Drill Hole AM23-01 Intersects 12.8m of 3.14% CuEq

including 5.7m of 6.77% CuEq  

 

News Release - Vancouver, British Columbia – TheNewswire - February 20, 2024: GSP Resource Corp. (TSXV:GSPR) (FRA:0YD) (the “Company” or “GSP”) reports a correction to the copper equivalency calculation of its February 7, 2024 news release regarding the assay results of the recently completed surface diamond drill program at the Alwin Mine project (the “Alwin Property”).  The previous disclosure had incorrectly calculated the conversion of tonnes to ounces, thereby understating the equivalent copper grade.  There are no changes to the reported primary assay results or intervals of the individual metals.  The updated equivalency table is presented below (see Figure 1.)

 

Table 1. Alwin 2023 Diamond Drilling Significant Assay Results with Corrected CuEq

 

DDH	From (m)	To (m)	Drilled Interval* (m)	Cu %	Ag g/t	Au g/t	CuEQ** %
AM-23-01	138.0	150.8	12.8	2.42	47.0	0.57	3.14
including	141.6	147.3	5.7	5.21	103.1	1.22	6.77
including	141.9	143.8	1.9	7.84	198.3	2.75	11.08
and	153.4	154.6	1.1	3.48	13.0	0.04	3.61
AM-23-02	118.2	118.8	0.6	8.01	30.0	0.05	8.28
and	134.6	140.7	6.1	0.88	3.9	0.06	0.95
including	135.1	138.6	3.5	2.40	9.7	0.18	2.59
AM-23-03	108.6	109.4	0.8	1.06	7.7	0.03	1.14
and	160.4	166.1	5.7	3.77	16.5	0.05	3.93
and	166.9	167.3	0.4	3.85	11.0	0.06	3.97
AM-23-04	33.0	33.8	0.8	0.84	4.5	0.02	0.88
AM-23-05	28.0	38.6	10.6	1.15	4.0	0.04	1.21
including	33.8	37.0	3.2	3.50	10.3	0.07	3.62

 

      *True width estimate is 60% of Drilled Interval presented here.

      **CuEQ % = [Cu (%) x 1] + [Ag (g/t) x 0.007926] + [Au (g/t) x 0.606956]

(using $US8,800/tonne Cu, $US23/oz Ag. $US1,850/oz Au and historic recoveries 95.1% Cu, 89.7% Ag, 85.4% Au)

 

As previously reported, all drill holes intersected Copper-Gold-Silver mineralization at shallow depths, with hole AM23-01 reporting some of the highest grades of copper and precious metals drilled at the Alwin Property in the project’s history (see news release dated February 7, 2024).

 

Drillhole AM23-01 intersected 2.42% Cu, 47.0 gpt Ag, and 0.57 gpt Au over 12.8m including a 5.7m interval averaging 5.21% Cu, 103.1 gpt Ag and 1.22 gpt Au.

 

The result of this drilling demonstrates the high-grade potential for the Alwin Property and reinforces the polymetallic upside with significant gold and silver values.  GSP’s data compilation exercise completed in 2023 suggests that many of the historic drillholes in the pre-2008 exploration of the property did not include assays for gold and silver.

 

The drill program, completed in November 2023, was designed to target high-grade copper zones at the Alwin Property located in the Highland Valley Copper Camp of British Columbia.  A total of 5 HQ-size diamond drill holes were completed totaling 640 metres (see the Company’s news release dated November 22, 2023).  Drilling was completed from three sites over a 100-metre strike length targeting the upper and lower levels of the historic Alwin Mine “4 Zone” (Figure 1).

 

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Figure 1. Alwin Mine 2023 Drill Plan

 

All five 2023 drill holes intersected sulphide mineralization, with multiple intervals encountered in drill holes AM-23-01, -02 and -03 targeting the historic 4 Zone at depth. Drill holes AM-23-04 and -05 targeted the historic 4 Zone near surface (Table 1, Figures 2 and 3).

 

Mineralization appears structurally controlled comprising chalcopyrite, minor bornite and pyrite, and associated varying intensity of sericitic, potassic, and chloritic alteration.

  

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Figure 3. Drill Section showing AM-23-03, -04 and -05

 

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 was performed by ALS Global (“ALS”), Vancouver, Canada. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of GSP Resource Corp. and the QP. Drill core samples were subject to crushing at a minimum of 70% passing 2 mm, followed by pulverizing of a 250-gram split to 85% passing 75 microns. Base and precious metals were determined via four-acid digestion 33 element ICP-AES geochemistry and overlimit values for copper (>1%) and silver (100 g/t) were analyzed via four-acid digestion ICP-AES or AAS.

 

GSP Resource Corp. follows industry standard procedures for the work carried out on the Alwin Mine Project, with a quality assurance/quality control (QA/QC) program. Blank, duplicate, and standard samples were inserted into the sample sequence sent to the laboratory for analysis. GSP Resource Corp. detected no significant QA/QC issues during review of the data. 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.

 

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, potential further drilling at the Alwin Property and potential drill targets, 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 and climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain or obtain 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.