Gespeg Acquires New Copper Project in the Gaspé Peninsula
Gespeg Acquires New Copper Project in the Gaspé Peninsula
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE
UNITED STATES
SASKATOON, Saskatchewan, Oct. 03, 2019 -- GESPEG COPPER RESOURCES INC. (TSX-V:GCR) (the “Company” or
“Gespeg”) announces that it has entered into a purchase agreement (the " Agreement ") with an arm's length party (the
"Vendor"), to acquire a 100% undivided interest in 3 projects on the Southern portion of the Gaspé Peninsula and the
Chibougamau Region.
The first project, the Chandler Project , situated west of the Municipality of Chandler, is composed of 19 claims divided in 2
sectors and has four (4) known indicators: Ruisseau Bleu, T.Nelson 1 and 2, Riviere St-Jean South and Route 102 S-W.
The project is part of the Mont Alexandre syncline, associated to an important metallotect volcanic horizon part of the Lake
McKay Member, which lies within the greenstone belt present in the Gaspe Peninsula. The Lake McKay Member is situated
at the bottom of the West Point Formation and associated to an assemblage of volcaniclastic material, conglomerates and
sandstones with some minor interbedded lavas. This type of volcanic horizon is known to generate multiple mineralized copper
zone. The greenstone belt has already shown 9 indicators in the area, it appears that the obvious model for these types of
mineralization is the Keweenaw Peninsula native copper model
See attachment for regional map https://www.globenewswire.com/NewsRoom/AttachmentNg/9bb3901d-0540-428a-9254-
0a806714e1bf
Indice Year Report # Type of work Significant
results
Riv. St-Jean-
Sud 1976 GM 33329 Grab sample 0.5% Cu
T. Nelson 1 et
2 1976 GM 33329 Drilling Hole P5-76;
0.28% Cu/0.9m
Route 102-SO 1976 GM 33329 Drilling Hole P-6-76:
0.15% Cu/0.7m
Ruisseau Bleu 1976 GM 33958 Drilling Hole V-1-76
0.5% Cu/3.17m
Ruisseau Bleu 1977 GM 33958 Drilling Hole V-4-77:
1.17% Cu/3.27
Ruisseau Bleu 1989 GM 49399 Drilling
Hole V89-01:
0.11%
Cu/15.6m
Ruisseau Bleu 1994 GM 53878 Drilling
Hole V94-01:
0.21% Cu,
3.6g/t
Ag/1.37m
RUISSEAU
CANTIN 1995 GM 53761 Trenching
TR-95-01: 1.3%
Cu, 1.4g/t
Ag/4.0m
FER À
CHEVAL 1995 GM 56982 Trenching
TR-95-02:
0.63%
Cu/11.0m
FER À
CHEVAL-2 1995 GM 56982 Trenching
TR-95-04: 4.5%
Cu, 42g/t
Ag/6.0m
TRIANGLE
D'ARGENT 1997 GM 55716 Grab sample 2.01% Cu
TRIANGLE
D'ARGENT 1998 GM 59532 Trenching Native Cu
TRIANGLE
D'ARGENT 1999 GM 59588 Trenching
Main Showing
Trench: 5.38%
Cu, 2.77g/t
Ag/11.6m
TRIANGLE
D'ARGENT 2000 GM 57820 Trenching
TR-2000-02:
4.14% Cu, 7g/t
Ag/1.0m
TRIANGLE
D'ARGENT 2000 GM 57820 Trenching
TR-2000-04:
10.3% Cu,
21.3g/t
Ag/9.0m
ÉCH. 62651 2006 GM 63560 Grab sample 0.43% Cu
All data included in the above has been verified by Bernard-Olivier Martel, P. Geo,
the Company's Director of Exploration, through researching and compiling all the
reports available for historical data. The company has not re-assayed samples or
drill hole intervals.
The second project, known as the Davidson Project, is adjacent to Route 167 North East of Chibougamau and is also bearing
copper indicators, the Clero, the Blondeau, and the Bouzan-Cuivre, within 9 claims.
The third project is the Ruisseau Basket, situated North of Pointe à la Croix, and is still in awaiting approval from the Ministry
of the Environment and Natural Resources of the Government of Quebec.
Under the terms of the Agreement, Gespeg is acquiring the Properties by paying the Vendor the following:
1. A payment of 8,000,000 shares.
2. An extra 500,000 shares will be given upon successful negation with the local First Nations group to obtain their
approval on the acquisition of Ruisseau Basket.
Mr. Sylvain Laberge, President and CEO of Gespeg, remarks "We are pleased to add these properties to our portfolio. The
projects fit within our exploration model and further cements our position as the dominant copper explorer in the Gaspe
Peninsula. Additionally, the acquisition increases our presence in the Chibougamau region. It remains our belief that, with
proper exploration, the Gaspe can regain its status as a significant copper producer.” Mr. Laberge further states “Our
exploration group is currently refining the exploration program that we intend to complete, once we have finalized this
transaction, and we look forward to disclosing both our plans and the eventual results of the program.”
The Agreement is subject to the approval of the TSX-Venture Exchange.
About Gespeg Resources Inc.: Gespeg is an exploration company with a focus in grossly underexplored Gaspé Peninsula in
Québec”. With a dedicated management team, the Company’s goal is to create shareholder wealth through the discovery of
new deposits.
Bernard-Olivier Martel, P. Geo, the Company's Director of Exploration, is a qualified person (as such term is defined in
National Instrument 43-101 - Standards of Disclosure for Mineral Projects ) and has reviewed and approved the technical
disclosure contained in this news release.
GESPEG COPPER RESOURCES INC.
(signed) “Sylvain Laberge”
Sylvain Laberge
President and CEO
514.380.5610
514.702.9841
FORWARD LOOKING INFORMATION
Some of the statements contained in this press release are forward-looking statements and information within the meaning of
applicable securities laws. Forward-looking statements and information can be identified by the use of words such as
“expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain
actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking
statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the
Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or
implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue
reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any
forward-looking statements, except as may be required by law.
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Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.