GSP Resource Corp. Reports Final Drill Results from 2021 Drilling Programs at the Alwin Mine Project 10.4 g/t gold intersected over 1.6m in drill hole AM21-08B
GSP Resource Corp. Reports Final Drill Results from 2021 Drilling Programs at the
Alwin Mine Project
10.4 g/t gold intersected over 1.6m in drill hole AM21-08B
News Release - Vancouver, British Columbia – May 18, 2022: GSP Resource Corp. (TSX-V: GSPR)
(FRA: 0YD) (the “Company” or “GSP”) announces final diamond drill results from the 2021 drilling
program at the Alwin Mine project (the “Alwin Property”) located in the Highland Valley Copper Camp
of British Columbia.
The second phase of the 2021 drilling program was completed in the late fall. All of the phase 2 program
drill holes were collared from the north side of the EW striking Alwin zone . The program consisted of
three holes totalling 895.5 metres and was designed to further test the bulk copper equivalent grade of the
Alwin deposit and surrounding lower-grade rock from the north of the historic deposit. Summary results
are presented Table 2 below.
AM21-06 was collared to intersect a medium depth unmined 6 zone target. The hole intersected mine
workings at 195 m and the hole was reduced to NQ and continued to 212.45 m into another working. BQ
tools could not be readily located and the hol e was stopped about 30 m short of the target. The hole did
intersect reportable copper mineralization from 129.4 m to 194.55 m.
AM21-07A was collared NW of hole AM21 -06 and was drilled to attempt intersecting the historic deep
6 Zone. The hole missed the ideal target location by about 15 metres. The hole intersected numerous
zones of mineralization including a near to collar 0.5 m drilled length intersection of 2.87% copper, 0.05%
molybdenum and 0.333 ppm Rhenium. A portion of the 6 zone intersected was truncated by a dyke.
AM 21-08B was collared and directed to intersect an unmined portion of the gold enriched 4S zone and
to continue on to a deep 3 zone intersection . Similar to the deep 6 zone it was hoped that significant
previously unreported silver and gold grade s would accompany this intersection. A possible 4N zone
interval was intersected at 179.8 m. This 1.6 m drilled length interval returned 1.24% copper, 10.4
g/t gold and 16 g/t silver that produced a density calculated grade of 6.13 % copper equivalent. This
gold intersection is the highest reported to date for the Alwin system. A pulp rerun returned 8.3 g/t and a
reject rerun 11.3 g/t gold. The hole continued but intersected a caved portion of the rock overlying an
unfilled 4S stope. The hole at 190.1 m intersected a 0.7m 4S zone interval that returned 3.32% copper
equivalent grade. The hole had to be abandoned at 190.8 m and less than 30 metres from the deep 3 zone
target.
2021 ALWIN PHASE 2 DRILL HOLE DATA
HOLE ID EAST NORTH BEARING DIP DEPTH TARGET(S)
AM21-06 635380 5593728 214.5 -45.6 212.45 3, 6
AM71-07A 635370 5593746 201.5 -56.9 334 6 DEEP
AM21-08B 635333 5593491 209.5 -70 190.8 4, 3 DEEP
2021 PHASE 2 ALWIN MINE ZONE SIGNIFICANT INTERSECTIONS
Hole TARGETS FROM
(M)
TO
(M)
DRILLED
LENGTH
(M)
E.T.W
(M)
density
adjusted
drilled
grade
(%Cu)
density
adjusted
drilled
grade
(Au g/t))
density
adjusted
drilled
grade
(Ag g/t))
density
adjusted
drilled
grade
(%Cu
EQ)
COMMENTS
AM21-06 3-4
ZONE
129.4 194.55
65.15 35.8
0.169
AM21-06 3 ZONE INCL 129.1 135.05 5.95 3.3 0.935
AM21-
07A 9.1 9.6 0.5 0.3 2.87 3 3.15
509 ppm
Mo, 0.333
ppm Re
AM21-
07A
68.1 71.75 3.65 2.0 0.85
AM21-
07A
INCL 68.1 69.7 1.6 0.9 1.1 1.36 12.1 1.74
AM21-
07A
87.8 88.4 0.6 0.3 1.58 3.45 2.23 1270 ppm
Mo
AM21-
07A 3 ZONE 184.95 190.3 5.35 2.9 0.528
AM21-
07A 3 ZONE INCL 188.8 190.3 0.95 0.5 0.71 2.1
AM21-
07A 3 ZONE INCL 188.8 189.25 0.45 0.3 3.5 1.36 12.1 4.33 0.035 ppm
Re
AM21-
07A
243.5 243.8 0.3 0.2 1 1.2 7.8 1.64
AM21-
07A
303.3 318.2 14.9 8.2 0.194
AM21-
07A
INCL 303.3 304.85 1.55 0.9 1.48
AM21-
07A 6 ZONE INCL 304.35 304.85 0.5 0.3 2.8 0.2 33.3 4.27
AM21-
08B
7.1 190.8 183.7 100.0 0.137
Includes
10.4 g/t
gold/1.6m
AM21-
08B
INCL 31.5 190.8 159.3 87.6 0.154
Includes
10.4 g/t
gold/1.6m
AM21-
08B
INCL 136.4 190.8 54.4 28.9 0.32
Includes
10.4 g/t
gold/1.6m
AM21-
08B 4S ZONE INCL 179.8 181.4 1.6 0.9 1.24 10.4 16 6.13
Includes
10.4 g/t
gold/1.6m
AM21-
08B 4S ZONE INCL 190.1 190.8 0.7 0.3 2.99 10 3.32
Unsampled intervals were given 10-25 ppm Cu, 0 g/t Au, 0.1 g/t Ag, 1 ppm Mo, 0.001 or 0.002 ppm Re and 10 ppm Zn
Percent Copper equivalent grades are calculated from analyzed or assayed Copper results at $4.20/lb ($10.856/kg) X the
Estimated True Width + sampled density divided by an average density of 2.655+ Gold result at $1750 oz ($51082.21/kg)+
Silver result at $23.5/oz ($685.96/ kg)+ Molybdenum result at $19.5/lb ($19.5/kg)+ Rhenium result at $1300/kg). 1% is 10,000
ppm or 1,000,000 ppb. 1 oz/t = 34.2585 ppm (g/t).
