(TheNewswire)
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Historic exploration work discovered shallow copper mineralization
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Historic shallow drilling included 30m averaging 0.53% Cu and 21 m averaging 0.51% Cu
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High priority for follow up exploration during upcoming field season
News Release - Vancouver, British Columbia – TheNewswire - April 16, 2024: GSP Resource Corp. (TSX-V: GSPR / FSE: 0YD) (the “Company” or “GSP”) announces that it has entered into an arm’s length acquisition agreement with Dylan Adam (the “Agreement”) to acquire a 100% interest in the Mer Claims in the Highland Valley Copper Camp of British Columbia. The two Mer claims are comprised of 185 hectares in the Kamloops Mining Division. The claims are situated approximately 1.5km NW of GSP’s Alwin Mine Project and are surrounded by Teck Resource’s Highland Valley Copper claim group directly west and south of the Highland Valley Copper Mine’s active operations1 (see Figure 1 below).
Terms of the acquisition for 100% of the Mer claims are a $10,000 cash payment and the issuance of 100,000 commons shares of GSP within 10 days of TSXV Exchange acceptance of the Agreement. The seller of the claims will retain a 1.0% Net Smelter Return (“NSR”) Royalty with a buyback option for the Company of C$500,000. All GSP common shares issued pursuant to the Agreement will be subject to a hold period of four months and one day from the closing date.
The Mer Claims host a copper exploration target zone located NW of the Company’s Alwin Mine High grade copper-silver-gold target zone.
Simon Dyakowski, President & CEO of GSP Resource commented: “We are very pleased to enter into this agreement to acquire the only remaining ground within the Highland Valley Copper camp near our flagship Alwin Mine High Grader Copper-Silver-Gold project. The Mer claims are underexplored having seen limited drilling in the 1960’s and 1970’s discovering shallow copper mineralization. Over the coming weeks, we look forward to integrating the Mer claim group into our Alwin Mine Copper Project 2024 field season exploration plans.”
About the Mer Claims:
The Mer Claims were the subject of intensive exploration by the Cleveland Ming & Smelting Co. Ltd. between the years 1965 and 1971. During that time exploration within the current Mer and surrounding claims now held by Teck Highland Valley Copper Corporation comprised geochemical and IP/resistivity geophysical surveys, geologic mapping, bulldozer trenching, completion of 16 percussion drill holes totaling 610 metres (m), and a single 150 m diamond drill hole targeting the Mer showing.
Percussion and diamond drilling were reported to define a 70 x 120 metre northeast trending porphyry copper-molybdenum zone characterized by disseminated chalcocite, chalcopyrite, bornite and molybdenite mineralization and associated biotite and sparse potassic alteration.
At the Mer showing, percussion drill holes 1, 3, 15, and 16, forming a 70 x 40 m diamond pattern in plan returned values of 9 m averaging 0.47% copper (Cu); 30 m averaging 0.53% Cu; 15 m averaging 0.50% Cu; and 21 m averaging 0.51% Cu2 respectively, commencing at downhole depths ranging from 6 to 18 m.
A single diamond drill hole was centered on the percussion drill holes and intersected a zone of chalcocite mineralization within biotite and potassic altered granodiorite intrusive rocks averaging 0.29% Cu over 24 m from a downhole depth of 9 m. The zone of mineralization remains open to the north and west.
No significant exploration has been reported within this project since the initial work programs ending in the early 1970’s. Given the presence of drill confirmed porphyry copper-molybdenum mineralization, a location 6 kilometers west of the Valley Pit at Teck Resource Limited’s Highland Valley Copper Operations, and its position with the Chataway and Guichon granodiorite phases of the Guichon Batholith the Mer Project is a high priority for follow up exploration.
Figure 1: Mer and Alwin Mine Claims – Highland Valley Copper Camp
Click Image To View Full Size
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.
Contact Information:
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 closing of the acquisition of the Mer Claims, 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 forward‐looking statements or forward‐looking information, except as required by law.
1 Mineralization present within Teck Resources Highland Valley Operations is not necessarily indicative of GSP Resources Corp. properties.
2 All drill holes are assumed to be vertical, and the true width of mineralization it unknown.
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