VANCOUVER, British Columbia, Nov. 12, 2019 (GLOBE NEWSWIRE) -- GSP Resource Corp. (TSX-V: GSPR) (the “Company” or “GSP”) is pleased to announce that it has commenced the inaugural diamond drilling program at the Olivine Mountain Project in Southwestern British Columbia. The initial ~1000 meter drill program will test five separate Massive copper/nickel sulphide targets across the 3021.87 hectare property. The field crew has constructed core analysis and storage facilities in nearby Princeton, BC, and the drill crew has commenced drilling on the Western flank of the project near the Asp 14 showing. The drill program is testing targets that were identified during the previous field season that included a VLF-EM airborne survey, a soil geochemical survey of the entire property, and mapping and sampling program (see news release dated July 29, 2019).
Results from a recent rock-chip sampling of three of the proposed drill sites are as follows:
- Sample 1 1.03 g/t Au, 1.526% Cu and > 10.0 g/t Pd (Proposed Hole #5)
- Sample 2 1.42 g/t Au, 1.38% Cu and 0.34 g/t ppb Pd (Proposed Hole #1)
- Sample 3 5.91% Cu (Proposed Hole # 4: Asp 14 Showing)
GSP President & CEO Simon Dyakowski stated: “We are pleased to have started drilling at the Olivine Mountain project. Weather conditions in the area have been favourable and have allowed field and drill crews to move quickly to mobilize onto the project. We are particularly excited to drill this project as the current campaign will be the first diamond drilling to be completed on the project. GSP’s initial drilling will further investigate previous sampling results that confirmed the strong presence of gold and palladium in a geological environment suited to host massive sulphide (copper, nickel, gold, platinum, palladium) deposits in the concentrically layered mafic/ultramafic rocks of the Tulameen Batholith.”
Qualified person: The scientific and technical disclosure contained in this news release have been reviewed and approved by Christopher I. Dyakowski, P.Geo, a director of the company and a qualified person as that term is defined in National Instrument 43-101 -- Standards of Disclosure for Mineral.
About GSP Resource Corp.: GSP Resource Corp. is a mineral exploration company focused on the acquisition, exploration and development of mineral resource properties. The Company has an option to acquire a 100% interest and title to the Olivine Mountain Property.
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, statements that address the upcoming work programs and planned expenditures, use of proceeds, and other statements relating to the business, financial and technical prospects of the Company. 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, 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.
