GSP Resource Corp. Reports Final Drill Results from 2021 Drilling Programs at the Alwin Mine Project

10.4 g/t gold intersected over 1.6m in drill hole AM21-08B

Vancouver, British Columbia, May 18, 2022 (GLOBE NEWSWIRE) -- GSP Resource Corp. (TSX-V: GSPR) (FRA: 0YD) (the “Company” or “GSP”) announces final diamond drill results from the 2021 drilling program at the Alwin Mine project (the “Alwin Property”) located in the Highland Valley Copper Camp of British Columbia.

The second phase of the 2021 drilling program was completed in the late fall. All of the phase 2 program drill holes were collared from the north side of the EW striking Alwin zone. The program consisted of three holes totalling 895.5 metres and was designed to further test the bulk copper equivalent grade of the Alwin deposit and surrounding lower-grade rock from the north of the historic deposit. Summary results are presented Table 2 below.

AM21-06 was collared to intersect a medium depth unmined 6 zone target. The hole intersected mine workings at 195 m and the hole was reduced to NQ and continued to 212.45 m into another working. BQ tools could not be readily located and the hole was stopped about 30 m short of the target. The hole did intersect reportable copper mineralization from 129.4 m to 194.55 m.

AM21-07A was collared NW of hole AM21-06 and was drilled to attempt intersecting the historic deep 6 Zone. The hole missed the ideal target location by about 15 metres. The hole intersected numerous zones of mineralization including a near to collar 0.5 m drilled length intersection of 2.87% copper, 0.05% molybdenum and 0.333 ppm Rhenium. A portion of the 6 zone intersected was truncated by a dyke.

AM 21-08B was collared and directed to intersect an unmined portion of the gold enriched 4S zone and to continue on to a deep 3 zone intersection. Similar to the deep 6 zone it was hoped that significant previously unreported silver and gold grades would accompany this intersection. A possible 4N zone interval was intersected at 179.8 m. This 1.6 m drilled length interval returned 1.24% copper, 10.4 g/t gold and 16 g/t silver that produced a density calculated grade of 6.13 % copper equivalent. This gold intersection is the highest reported to date for the Alwin system. A pulp rerun returned 8.3 g/t and a reject rerun 11.3 g/t gold. The hole continued but intersected a caved portion of the rock overlying an unfilled 4S stope. The hole at 190.1 m intersected a 0.7m 4S zone interval that returned 3.32% copper equivalent grade. The hole had to be abandoned at 190.8 m and less than 30 metres from the deep 3 zone target.

Phase 1 of the 2021 Alwin Program consisted of five holes (results previously reported) totalling 1,439 meters to test the bulk tonnage copper potential of unmined mineralization within and surrounding the historic Alwin mine.

GSP is now planning a 2022 exploration program expected to be mobilized in the summer of 2022. Continuing exploration is expected to further test the bulk tonnage grade potential of the historic Alwin deposit as well as to develop deeper targets adjacent to and underneath the main Alwin zone. Casing was left in all the 2021 Phase 2 drill hole collars to potentially continue drilling in subsequent exploration programs.

In addition to the main “replacement style” Alwin Mine target, the Alwin property hosts several incompletely explored porphyry copper-molybdenum 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 2021 Annual Information Form (“AIF”) filed on SEDAR reports mineral reserves at the Highland Valley mine using a 0.11% CuEq cutoff grade.

Figure 1: Map of GSP Alwin Project and Highland Valley Copper (Valley Pit)

Link to Map of GSP Alwin Project and Highland Valley Copper (Valley Pit)

Phase 1 Summer 2021 Drill Program Hole Summaries: (Previously reported - please see news release dated October 14, 2021)

Hole AM21-01A was targeted to intersect an unmined portion of the historic 4 South zone. The hole was collared south of the Alwin deposit near its known eastern extent and successfully intersected portions of several known and previously unrecognized copper mineral zones.

Highlight intersections include the targeted 4South zone grading 4.42% copper, 3.5 gpt gold, 92.8 gpt silver, and 0.14 ppm rhenium (6.15% CuEq) over a drilled length of 4.4m. Up hole (south) from the 4S zone, drill hole AM21-01 intersected a post-Alwin Highland Valley style quartz vein stockwork copper zone grading 0.133% copper and 0.204% copper equivalent over a 32.3m drilled length from 102.7m to 134.0m. Similar mineralization was intersected in hole 20-10D some 300 m to the southwest (please see news release dated March 2, 2021).

Extensions of the 4North zone were intersected at depth that graded 0.13% copper equivalent over 12.9 meters. The hole returned a 158.5m drilled interval grading 0.284% CuEq from both Alwin and Highland Valley style mineralization.

Hole AM21-02 was collared 200 m west southwest of hole AM21-01 and drilled to intersect an eastern 6 zone intersection. This intersection returned 3.48% CuEq from a drilled length of 2.6 m. Similar to Hole AM-21-1A, a copper mineralized quartz vein and stockwork zone was again intersected south of the Alwin Mine. Part of this zone returned 0.235% CuEq over a 43.15 m drilled length.

Near the planned final depth of the hole the rock was increasing in alteration and the hole was extended to a total depth of 367 m (1204 ft). From 338.8 to 351.5 m an intensely mesothermal to epithermal clay style altered shear containing dilational quartz vein fragments hosting coarse grained pyrite and chalcopyrite was intersected. The sheared intrusive also hosted deformed chalcopyrite bearing quartz stockwork. This intersection (12.1 m) returned 0.13% CuEq including elevated molybdenum and rhenium values.

