VANCOUVER, British Columbia - (NewMediaWire) - October 02, 2024 - GSP Resource Corp. (TSX-V: GSPR / FSE: 0YD) (the "Company" or "GSP") announces that exploration target block modelling has indicated open pit potential at the Alwin Mine Copper-Silver-Gold Project (the "Alwin Property").
The recently completed exploration targeting modelling, and conceptual open pit and stope optimization indicates that the Alwin Mine copper mineralization is potentially amenable to an open pit model (Figures 1 and 2). Modeling has yielded a conceptual open pit that extends to a depth of 180 metres (600 feet) with potentially mineable stope shapes continuing at depth a further 90 metres vertically and over a strike extent of approximately 300 metres (1,000 x 300 feet).
The exploration target open pit and stope modelling considers copper mineralization only and the Company looks forward to further evaluation, through additional drilling, of potentially economically significant gold values which have recently come to light (see GSP Resources Corp. news release dated August 19, 2024).
The recently completed modelling is based on the Company's expansive historical and modern diamond drill hole database comprising over 45,000 metres of drilling in 581 holes drilled from surface and underground. The database contains a total of 3,164 sampled intervals representing 8,181 metres of sampled drill core. The modelled mineralized intervals are intersected by 372 drill holes containing a total of 1,434 sampled intervals representing 1,972 metres of drill core.
Figure 1: Oblique View of Alwin Mine Exploration Target Model Conceptual Pit Shell and Stope Modelling (blue), historic underground development (navy blue), and backfilled stopes (orange)
Figure 2: Clipped Sectional View of Alwin Mine Exploration Target Model Conceptual Pit Shell and Stope Modelling (blue), historic underground development (navy blue), and backfilled stopes (orange)
The APEX Geoscience Ltd. ("APEX") resource modelling team continues to make resource estimation progress for the Alwin Project. APEX has now completed block modelling, historic mine development depletion models, and conceptual exploration target open pit and stope optimizations.
The resource team is in the process of competing volume variance checks and finalizing kriging parameters in preparation for eventual resource reporting.
Updated workflow continues to progress as follows:
- 3D georeferencing of historical geological plans and sections (COMPLETE)
- Implicit 3D modelling of shear vein lodes (COMPLETE)
- Validation of 3D underground development and mined stope volumes (COMPLETE)
- Handoff of finalized drill database and mineralization models to APEX geostatistical and resource estimation team for exploration target block modelling (COMPLETE)
- Conceptual pit shell and stope optimization (COMPLETE)
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.), principal and consultant of APEX Geoscience Ltd. of Edmonton, AB, a consultant to the Company and a "qualified person" as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Raffle has verified the data disclosed, which includes 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.
For more information, please contact:
Simon Dyakowski, Chief Executive Officer & Director
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 "forwardlooking information or statements" within the meaning of applicable securities laws, which may include, without limitation, completing ongoing and planned work, the potential for additional drilling at the Alwin Property, the potential for further evaluation, through additional drilling, of potentially economically significant gold values, open pit potential at the Alwin Property, additional modelling and related activities of the Alwin Property, any potential for future resource estimation or reporting for the Alwin Property, carrying out 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.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 or climate conditions, failure to maintain all necessary government permits, approvals and authorizations, failure to obtain or 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 forwardlooking statements or forwardlooking information, except as required by law.
