News Release - Vancouver, British Columbia – TheNewswire - October 31, 2024: GSP Resource Corp. (TSX-V: GSPR / FSE: 0YD) (the “Company” or “GSP”) announces that diamond drilling has commenced at the Alwin Mine Copper-Silver-Gold Project (the “Alwin Property”).  The drill program currently underway is expected to consist of 6 to 8 diamond drill holes and is designed to expand the shallow, open pit mineralization potential of the recently completed exploration target block modelling exercise.

 

The recently completed exploration targeting modelling and conceptual open pit and stope optimization exercise (see GSP Resource Corp. news releases dated October 2, 2024 and October 15, 2024) resulted in new high priority drill targets proximal to the conceptual open pit shell.  The targets have the potential to expand existing zones of, previously, poorly delineated high-grade copper mineralization (Figure 1).

 

The drill program is advancing the Alwin Mine project utilizing the results of GSP’s recently developed exploration model.  The company has been able to prioritize expansion targets relative to their potential to be accretive to the modelled mineralization as constrained by the conceptual open pit shell.  It is important to note that historic mining at Alwin focused on high-grade copper shear zones having width and grade characteristics sufficient to support relatively higher cost underground mining.  The development of the conceptual open pit shell has now provided for the identification of a broader range of near-mine mineralization targets that had not been fully evaluated, historically.

 

High-priority drill targets include 10+ near surface exploration targets along strike and within the hangingwall and footwall of the Alwin copper-silver-gold shear system.

 

Highlights of New Alwin Mine Drill Targets:

 

• Western strike extension, targeting historic drill hole S-81-6 that intersected thick overburden and an intensely clay-kaolin altered granodiorite fault zone over a 10-metre core interval along the western projection of the Alwin Mine trend (2 Zone and 6 Zone) for which no assays are recorded.  

 

• Eastern strike extension, targeting untested near surface projection of high-grade shear vein (4 Zone) historically exploited on multiple underground sublevels and intersected in historic drill hole 67-28 that returned assays 13.4 metres averaging 2.1% copper; including 6 metres of 3.8%1.  

• Southern footwall, targeting relatively untested in pit secondary shear veins (South 2 Zone) returning 2 metres averaging 4.4% copper in drill hole 68-45; and 1.8 metres averaging 3.2% copper in drill hole AM-21-02.  

 

• Northern hangingwall, targeting relatively untested in pit secondary shear veins (8 Zone) 

 

Figure 1: Oblique View of Alwin Mine High Priority Drill Targets, Conceptual Pit Shell and Stope Modelling (blue), historic underground development (navy blue), and backfilled stopes (red)

 

Click Image To View Full Size

 

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).

 

Methodology and QA/QC

 

The analytical work reported on herein related to historic drilling was performed by the Bethlehem Copper Corporation Ltd. analytical laboratories, Ashcroft, BC.  Analytical techniques and quality assurance/quality control (QA/QC) measures employed at the time are not known, however the Qualified Person has reviewed extensive original documentation held by GSP including copies of original drill logs, assay summary tables, underground drill sections, and original analytical certificates.  All individual sources were in agreement. GSP Resource Corp. is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.

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.

 

For more information, please contact:

 

Simon Dyakowski, Chief Executive Officer & Director

Tel: +1 (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, completing ongoing and planned work, develop new drill targets at the Alwin Property, carrying out future exploration work on the Company’s projects, 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 or climate conditions, failure to maintain all necessary government permits, approvals and authorizations, failure to obtain or 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.

1 True width estimated to be 60-80% of the drilled interval.