(TheNewswire)
Vancouver, British Columbia / TheNewswire / March 26, 2024: GSP Resource Corp. (TSX-V: GSPR) (the “Company” or “GSP”) reports the assay results of surface rock grab sampling and the results of ground geophysical surveys at the Alwin Mine Copper-Silver-Gold Project (the “Alwin Property”). The results of surface rock grab sampling, which includes a sample from the historic 3 Zone that returned 11% Cu (copper) and 0.65 g/t (grams-per-tonne) Au (gold), and the identification of magnetic low structural lineaments hosting polymetallic mineralization, point the way to enhanced drill targeting for the 2024 exploration season.
The Company also announces that it has acquired additional historical exploration data for the Alwin Mine including over 200 underground geological level plans, cross and longitudinal sections. The updated geological maps have recently been digitized in preparation for addition to 3D mine planning software and will be instrumental in the continued refinement of the Alwin Mine 3D models (geological and mineralization) that are expected to continue to drive new discoveries in 2024.
The 3D modeling work completed by the Company, including digital capture of over 50,000 meters of surface and underground diamond drilling, has already resulted in exploration success the with recent the fall 2023 diamond drill program that yielded some of the highest grades of copper and precious metals drilled at the Alwin Property in the project’s history. Significantly, drillhole AM23-01 intersected 2.42% Cu, 47 g/t Ag, and 0.57 g/t Au over 12.8 m(3.14% copper-equivalent, CuEq); including 5.7 m averaging 5.21% Cu, 103 g/t Ag and 1.22 g/t Au (6.77 CuEq) (see GSP Resource Corp. news release dated February 20, 2024).
GSP’s President & CEO, Simon Dyakowski, commented:
“With the Copper price recently surpassing US$4/pound, now is great time own a historic high-grade copper mine in an area well suited for potential brownfield development. S&P Global Market Intelligence projects that annual global copper demand will nearly double to 50 million tonnes by 2035. Last year, global copper mine production sat at approximately 22 million tonnes, short of even the current demand.
The recent surface assay results verify and confirm the presence of exceptionally high-grade copper values at surface, reaffirming the potential of the historic mineralized zones targeted during past underground development.
Ground surveys have delivered a modern orientation survey over the known historic mineralized area. The magnetic response successfully delineated subsurface structures that host copper and polymetallic mineralization. Future geophysical and geochemical surveys over a larger area of the Alwin Property are planned to expand on the results to identify additional structures with the potential to host mineralization.”
During the Fall 2023 exploration season, select grab samples were collected from the surface expression of the historic 3 Zone mineralized structure from previously unsampled trenches excavated in 1993 testing the surface expression of the historic 4 Zone. (Figures 1 and 2; Table 1).
In addition to grab samples, an orientation ground geophysical program totaling 6.6 line-kilometres was completed to provide a detailed magnetic dataset and assessing potential responses from very-low frequency electromagnetic (VLF-EM) at the Alwin Property.
The magnetic survey (Vertical Derivative of magnetic dataset shown in Figure 1) provided an enhanced understanding of structures within the host Bethsaida granodiorite known to control mineralization at the Alwin Mine. Linear magnetic lows parallel to mineralized zones were observed. These magnetic anomalies appear to correlate with drill core magnetic susceptibility measurements, which showed fresh and less altered rocks yielded a higher magnetic response than that of structural shears and veins that host mineralization. An expanded program of ground geophysical surveys is being designed to expand the zone of mineralized structures beyond the limits of the Alwin Mine zone.
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Figure 1. Alwin Mine Plan Map – 2023 Ground Magnetics and Rock Grab Sample Locations
Figure 2. Alwin Mine Mineralized Pit Sample 625453 (11% Cu, 0.65 g/t Au)
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Table 1. Alwin 2023 Rock Grab Sample Assay Results
|
Sample ID
|
Sample Description
|
Cu (%)
|
Au (g/t)
|
Ag (g/t)
|
|
625451
|
Historic 3 Zone, weathered, in-situ; soft clay-sericite-mica altered shear structure
|
0.83
|
0.11
|
5
|
|
625452
|
Historic 3 Zone, less weathered vs -01, in-situ; at the wall rock; soft clay-sericite-mica altered shear structure
|
0.60
|
0.07
|
7
|
|
625453
|
Historic 3 Zone, weathered, in-situ; from offset sheared vein structure; blue-green copper minerals (azurite and malachite)
|
11.2
|
0.65
|
13
|
|
625454
|
Historic 4 Zone trench; soft clay-sericite-mica altered shear
|
0.26
|
0.08
|
10
|
About the Alwin Mine Project: 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 historic underground mine was developed over 500 m long by 200 m wide by 300 m deep. Production took place between 1916 to 1981 from five major subvertical high-grade copper mineralization zones totaling 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.
The Alwin Property is adjacent with 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 from the Highland Valley mine onto the Alwin property (see GSP’s news release dated January 30, 2020).
Methodology and QA/QC
The analytical work reported on herein was performed by ALS Global (“ALS”), Vancouver, Canada. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of GSP Resource Corp. and the QP. Surface grab samples were subject to crushing at a minimum of 70% passing 2 mm, followed by pulverizing of a 250-gram split to 85% passing 75 microns. Base and precious metals were determined via four-acid digestion 33 element ICP-AES geochemistry, gold determined via 30-gram fire assay and ICP-AES, and overlimit values for copper (>10%) were analyzed via four-acid digestion ICP-AES or AAS. GSP Resource Corp. follows industry standard procedures for the work carried out on the Alwin Mine Project, with a quality assurance/quality control (QA/QC) program followed for the 2023 drilling. Due to the small number of surface grab samples collected, blank, duplicate, and standard samples were not inserted into the sample sequence. GSP Resource Corp. is not aware of any sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.
The ground geophysical survey grid comprised 14 lines, spaced 50 metres apart, oriented at 018-198° with lines averaging 450 metres in length. The ground magnetic and VLF-EM geophysical survey were conducted using a GEM GSM-19V Overhauser magnetometer with a VLF attachment, with diurnal correction provided by a second stationary base GEM GSM-19V magnetometer.
Qualified Person: The scientific and technical information contained in this news release has been reviewed and approved by Kristopher J. Raffle, P.Geo. (B.C.), principal and consultant of APEX Geoscience Ltd. of Edmonton, AB, a consultant to the Company and a “qualified person” as defined in National Instrument 43-101 — Standards of Disclosure for Mineral Projects. Mr. Raffle has verified the data disclosed, which includes a review of the sampling, analytical and test data underlying the information and opinions contained herein.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, 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, carrying out future exploration work on the Company’s projects, 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 filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. 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 or climate conditions, failure to maintain all necessary government permits, approvals and authorizations, failure to obtain or maintain community acceptance (including First Nations), decrease in the price of copper, gold, silver and other metals, 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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