Vancouver, British Columbia, Jan. 19, 2022 (GLOBE NEWSWIRE) -- GSP Resource Corp. (TSX-V: GSPR) (FRA: 0YD) (the “Company” or “GSP”) provides shareholders with the following outlook for 2022 and review of 2021 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.
Simon Dyakowski CEO of GSP commented: “GSP had a productive year in 2021. Despite logistical challenges driven by poor weather with the Summer wildfires and Autumn flooding, GSP was able to complete approximately 2,300 meters of diamond drilling (8 holes), bringing GSP’s total drilling at the Alwin Mine Project to approximately 4,300 meters (18 holes) over the previous two exploration seasons. Other milestones achieved at Alwin last year include obtaining an important 5-year exploration permit (Multi-Year area based (MYAB)) and completing a 3D digital model of the historic Alwin mine workings and drill data. Work at Alwin to-date continues to support the reimagining of the Alwin Mine from a high grade underground operation to a potential, shallow, bulk tonnage open pittable deposit model. At Olivine Mountain, we signed an agreement to option a 60% interest in the project to Full Metal Minerals.”
2021 Year in Review Highlights:
Alwin Mine Project
- Completed 3D modelling: The model includes all known underground workings, separated into drift and declines, raises, cement filled, rock filled and open stopes and the numerous unmined copper+/- silver+/- gold mineralized portions of the 425 m long by 275 m deep by 150 m wide zone (see news release dated May 19, 2021).
- Obtained 5 year MYAB Permit for drilling: Permit allows GSP to carry out exploration activities including drilling, trenching and IP lines for a period of 5 years.
- Drilled 2,313 meters over the Summer and Fall of 2021, testing the bulk tonnage copper potential of unmined mineralization within and surrounding the historic Alwin mine.
- High Grade drilling Highlights included: Hole AM 21-01 returning High grade intersection of 3.50% Cu, 2.4 gpt Au, 39.6 gpt Ag (4.66 CuEq) over 6.4 m 1 and Hole AM21-05 a Deep high-grade intersection of 2.71% CuEq over 35.5m. 2
- 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, and 0.48% CuEq over 79.3 m. 3
Olivine Mountain Project
- Optioned 60% to Full Metal Minerals in April 2021; GSP will be operator of exploration programs at Olivine until option agreement is completed.
- Commenced a sampling program in September 2021 with results pending.
Corporate
- Closed oversubscribed financing of $455,000 in August 2021.
Outlook for 2022
- Alwin: Incorporate new drilling data into geological model, and update Alwin mine 3D model.
- Alwin: Plan a substantial infill program to support a potential future resource estimate, review and plan additional exploration drilling targets.
- Olivine: Partner funded project review and sampling program: including on the porphyry copper-gold Hop target.
- Continually evaluate new opportunities to add shareholder value through Acquisition & Development of projects (Southwestern BC focus).
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 Christopher 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. Mr. Dyakowski 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
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, receipt of assays and the expected timing of the assay results, bulk tonnage potential of the Alwin project, potential future resource estimate on the Alwin project, update the Alwin 3D model, evaluate opportunities for acquisitions, divestitures and partnerships, 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.
1 See GSP’s news release dated September 13, 2021
2 See GSP’s news release dated October 14, 2021
3 See GSP’s news release dated October 14, 2021
