News Release - Vancouver, British Columbia – TheNewswire - November 22, 2023: GSP Resource Corp. (TSXV:GSPR) (the “Company” or “GSP”) announces the successful completion of its surface diamond drill program at the Alwin Mine project (the “Alwin Property”).  The 2023 drill program consisted of 5 drill holes and was designed to target potential extensions of known high grade copper zones at the Alwin Property located in the Highland Valley Copper Camp of British Columbia.

 

All five 2023 drill holes exhibited visual sulphide mineralization intervals interpreted to be part of or adjacent to the historic 4 Zone (Table 1; Figures 1, 2).  Observed pyrite, chalcopyrite, bornite, and molybdenite mineralization exhibited structurally controlled (in the form of mm to cm-scale vein sets, fracture, and fault infill), as well as fine to coarsely disseminated, domanial and blebby textures.

  

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Figure 1 AM-23-03 from 159.37 - 170 m exhibiting pyrite, chalcopyrite, and bornite mineralization and sericitic alteration

      

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Figure 2 AM-23-004 from 28.55 – 34.25 m exhibiting disseminations and veining of pyrite, chalcopyrite and bornite mineralization within intensely altered granodiorite

 

GSP’s President & CEO, Simon Dyakowski, commented: “Our team is excited to share the preliminary results of the 2023 drill program.  We look forward to providing further updates as we receive analytical assay results for the five 2023 drill holes.  The primary objective of the 2023 drill program was to drill test the Alwin 3D copper mineralization vein model recently developed for the high-grade past producing Alwin Copper Mine with a focus on evaluating the upper and lower extents of the unmined historic 4 Zone. The potential to further expand the multiple parallel polymetallic mineralization zones at Alwin remains a significant exploration upside that requires further confirmation drilling.  Potential new zones previously identified from historic drill holes to the northwest, south and at depth of the historic mine area remain untested and will be targeted with additional drilling in 2024.”

 

A total of 5 HQ-size diamond drill holes were completed totaling 640 metres.  Drilling was completed from three sites along a strike length of approximately 100 m including the upper and lower levels of the 4 Zone (Figure 3; Table 1).  Drill core samples included implementation of Quality Assurance & Quality Control (QA/QC) procedures including the insertion of blanks, standards and core duplicates at regular intervals into the sample stream. Drill core samples were submitted to ALS Global Labs in North Vancouver and results will be released once available.

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Figure 3: Plan Map of Surface Expression of Alwin Mine 3D Compilation Showing >1.5% Copper Mineralization Vein Model and 2023 drill hole locations

 

Table 1 Alwin 2023 Core Drilling Significant Mineralization and Alteration

 

Hole ID	Target (m below surface)	From (m)	To (m)	Drilled Interval (m)	Alteration	Mineralization
AM-23-01	4 Zone 130 – 140 m	44.2	46.3	2.1	Moderate to intense patchy to pervasive potassic, patchy chloritic, sericitic facture infill alteration	Disseminated and blebby pyrite, finely disseminated chalcopyrite
AM-23-01	4 Zone 130 – 140 m	138.6	148.1	9.5	Varying intensity of chloritic, potassic, prehnitic and sericitic alteration	Disseminated, fracture infills, patchy and blebby pyrite, chalcopyrite, molybdenite and bornite
AM-23-02	4 Zone 120 – 130 m	118.2	118.8	0.6	Weak to strong chlorite, sericite and potassic alteration	Disseminated pyrite and bornite; massive chalcopyrite veinlet
AM-23-02	4 Zone 120 – 130 m	135.1	150.3	15.2	Varying intensity of potassic, prehnitic and sericitic alteration	Disseminated, patchy, and blebby pyrite, chalcopyrite and bornite
AM-23-03	4 Zone 160 – 170 m	107.3	110.3	3	Moderate potassic, chloritic and sericitic alteration	Pyrite, chalcopyrite and bornite within <1cm veinlets
AM-23-03	4 Zone 160 - 170 m	160.4	167.3	6.9	Moderate to strong intensity of sericitic alteration	Disseminated, patchy and veinlets of pyrite, chalcopyrite, and bornite.
AM-23-04	4 Zone 30 – 35 m	29.1	33.8	4.7	Varying intensity of chloritic, potassic and prehnitic alteration	Disseminated pyrite, chalcopyrite and bornite
AM-23-05	4 Zone 35 – 40 m	28.0	41.3	13.3	Varying intensity of potassic, sericitic and prehnitic alteration	Disseminated, patchy, stringers pyrite, chalcopyrite and bornite

About the Alwin Mine Project: 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 historic underground mine was developed over 500 m long by 200 m wide by 300 m deep. Production took place between 1916 to 1981 from five major subvertical high-grade copper mineralization zones totaling 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.

 

The Alwin Property is adjacent with 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 from the Highland Valley mine onto the Alwin property (see GSP’s news release dated January 30, 2020).

 

Qualified Person:  The scientific and technical information contained in this news release has been reviewed and approved by Kristopher J. Raffle, P.Geo. (B.C.), principal and consultant of APEX Geoscience Ltd. of Edmonton, AB, a consultant to the Company and a “qualified person” as defined in National Instrument 43-101 — Standards of Disclosure for Mineral Projects. Mr. Raffle has verified the data disclosed, which includes a review of the sampling, analytical and test data underlying the information and opinions contained herein. 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, 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 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 from the five drill holes, 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 filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. 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, failure to maintain community acceptance (including First Nations), decrease in the price of copper, gold, silver and other metals, 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.