GSP DRILLING COMPILATION CAPTURES OVER 50,000 METRES OF HISTORIC SURFACE AND UNDERGROUND DRILLING TO ADVANCE ALWIN MINE COPPER-SILVER-GOLD PROJECT
News Release – Vancouver, British Columbia – March 14, 2023: GSP Resource Corp. (TSX-V: GSPR) (the “Company” or “GSP”) provides a progress update on the historic diamond drill hole data compilation and 3D modelling of historic mine workings for the Alwin Mine Project (the “Alwin Property”) located in the Highland Valley Copper Camp of British Columbia. The compilation, which is now complete, is a significant development for the Alwin Property and will provide a framework to identify priority drill ready targets focused on the significant high-grade copper-silver-gold potential of the Alwin Project.
To support a robust 2023 exploration strategy and a possible future Mineral Resource Estimate the Company’s recent 2020-2021 diamond drilling and 3D underground development model have been integrated with an expansive historic surface and underground diamond drilling dataset not previously captured in digital and 3D format (Figure 1).
Highlights of the historic compilation:
- Digital and 3D spatial capture of 646 drill holes totaling 51,304 metres completed from surface and underground between 1967-1981, in addition to 36 recent surface exploration diamond core holes totaling 5,600 metres drilled by the Company and previous operators,
- Over $20 million in present day exploration value assuming all-up drilling costs of $400/metre, not including underground development costs,
- Of the 646 drill holes, 140 holes totaling 17,273 metres were drilled from surface and 506 holes totaling 34,031 metres from underground,
- 425 drill holes totaling 2,062 copper assay samples with partial gold-silver data,
- Global length weighted average copper grade of 1.8% from 3,287 metres sampled, compares favorably to 1.5% copper diluted head grade of historic production,
- Majority of historic drilling targeting a 600-metre strike length of the past producing Alwin high-grade underground copper mine,
- Significant exploration upside potential with high-grade copper-silver-gold zones remaining open along strike of the Alwin Mine workings, with multiple zones open at depth.
GSP’s President & CEO, Simon Dyakowski, commented: “GSP has acquired an extensive collection of historical exploration data from the past producing Alwin Copper-Gold Mine. This dataset includes over 50,000 metres of surface and underground drilling representing a present-day value of over $20 million in exploration value. GSP has already begun to leverage the digital capture of this data to highlight the near-mine expansion potential of multiple in-situ high-grade copper zones and to identify potential new targets elsewhere within the Alwin Property. The Company is well positioned to advance the Project with a 5-year area-based drilling permit in place and recent drilling that discovered some of the highest gold and silver grades ever reported in the Highland Valley Camp.”
Figure 1: Alwin Mine Historic 3D and Drilling Compilation (oblique view looking north)
Alwin Project Next Steps:
Continued review and validation of recent drilling from 2008 (8 drill holes) and 2020-2021 (28 drill holes) totaling 5,600 metres. This will allow full integration of modern and historic drill results, and incorporating the existing historic underground mining solids, to support the development of a comprehensive 3D geological and mineralization model and a potential future Mineral Resource Estimate.
The historic drill intervals were assayed for copper, with limited testing of gold, silver. Therefore, the full extent of polymetallic mineralization of historic drilling represents a significant exploration upside and requires follow up confirmation drilling of known zones and possible extensions to the west and east of the historic mine area. Furthermore, the high-grade mineralization zones remain open at depth and warrant further investigation.
With the historic data compilation already generating targets for potential follow-up drilling, the Company looks forward to updating shareholders as we advance plans towards a potential 2023 diamond drill campaign.
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).
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.), a consultant to the Company and a principal and consultant of APEX Geoscience Ltd. of Edmonton, AB, a qualified person as defined in National Instrument 43-101 — Standards of Disclosure for Mineral Projects. Mr. Raffle has verified the data disclosed, which include 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
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, potential drilling of the Alwin Property, potential mineral resource estimate 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.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), 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.