GSP Resource Corp. Completes Alwin Mine Model, Announces Summer Drilling Program
May 19 2021 - 7:00AM
GSP Resource Corp. (
TSX-V: GSPR) (the
“
Company” or “
GSP”) announces the
completion of a 3D digital model of its Alwin Mine. GSP had
commissioned Renaissance Geoscience Services Inc. to complete the
modelling project upon receipt and analysis of GSP’s Phase 1 drill
program results (see news release dated March 2, 2021).
The model includes all known underground
workings, separated into drift and declines, raises, cement filled,
rock filled and open stopes and the numerous unmined copper+/-
silver+/- gold mineralized portions of the 425 m long by 275 m deep
by 150 m wide zone. The primary purpose of this project was to
generate spatially accurate drill targets into the unmined
mineralized bodies as part of GSP’s goal of generating a bulk
tonnage open pittable and/or block cave resource. GSP considers
this to be a viable goal due to increasing copper prices, and the
fact that an open pit operation with a much lower cutoff than 1.5%
copper of the former underground mine may be able to economically
mine the lower grade and smaller high-grade portions ignored by
prior underground mining operators.
Historic drilling in unmined parts of the
deposit intersected up to 6% copper over 10 metre drilled width1.
Additionally, the 2020 Phase 1 drill program was successful in
intersecting previously unrecognized copper mineralization both
north and south of the former mine. The Alwin Mine project has a
spatial proximity to the Highland Valley Copper Mine.
Link to Alwin Mine 3D Model
Image
Upcoming Exploration
Program
GSP plans to commence follow up drilling of the
Alwin deposit this summer and has contracted Atlas Drilling of
Kamloops, BC to test at least 5 targets in the Main Alwin Zone.
Concurrent with the drilling program GSP plans a property wide
program of mapping and additional target evaluation. Drilling and
exploration crews are expected to mobilize during the first week of
June.
Olivine Mountain Option
GSP also announces that is has made the final
payment of its option to acquire 100% of the Olivine Mountain
Project near Princeton, BC. GSP now owns 100% of the project and
has granted Full Metal Minerals Ltd. an option to acquire 60% of
the project (see news release dated April 30, 2021).
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.
In addition to the main Alwin Mine target the
property hosts several incompletely explored porphyry
copper-molybdenum exploration 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.
Qualified Person: The
scientific and technical disclosure contained in this news release
has been reviewed and approved by Leopold J Lindinger, P. Geo, a
consultant of the Company and a “Qualified Person” as that term is
defined in National Instrument 43-101 – Standards of Disclosure for
Mineral Projects. Mr. Lindinger verified the 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.
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) 619-7469Email: 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, future
exploration work on the Property, the goal of generating a bulk
tonnage open pittable and/or block cave resource, 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 those 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 conditions, decrease in the
price of copper and gold, failure to maintain all necessary
government permits, approvals and authorizations, 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.
1 GSP has not verified these historic drill results and is not
relying on them. GSP has in its possession the historic drill logs,
maps and reports but does not have any information on the quality
assurance or quality control measures taken in connection with
these historical exploration results.
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