VANCOUVER, British Columbia - (NewMediaWire) - August 19, 2024 - GSP Resource Corp. (TSX-V: GSPR / FSE: 0YD) (the "Company" or "GSP") provides an update related to ongoing advancement of the Alwin Mine Copper-Silver-Gold Project (the "Alwin Property"). Recently compiled historic and modern diamond drilling has highlighted the presence of high-grade gold mineralization at the Alwin Property, which is not yet well understood, in addition to the well-established laterally and vertically extensive high grade copper zones. New modelling has for the first time enabled 3D visualization of the Alwin Mine Project shear vein system (see Figure 1. - 3D model below), enhancing the Company's ability to target expansion and discovery of new zones of high-grade copper mineralization.
Digital capture of historical surface and underground diamond drilling highlights the polymetallic nature of Alwin Mine mineralization. While all prior drilling was assayed for copper, a small subset of core samples were also assayed for gold, silver and molybdenum.
Significantly, 1968 diamond drilling at Alwin yielded multiple high-grade gold intercepts including assays of 61 grams-per-tonne (g/t) gold (Au), and a total of five individual assays greater than 20 g/t Au within surface drill hole 68-67 over a 29.5-metre downhole interval (Table 1). These assays yield composite grades of 3.05 metres averaging 14.4 g/t Au, including 1.52 metres grading 26.1 g/t Au; and 2.77 metres grading 8.6 g/t Au1.
3.05 metres @ 14.4 g/t Au, including 1.52 metes @ 26.1 g/t Au
88.39
89.55
1.16
0.93
0.44
15.09
89.55
89.92
0.37
3.46
1.78
61.03
94.49
94.79
0.30
1.08
0.74
25.37
98.33
99.67
1.34
1.75
0.21
7.20
2.77 metres @
8.6 g/t Au
99.67
101.10
1.43
1.13
0.29
9.94
105.67
106.13
0.46
2.19
0.82
28.11
High-grade gold values with drill hole 68-67 are supported by the Company's modern diamond drill results including drill hole AM-21-08B that returned 1.6 m grading 10.4 g/t Au and 1.2% Cu, in addition to, 6.4 m averaging2.3 g/t Au, 3.4% Cu, and 40 g/t silver (Ag) within drill hole AM-21-01A.
The most recent drilling completed by GSP returned gold values over wide intervals, including drill hole AM-23-01 that intersected 12.8 m averaging0.57 g/t gold (Au), 2.42% Cu, and 47 g/t Ag (3.14% copper-equivalent, CuEq); including 5.7 m averaging 1.22 g/t Au, 5.21% Cu, and 103 g/t Ag (6.77 CuEq) (see GSP Resource Corp. news release dated February 20, 2024).
Viewed together the historic and current diamond drill results for the Alwin Mine indicate the presence of potentially significant gold values correlated with the known copper lodes, as both high-grade narrow veins and broader lower grade zones encountered across multiple drill holes throughout the deposit. Importantly the distribution and grade of gold values across the Alwin Property is not well understood and presents significant exploration upside alongside the well-established high-grade copper mineralization.
Structure and Mineralization Model Expected to Yield Expansion and New Discoveries
The recognition of Alwin Copper-Silver-Gold mineralization as being hosted within a well-developed en-echelon shear vein system is expected to yield opportunities for expansion of existing and the discovery of new zones of mineralization at depth and along strike where the property remains open. The current interpretation indicates the presence of a subvertical East-West trending parent shear zone, within which steeply south dipping tension veins have developed. The intersection of these features, likely focused along dilation jogs, has produced steeply southeast plunging continuity of mineralization. These plunging mineralized zones were the target of expansive underground development over a 250-metre vertical extent; however, with relatively little historic production. This enhanced understanding of the structural controls on mineralization represents a significant leap in the Company's ability to develop high-conviction drill targets with meaningful potential to drive expansion and discover new zones of high-grade copper mineralization.
Figure 1: Updated Alwin Mine Mineralization Model Showing Historic Drilling, Underground Development, And >1% Cu
Updated Geological Modelling Project Progress:
The APEX Geoscience Ltd. ("APEX") resource modelling team continues to progress the geologic model development for the Alwin Project. APEX has completed 3D georeferencing of historic mine plans and sections, and drill database validation. This data has allowed for the development and finalization of over 20 mineralized shear vein lodes, which will be used to constrain an exploration block model currently under development. In parallel, historic mine development depletion models have now been reconciled with the modeled mineralized zones to inform eventual conceptual open pit and stope optimization.
Updated workflow continues to progress as follows:
3D georeferencing of historical geological plans and sections (COMPLETE)
Digitization of mineralized polygons, fault traces and point structure (COMPLETE)
Implicit 3D modelling of shear vein lodes, and fault planes (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 block modelling (COMPLETE)
Conceptual pit shell and stope optimization (UNDERWAY)
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).
Methodology and QA/QC
The analytical work reported on herein related to historic drilling was performed by the Bethlehem Copper Corporation Ltd. analytical laboratories, Ashcroft, BC. Analytical techniques and quality assurance/quality control (QA/QC) measures employed at the time are not known, however the Qualified Person has reviewed extensive original documentation held by GSP including copies of original drill logs, assay summary tables, underground drill sections, and original analytical certificates. All individual sources were in agreement. GSP Resource Corp. is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.
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, develop new drill targets at 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 obtain or 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.
