GSP Clarifies Copper Equivalency Calculations of Recent Alwin Mine Copper-Silver-Gold Project Drill Results Drill Hole AM23-01 Intersects 12.8m of 3.14% CuEq o including 5.7m of 6.77% CuEq
GSP Clarifies Copper Equivalency Calculations of Recent Alwin Mine Copper-Silver-Gold
Project Drill Results
Drill Hole AM23-01 Intersects 12.8m of 3.14% CuEq
o including 5.7m of 6.77% CuEq
News Release - Vancouver, British Columbia February 20, 2024: GSP Resource Corp. (TSX-V:
GSPR) (FRA: 0YD) (the “Company” or “GSP ”) reports a correction to the c opper equivalency
calculation of its February 7, 2024 news release regarding the assay results of the recently completed
surface diamond drill program at the Alwin Mine project (the “ Alwin Property”). The previous
disclosure had incorrectly calculated the conversion of tonnes to ounces, thereby understating the
equivalent copper grade. There are no changes to the report ed primary assay results or intervals of
the individual metals. The updated equivalency table is presented below (see Figure 1.)
Table 1. Alwin 2023 Diamond Drilling Significant Assay Results with Corrected CuEq
DDH From
(m) To (m)
Drilled
Interval*
(m)
Cu % Ag g/t Au g/t CuEQ**
%
AM-23-01 138.0 150.8 12.8 2.42 47.0 0.57 3.14
including 141.6 147.3 5.7 5.21 103.1 1.22 6.77
including 141.9 143.8 1.9 7.84 198.3 2.75 11.08
and 153.4 154.6 1.1 3.48 13.0 0.04 3.61
AM-23-02 118.2 118.8 0.6 8.01 30.0 0.05 8.28
and 134.6 140.7 6.1 0.88 3.9 0.06 0.95
including 135.1 138.6 3.5 2.40 9.7 0.18 2.59
AM-23-03 108.6 109.4 0.8 1.06 7.7 0.03 1.14
and 160.4 166.1 5.7 3.77 16.5 0.05 3.93
and 166.9 167.3 0.4 3.85 11.0 0.06 3.97
AM-23-04 33.0 33.8 0.8 0.84 4.5 0.02 0.88
AM-23-05 28.0 38.6 10.6 1.15 4.0 0.04 1.21
including 33.8 37.0 3.2 3.50 10.3 0.07 3.62
*True width estimate is 60% of Drilled Interval presented here.
**CuEQ % = [Cu (%) x 1] + [Ag (g/t) x 0.007926] + [Au (g/t) x 0.606956]
(using $US8,800/tonne Cu, $US23/oz Ag. $US1,850/oz Au and historic
recoveries 95.1% Cu, 89.7% Ag, 85.4% Au)
As previously reported, a ll drill holes intersected Copper -Gold-Silver mineralization at shallow
depths, with hole AM23 -01 reporting some of the highest grades of copper and precious metals
drilled at the Alwin Property in the project’s history (see news release dated February 7, 2024).
Drillhole AM23-01 intersected 2.42% Cu, 47.0 gpt Ag, and 0.57 gpt Au over 12.8m including a
5.7m interval averaging 5.21% Cu, 103.1 gpt Ag and 1.22 gpt Au.
The result of this drilling demonstrates the high-grade potential for the Alwin Property and reinforces
the polymetallic upside with significant gold and silver values. GSP’s data compilation exercise
completed in 2023 suggests that many of the historic drillholes in the pre -2008 exploration of the
property did not include assays for gold and silver.
The drill program, completed in November 2023, was designed to target high-grade copper zones at
the Alwin Property located in the Highland Valley Copper Camp of British Columbia. A total of 5
HQ-size diamond drill holes were completed totaling 640 metres (see the Company’s news release
dated November 22, 2023). Drilling was completed from three sites over a 100-metre strike length
targeting the upper and lower levels of the historic Alwin Mine “4 Zone” (Figure 1).
Figure 1. Alwin Mine 2023 Drill Plan
All five 2023 drill holes intersected sulphide mineralization, with multiple intervals encountered in
drill holes AM-23-01, -02 and -03 targeting the historic 4 Zone at depth. Drill holes AM-23-04 and
-05 targeted the historic 4 Zone near surface (Table 1, Figures 2 and 3).
Mineralization appears structurally controlled comprising chalcopyrite, minor bornite and pyrite, and
associated varying intensity of sericitic, potassic, and chloritic alteration.
Figure 2. Drill Section showing AM-23-01, and -02
Figure 3. Drill Section showing AM-23-03, -04 and -05
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 w estward 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 was performed by ALS Global (“ALS”), Vancouver, Canada.
ALS is an ISO -IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is
independent of GSP Resource Corp. and the QP. Drill core samples were s ubject to crushing at a
minimum of 70% passing 2 mm, followed by pulverizing of a 250- gram split to 85% passing 75
microns. Base and precious metals were determined via four -acid digestion 33 element ICP -AES
geochemistry and overlimit values for copper (>1%) and silver (100 g/t) were analyzed via four-acid
digestion ICP-AES or AAS.
GSP Resource Corp. follows industry standard procedures for the work carried out on the Alwin
Mine Project, with a quality assurance/quality control (QA/QC) program. Blank, duplicate, and
standard samples were inserted into the sample sequence sent to the laboratory for analysis. GSP
Resource Corp. detected no significant QA/QC issues during review of the data. 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.
Contact Information - For more information, please contact:
Simon Dyakowski, Chief Executive Officer & Director
Tel: (604) 619-7469
Email: [email protected]
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, potential further drilling at the Alwin Property and potential drill targets, 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 stat ements 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 re garding
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 S EDAR+ 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 and climate conditions, failure to
maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain or obtain
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.