News GSP Resource drills eight holes at Alwin
2020-09-24 08:46 ET - News Release
Mr. Simon Dyakowski reports
GSP RESOURCE CORP. COMPLETES FIRST 8 HOLES AT ALWIN MINE PROJECT AND COMMENCES DEEP DRILLING
GSP Resource Corp. has completed the first eight holes of the phase 1 drill program at its Alwin mine copper-silver-gold project. The initial eight holes of the program targeted shallow mineralization in the Alwin Mine #4 North east and #4 North west zones. The initial eight holes of phase 1 shallow drilling consisted of approximately 400 meters and 6 holes intersected both "Alwin style" replacement copper sulphide mineralization associated with structurally controlled sericite-quartz alteration zones and overprinting quartz vein/stockwork hosted copper sulphide mineralization. The first batch of samples from the phase 1 shallow program have been shipped to Bureau Veritas Mineral Laboratory for geochemical analysis. Results are anticipated in the next 6 to 8 weeks.
The drill has now been mobilized to test a deeper 'porphyry copper' style target beneath 2008 holes 5 and 6 which intersected 0.28% copper over a core width of 21.1 meters and 0.44% copper over a core width of 13.4 meters, respectively. Both 2008 holes also intersected smaller high-grade intersections within and outboard of these.1 The current deep drill hole is expected to total at least 600 meters, and GSP maintains the financial flexibility to expand this program by testing additional deep targets if it decides to.
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 underground historic mine, which was developed over a 500 meters long by 300 meters deep by 150 meters wide area produced from 1916 to 1981 from six major subvertical zones 233,100 tonnes that milled 3,786 tonnes of copper, 2,729 kilograms of silver and 46.2 kilograms of gold. Gold and silver content associated with bornite increase with depth within the individual mineralized zones.
The property also hosts several incompletely explored deep porphyry copper exploration targets to the north and west of the mine. It is adjacent to 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 onto the Alwin property (see GSP's news release dated January 30, 2020).
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 {ෆ –} Standards of Disclosure for Mineral Projects. Mr. Lindinger verified the data disclosed which includes a review of the analytical and test 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, as well as an option to acquire 100% interest and title to the Olivine Mountain Property in the Similkameen Mining Division.
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