Vancouver, British Columbia , Dec. 09, 2021 (GLOBE NEWSWIRE) -- GSP Resource Corp. (TSX-V: GSPR) (FRA: 0YD) (the "Company" or "GSP") announces that it has completed its Fall 2021 drilling campaign at the Alwin Mine project (the "Alwin Property") located in the Highland Valley Copper Camp of British Columbia.
The fall program consisted of 3 holes totalling 895.5 meters and was designed to further test the bulk grade of the Alwin deposit and surrounding lower grade rock with the drill holes collared from the north of the historic deposit. Assay results are expected to be received in the first quarter of 2022.
Most of the alteration and mineralization observed in the upper and lower portions in all deeper drill holes intersecting rock greater than 20 metres from the shell of the Alwin deposit have porphyry copper style characteristics similar to that seen nearby in the Highland Valley camp.
The fall drilling program followed up on a 5-hole summer program. Together with summer drilling, GSP's 2021 program totalled 2,313 meters, testing the bulk tonnage copper potential of unmined mineralization within and surrounding the historic Alwin mine (please see news release dated October 14, 2021).
Alwin Summer 2021 Drilling Program Bulk Tonnage Grade Highlights:
- Hole AM21-05 - 0.61% CuEq over 164.6 m;
- Hole AM21-02 – 0.14% CuEq over 176.7 m;
- Hole AM21-01 – 0.21% CuEq over 229.7 m, including:
- 0.28% CuEq over 158.5 m
- 0.48% CuEq over 79.3 m
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 and is adjacent to Teck
Resources Limited's Highland Valley Copper Mine. The historic underground mine, which was developed over 500 metres long by 300 metres deep by 200 metres 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.
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 Full Metal Minerals Ltd. has an option to earn a 60% interest.
Contact Information - For more information, please contact:
Simon Dyakowski, Chief Executive Officer & Director
Tel: (604) 619-7469
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.
This news release contains "forward‐looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, receipt of assays and the expected timing of the assay results, 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 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 and 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 and litigation. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.