Vancouver, British Columbia – July 29, 2019: GSP Resource Corp. (TSX-V: GSPR) (the “Company” or “GSP”) is pleased to announce that it is in the final stages of the permitting process for the proposed drilling program on the Company’s Olivine Mountain property that is located in the Similkameen Mining Division, 25 km northwest of Princeton, British Columbia.
Five drill targets have been established based on the Company’s exploration to date that includes a VLF-EM airborne survey, a soil geochemical survey of the entire property, and mapping and sampling.
Results from a recent rock-chip sampling of three of the proposed drill sites are as follows:
- Sample 1 1,031 ppb Au, 1.526% Cu and > 10,000 ppb Pd (Proposed Hole #5)
- Sample 2 1,415 ppb Au, 1.38% Cu and 337 ppb Pd (Proposed Hole #1)
- Sample 3 5.9% Cu (Proposed Hole # 4)
Proposed Holes #2 and #3 are covered by overburden, and therefore are not associated with known showings. These two targets are soil and EM anomalies.
A fourth sample was collected from a showing that returned values of 125 ppb Au and 0.32 % Cu. This showing will not be drilled in the upcoming drill program.
GSP President & CEO Simon Dyakowski stated: “We are encouraged with these sampling results. They confirm the strong presence of gold and palladium in a geological environment suited to host massive sulphide (copper, nickel, gold, platinum, palladium) deposits in concentrically layered mafic/ultramafic rocks of the Tulameen Batholith.”
Showings within the Tulameen Batholith are related to typical massive copper and nickel deposits in mafic complexes such as at Voisey’s Bay (Labrador, Canada) and Norilsk (Russia).
The rock samples are considered “grab” samples from exposed and known showings on the Olivine Mountain Property. Samples were submitted to the independent laboratory facility of Bureau Veritas Commodities Canada in Vancouver, British Columbia. Analytical results were verified by the insertion of certified reference materials, blanks and duplicates. Gold, platinum and palladium were analyzed by FA330 methods and contents are reported in parts per billion (ppb). Copper and nickel were analyzed by AQ370 methods and contents are reported as percentage (%). Although platinum and nickel are not detected as anomalous to economic levels in the rock samples, these metals are detected as anomalous contents in previous soil geochemistry programs.
Qualified Person: The scientific and technical disclosure contained in this news release has been reviewed and approved by John R. Kerr, P.Eng, 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
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, statements that address obtaining drill permits and the timing and content of upcoming drill programs, and other statements relating to the business prospectus 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 regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, anticipated costs and 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. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.