Shareholder Update: GSP Resource Corp. 2023 Review and 2024 Outlook
News Release – Vancouver, British Columbia – January 17, 2024: GSP Resource Corp. (TSX-V: GSPR) (FRA: 0YD) (the “Company” or “GSP”) provides shareholders with the following outlook for 2024 and review of 2023 activities. GSP’s core asset is an option to acquire a 100% interest in the past producing Alwin Copper Mine located in BC’s Highland Valley Copper Camp.
Christopher I. Dyakowski, Chairman of GSP Stated: “GSP’s principal asset is an option to acquire 100% of one of the most strategically located high-grade copper and polymetallic projects in British Columbia. The Company is advancing the project at an exciting time in the copper market with BloombergNEF reporting that ‘demand for copper is set to continue rising and is anticipated to exceed primary supply within the next four years. The mismatch in supply and demand is likely to result in copper prices surging 20% by 2027’.”
Simon C. Dyakowski, CEO of GSP commented: “2023 was a turnaround year for GSP Resource Corp. as we successfully restarted exploration activities in the third quarter upon completion of data review and modelling efforts earlier in the year. Our new database of over 60,000m of historical drilling data has resulted in the creation of new digital tools, assisting us in geological modelling and targeting potential expansions of the Alwin mine mineralization. With the data compilation in hand, GSP was able to finance and mobilize a follow up exploration and drilling program in the Summer which was successfully completed in the Fall. We now eagerly await the receipt of assays results from our recently completed drilling program.”
2023 Year in Review Highlights:
Alwin Mine Project
- Completed the 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, representing over $20 million in present day exploration value assuming all-up drilling costs of $400/metre, not including underground development costs.
- Completed a mineralization model generating multiple new untested high priority drill ready targets within the Alwin Mine defining the potential for previously unrecognized moderate west, and shallow east plunging continuity of high-grade copper zones.
- Planned and completed a detailed ground magnetic survey and surface diamond drill program. The 2023 drill program consisted of 5 drill holes and was designed to target potential extensions of known high grade copper zones at the Alwin Property located in the Highland Valley Copper Camp of British Columbia.
- All five 2023 drill holes exhibited visual sulphide mineralization intervals interpreted to be part of or adjacent to the historic 4 Zone, assay results of the drilling are pending for release in early 2024.
Corporate
- Closed private placement financings totalling over $815,000.
- Appointed Mr. Rodney Stevens, CFA to the Board of Directors and Mr. Allen David V. Heyl, B.Sc., CPG., to the Technical Advisory Board.
Outlook for 2024
- Alwin: Report assay results of recently completed field exploration and drilling program.
- Alwin: Plan a substantial follow up data interpretation and exploration program to support a potential future resource estimate and test additional targets.
- Continually evaluate new opportunities to add shareholder value through the acquisition of projects in the Americas.
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. It 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 disclosure contained in this news release has been reviewed and approved by Christopher I. Dyakowski, P. Geo., a director of the Company and a “Qualified Person” as that term is defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. 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, the receipt of assay results, the potential future resource estimate and completing additional work on the Alwin property, the evaluation of potential new projects, future exploration work on the Company’s projects, potential resource estimate, potential acquisition of other 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 and climate 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.