Hole AM21-03 was collared 200m west southwest of hole AM21-01and drilled northeastward to a deep unmined target of the historic #3 zone. The intersection is approximately 100 metres southwest from the hole 1 target but 50 metres deeper. The hole steepened more than expected and the primary target was undercut.

GSP's Summer 2021 drilling program focused on a 300-metre-by-100-metre-by-250-metre-plus deep portion of the Alwin replacement-style copper deposit. The style of mineralization is observed as subvertical individual, or multiple and closely spaced, subparallel in situ muscovite-quartz-sericite wall rock replacement zones. On a mine scale, the zones form a rough conjugate partially interlocking system with subvertical west-northwest and west-southwest zones. Individual zones average 100 to 150 metres long by up to 250 metres vertical and zones can reach 10 metres thick grading over 4 per cent copper.

Hole AM-21-04 was collared to intersect the west part of the 6 zone about 200 m west of the hole AM-21-02 intersection. The hole intersected the zone grading 1.16% CuEq over a drilled length of 3 metres and was an estimated 10 m west of the targeted historic intersection grading 5.8% copper over 3.1 horizontal metres. Similar to hole AM-21-02, this hole was also extended and again intersected from 241.9 to 254 m similar sheared, clay altered chalcopyrite stockwork mineralized intrusive. This intersection (12.1 m) returned 0.11% CuEq including elevated molybdenum and rhenium values.

Hole AM 21-05 was collared to intersect the 3 zone under a historic intersection grading 4.7% Cu over a horizontal 3.5 m. The hole intersected, over 10.6 m, several narrow zones grading 0.38% CuEq. The hole at 136 m intersected the 4S zone and continued in the steeply north dipping portion of the zone for an additional 35.5 m, returning an average grade of 2.71% CuEq over this interval. Within this interval, the hole intersected four previously mined out sections totalling 8.8 m. This estimated 3 to 4 metre thick intersection returned an assumed grade of 3.51% CuEq.

Phase 1 Summer 2021 Drill Results can be found in News Release Dated October 14, 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. The deposit is less than 2.5 kilometres west of the HVC Valley Pit.

Qualified Person: Exploration activities at the Alwin mine project including QA-QC procedures and protocols were designed by and supervised on site by the Company's exploration consultant Leopold J. Lindinger, P.Geo. of Renaissance Geoscience Services Inc. In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Leopold J. Lindinger, P.Geo. is the qualified person for the project and has prepared, validated and approved the technical and scientific content of this news release. The Company is attempting to adhere to CIM best practices guidelines in conducting, documenting and reporting the exploration activities on its projects. Mr. Lindinger verified the data disclosed which includes a review of the sampling, 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.

Quality Assurance -- Quality Control (QA-QC) procedures: The QAQC program was designed and overseen by Leopold J. Lindinger, P.Geo.. and is designed to adhere to exploration CIM best practice guidelines.

The core was delivered to on site secure core processing facilities by the drillers or picked up from the drill site by GSP contractors. The core was then washed, reassembled as best a possible, imaged, logged, and sampled. All personnel involved in the core logging and sampling procedures were independent of GSP or if not directly supervised by independent personnel. They included employees of Renaissance Geoscience services Inc., Waldo Geological services and subcontractors supplied by GSP. Sampling was completed by sawing or splitting the core in half. One half was replaced in its former position and orientation in the core box and the other in a prelabelled poly bag. In addition to core, random blanks and field standard material were inserted into the sample stream. The blanks chosen were cement sand and massive homogenous Tertiary basalt. The chosen standards were supplied by CDN Resource Minerals Ltd. of Langley BC. Every run of 50 samples had at least one blank and standard placed into the sample stream. Several samples were ¼ split with the samples associated with significantly different sample tags. Most lithologically different samples and every well mineralized interval had at least one density measurement taken. The material density measured was chosen by the core logger as representative of the material in the sample.

Chain of Custody procedures.

The prepared bagged drill core samples were taken from the secure mine site by independent project personnel to a truck loading point and delivered to Bureau Veritas Mineral Laboratories (BV) analytical facility in Vancouver, B.C., for preparation and analysis by independent bonded trucking company Overland West. Samples delivered to Actlabs in Kamloops were delivered to the facility by Renaissance or Waldo personnel.

Laboratory qualifications and independence

The BV and Actlabs facilities are accredited to internationally recognized standards, including ISO 9001, ISO 14001, and OHSAS 45001 and are independent of the Company and the qualified person. All analytical methods include quality control materials inserted at frequencies determined appropriate by the QP. Each entire sample is crushed and a 0.25 kilogram subsample is pulverized. Analysis for gold is by 30-gram fire assay fusion with atomic absorption finish with a lower limit of 0.01 part per million and upper limit of 100 parts per million. A 0.5 gm subsample for all samples was submitted for digestion using laboratory specific multielement multi-acid ICP-ES/MS package. Copper reporting over 4000 ppm, silver reporting over 1 ppm, gold reporting over 0.5 g/t, overlimit tungsten and molybdenum are analyzed using laboratory specific assay packages producing % copper, % molybdenum, ppm silver and gold results. The Qualified Person detected no significant QA/QC issues during review of the data. The Qualified Person is not aware of any drilling, sampling, or other factors that could materially affect the accuracy or reliability of the data referred to herein.

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 & 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 additional exploration and drilling planned for the Alwin project in 2022, bulk tonnage potential of the Alwin project, 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 other risks 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, failure to secure personnel and equipment for work programs, adverse weather and climate conditions, failure to maintain all necessary government permits, approvals and authorizations, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, decrease in the price of copper and other metals, 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.