.2 |
3.8 |
2.3 |
0.53 |
|
|
0.65 |
AM21-03 |
|
208.5 |
212.1 |
3.6 |
2.1 |
0.44 |
0.48 |
|
0.81 |
AM21-03 |
|
265.4 |
271.4 |
6.0 |
3.8 |
0.16 |
|
|
0.23 |
Percent Copper equivalent grades are calculated from analyzed or
assayed Copper results at $4.20/lb ($10.856/kg) X the Estimated
True Width + sampled density divided by an average density of
2.655+ Gold result at $1750 oz ($51082.21/kg)+ Silver result at
$23.5/oz ($685.96/ kg)+ Molybdenum result at $19.5/lb ($50.7/kg)+
Rhenium result at $1300/kg. 1% is 10,000 ppm or 1,000,000 ppb. 1
oz/t = 34.2585 ppm (g/t). |
Figure 2: GSP Alwin Project 2021 Drill
Plan
Link to GSP Alwin Project 2021 Drill
Plan
Table 2: 2021 Drill Collar Information
HOLE-ID |
UTM EAST |
UTM NORTH |
ELEV M |
LENGTH M |
BEARING |
DIP |
AM21-01A |
635483 |
5593476 |
1649 |
295 |
330 |
-45.6 |
AM21-03 |
635319 |
5593395 |
1643 |
306 |
29 |
-46.4 |
In addition to the main “replacement style”
Alwin Mine target, the Alwin property hosts several incompletely
explored porphyry copper-molybdenum targets to the north and west
of the mine. The Alwin deposit’s known east end is less than 2.5 km
west of and 270 metres higher than the Valley pits west edge of
Teck Corporation’s Highland Valley Mine, the largest open-pit
porphyry copper- molybdenum mine in Canada. The Highland Valley
Mine had a reported 0.278% copper head grade according to a 2019
presentation
(https://www.teck.com/media/Teck-Highland-Valley-Copper-Site-Visit-2019-HVC-Presentation.pdf)
and Teck Resource’s 2020 Annual Information Form (“AIF”) filed on
SEDAR reports mineral reserves at the Highland Valley mine using a
0.09% CuEq cutoff grade.
About the Alwin Mine Project:
The 575.72 hectares Alwin Mine Copper-Silver-Gold property is
located on the semi-arid, interior plateau in south-central British
Columbia. The historic underground mine, which was developed over
500 meters long by 300 meters deep by 200 meters wide volume
produced from 1916 to 1981 from five major subvertical zones
233,100 tonnes that milled 3,786 tonnes of copper, 2,729 kilograms
of silver and 46.2 kilograms of gold. The average diluted head
grade was 1.5 % copper. Gold and silver content associated with
bornite increase with depth within the individual mineralized
zones.
Qualified Person: Exploration
activities at the Alwin mine project including QA-QC procedures and
protocols were designed by and supervised on site by the Company's
exploration consultant Leopold J. Lindinger, P.Geo. of Renaissance
Geoscience Services Inc. In accordance with National Instrument
43-101 Standards of Disclosure for Mineral Projects, Leopold J.
Lindinger, P.Geo. is the qualified person for the project and has
prepared, validated and approved the technical and scientific
content of this news release. The Company is attempting to adhere
to CIM best practices guidelines in conducting, documenting and
reporting the exploration activities on its projects. Mr. Lindinger
verified the data disclosed which includes a review of the
sampling, 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.
Quality Assurance -- Quality Control
(QA-QC) procedures: The QA-QC program was designed and
overseen by Leopold J. Lindinger, P.Geo.. and is designed to adhere
to exploration CIM best practice guidelines.
The core was delivered to on site secure core
processing facilities by the drillers. The core was then washed,
reassembled as best a possible, imaged, logged, and sampled. All
personnel involved in the core logging and sampling procedures were
independent of GSP or directly supervised by independent personnel.
They included employees of Renaissance Geoscience services Inc.,
Waldo Geological services and subcontractors supplies by GSP.
Sampling was completed by sawing or splitting the core in half. One
half was replaced in its former position and orientation in the
core box and the other in a prelabelled poly bag. In addition to
core, random blank or field standard material were inserted into
the sample stream. The blanks chosen were cement sand and massive
homogenous Tertiary basalt. The chosen standards were supplied by
CDN Resource Minerals Ltd. of Langley BC. Every run of 50 samples
had at least one blank and standard placed into the sample stream.
Several samples were ¼ split with the samples associated with
numerically significantly different sample tags. Most samples and
every well mineralized interval had at least one density
measurement taken. The material density measured was chosen by the
core logger as representative of the material in the sample.
Chain of Custody
procedures.
The prepared bagged drill core samples were
taken from the secure mine site by independent project personnel to
a truck loading point and delivered to Bureau Veritas Mineral
Laboratories (BV) analytical facility in Vancouver, B.C., for
preparation and analysis by independent bonded trucking company
Overland West.
Laboratory qualifications and
independence
The BV facility is accredited to the Bureau
Veritas system certification to internationally recognized
standards, including ISO 9001, ISO 14001, and OHSAS 45001 and is
independent of the Company and the qualified person. All analytical
methods include quality control materials at set frequencies with
established data acceptance criteria. The entire sample is crushed
and 0.25 kilogram is pulverized. Analysis for gold is by 30-gram
fire assay fusion with atomic absorption finish with a lower limit
of 0.01 part per million and upper limit of 100 parts per million.
Analysis for silver is by 30-gram fire assay fusion with
gravimetric finish with a lower limit of five ppm and upper limit
of 10,000 ppm. A 0.5 gm subsample for all samples was submitted for
digestion using BV’s 46 element multi-acid –ICP- ES/MS package. All
samples are also analyzed using a 48-multielement geochemical
package by a four-acid digestion. Copper reporting over 5000 ppm
and silver reporting over 1 ppm are analyzed using their MA-401
package producing % copper, and ppm silver results. The Company
detected no significant QA/QC issues during review of the data.
Other than poor core recovery of some high grade intersections, the
Company is not aware of any drilling, sampling, or other factors
that could materially affect the accuracy or reliability of the
data referred to herein.
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. GSP also owns 100% of the Olivine Mountain Property in
the Similkameen Mining Division.
Contact Information - For more information,
please contact: Simon Dyakowski, Chief Executive Officer &
DirectorTel: (604) 619-7469 Email: simon@gspresource.com
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.
Forward-Looking Information
This news release contains “forward‐looking
information or statements” within the meaning of applicable
securities laws, which may include, without limitation, receipt of
assays, bulk tonnage potential of the Alwin project, 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 and
climate 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.
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