GSP Resource Corp. Commences Alwin Mine Summer Drilling Program
June 03 2021 - 7:00AM
GSP Resource Corp. (
TSX-V: GSPR) (the
“
Company” or “
GSP”) announces
that it has commenced a fully financed summer drill program at its
Alwin Mine Copper-Silver-Gold Project. The summer program will
consist of a minimum 1,500 meters of diamond drilling designed to
test deep targets within the Alwin Mine. GSP intends to utilize the
recently completed 3D digital model of the Mine data (see news
release date May 19, 2021) to guide the upcoming program which will
consist of drill holes ranging between 250m and 350m in length. The
planned drill holes are intended to test both unmined narrow high
grade and intervening and outboard lower grade portions of the
Alwin deposit. The deeper bornite-covellite-chalcocite portions of
the deposit also hosts favourable gold and silver mineralization.
Link to Alwin Mine 3D Model
Image
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 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 &
DirectorTel: (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
the planned drilling on the Property, expanding mineralization and
deposits, 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.
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