News Release - Vancouver, British Columbia – TheNewswire - May 22, 2024: GSP Resource Corp. (TSX-V: GSPR / FSE: 0YD) (the “Company” or “GSP”) provides an update related to ongoing advancement of the Alwin Mine Copper-Silver-Gold Project (the “Alwin Property”).  New modelling has, for the first-time, enabled 3D visualization of the shear vein system that hosts high-grade copper at Alwin and represents a significant leap in the Company’s ability to drive expansion and discover new zones of high-grade copper mineralization.

 

The APEX Geoscience Ltd. (“APEX”) resource modelling team has made significant progress in the geologic model development for the Alwin Project.  To date, APEX has georeferenced in 3D space a total of 70 historic underground level plans and cross sections, digitally captured this data comprising detailed underground mapping completed during mining operations between 1968 and 1979.  The modelling program has yielded over 18,000 mineralized polygons, 1,200 fault traces, and 300 structural strike and dip measurements (see Figure 1).

 

Anticipated workflow is progressing rapidly as follows:

 

•        3D georeferencing of historical geological plans and sections (COMPLETE)

•        Digitization of mineralized polygons, fault traces and point structure (COMPLETE)

•        Implicit 3D modelling of shear vein lodes, and fault planes (IN PROGRESS)

•        Validation of 3D underground development and mined stope volumes (IN PROGRESS)

•        Handoff of finalized geological, mineralization, and mine depletion models to APEX geostatistical and resource estimation team (PLANNED)

•        Exploration block modelling, conceptual pit shell and stope optimization (PLANNED)

 

The APEX team has now progressed to the domaining phase of the 3D modelling exercise, by assigning individual mineralized lode codes to the underground mapping strings and mineralized drill intercepts leading to the development of a series of structurally informed implicit modelled wireframes.  Refinement of the implicit model is currently underway, in parallel with analogous development of associated fault planes, and the development of a mined stope and development depletion model.

 

GSP reports that historic digital data capture and geological modelling completed to date has for the first-time enabled 3D visualization of a well-developed en-echelon shear vein system host to high-grade copper Alwin Mine.  The current interpretation indicates the presence of a subvertical East-West trending parent shear zone, within which steeply south dipping tension veins have developed.  The intersection of these features has produced steeply southeast plunging continuity of mineralization.

 

The APEX team is continuing to refine its interpretation of the geologic and structural model for the Alwin Mine, however the information currently available points to the prevalence of predictable shear-hosted vein geometries, which are expected to be readily targetable using structural geological principles.  This information represents a significant leap in the Company’s ability to develop high-conviction drill targets with meaningful potential to drive expansion and discover new zones of high-grade copper mineralization.

 

This work will build on the recent drilling campaign executed by GSP in late 2023 which returned significant high-grade mineralization including drillhole AM23-01 intersected 2.42% copper (Cu), 47 g/t silver (Ag), and 0.57 g/t gold (Au) over 12.8 m (3.14% copper-equivalent, CuEq); including 5.7 m averaging 5.21% Cu, 103 g/t Ag and 1.22 g/t Au (6.77% CuEq) (see GSP Resource Corp. news release dated February 20, 2024).

 

Figure 1: Updated Alwin Mine Shear System Model Showing Historic Underground Mapping, Faults, and Diamond Drilling Copper Assays >1.5%

 

Click Image To View Full Size

 

Simon Dyakowski, President & CEO of GSP, commented:

“With the Copper price recently achieving all-time highs above US$5/pound, GSP is rapidly advancing geologic and structural modelling of decades of historic exploration data related to a compelling and underexplored brownfield high-grade Copper project. This important work underway prepares the project for resource modelling and expansion drilling to build on GSP’s recent drilling in the shallow high-grade copper-silver gold system.”

  

About the Alwin Mine Project

The Alwin Mie 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.

 

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.