Phase 1 of the 2021 Alwin Program consisted of f ive holes (results previously reported) totalling 1,439
meters to test the bulk tonnage copper potential of unmined mineralization within and surrounding the
historic Alwin mine.
GSP is now planning a 2022 exploration program expected to be mobilized in the s ummer of 2022.
Continuing exploration is expected to further test the bulk tonnage grade potential of the historic Alwin
deposit as well as to develop deeper targets adjacent to and underneath the main Alwin zone. Casing was
left in all the 2021 Phase 2 drill hole collars to potentially continue drilling in subsequent exploration
programs.
In addition to the main “replacement style” Alwin Mine target, the Alwin property hosts several
incompletely explored porphyry copper-molybdenum targets to the north and west of the mine. The Alwin
deposit’s known east end is less than 2.5 km west of and 270 metres higher than the Valley pits west edge
of Teck Corporation’s Highland Valley Mine, the largest open- pit porphyry copper- molybdenum mine
in Canada. The Highland Valley Mine had a reported 0.278% copper head grade according to a 2019
presentation (https://www.teck.com/media/Teck-Highland-Valley-Copper-Site-Visit-2019-HVC-
Presentation.pdf) and Teck Resource’s 2021 Annual Information Form (“AIF”) filed on SEDAR reports
mineral reserves at the Highland Valley mine using a 0.11% CuEq cutoff grade.
Figure 1: Map of GSP Alwin Project and Highland Valley Copper (Valley Pit)
Link to Map of GSP Alwin Project and Highland Valley Copper (Valley Pit)
Phase 1 Summer 2021 Drill Program Hole Summaries: (Previously reported - please see news
release dated October 14, 2021)
Hole AM21-01A was targeted to intersect an unmined portion of the historic 4 South zone. The hole was
collared south of the Alwin deposit near its known eastern extent and successfully intersected portions of
several known and previously unrecognized copper mineral zones.
Highlight intersections include the targeted 4South zone grading 4.42% copper, 3.5 gpt gold, 92.8 gpt
silver, and 0.14 ppm rhenium (6.15% CuEq) over a drilled length of 4.4m. Up hole (south) from the 4S
zone, drill hole AM21- 01 intersected a post -Alwin Highland Valley style quartz vein stockwork copper
zone grading 0.133% copper and 0.204% copper equivalent over a 32.3m drilled length from 102.7m to
134.0m. Similar mineralization was intersected in hole 20-10D some 300 m to the southwest (please see
news release date March 2, 2021).
Extensions of the 4North zone were intersected at depth that graded 0.13% copper equivalent over 12.9
meters. The hole returned a 158.5m drilled interval grading 0.284% CuEq from both Alwin and Highland
Valley style mineralization.
Hole AM21-02 was collared 200 m west southwest of hole AM21-01 and drilled to intersect an eastern 6
zone intersection. This intersection returned 3.48% CuEq from a drilled length of 2.6 m. Similar to Hole
AM-21-1A, a copper mineralized quartz vein and stockwork zone was again intersected south of the Alwin
Mine. Part of this zone returned 0.235% CuEq over a 43.15 m drilled length.
Near the planned final depth of the hole the rock was increasing in alteration and the hole was extended
to a total depth of 367 m (1204 ft). From 338.8 to 351.5 m a n intensely mesothermal to epithermal clay
style altered shear containing dilational quartz vein fragments hosting coarse grained pyrite and
chalcopyrite was intersected. The sheared intrusive also hosted deformed chalcopyrite bearing quartz
stockwork. This intersection (12.1 m) returned 0.13% CuEq including elevated molybdenum and rhenium
values.
Hole AM21-03 was collared 200m west southwest of hole AM21-01and drilled northeastward to a deep
unmined target of the historic #3 zone. The intersection is approximately 100 metres southwest from the
hole 1 target but 50 metres deeper. The hole steepened more than expected and the primary target was
undercut.
GSP's Summer 2021 drilling program focused on a 300- metre-by-100-metre-by-250-metre-plus deep
portion of the Alwin replacement -style copper deposit. The style of mineralization is observed as
subvertical individual, or multiple and closely spaced, subparal lel in situ muscovite -quartz-sericite wall
rock replacement zones. On a mine scale, the zones form a rough conjugate partially interlocking system
with subvertical west-northwest and west-southwest zones. Individual zones average 100 to 150 metres
long by up to 250 metres vertical and zones can reach 10 metres thick grading over 4 per cent copper.
Hole AM-21-04 was collared to intersect the west part of the 6 zone about 200 m west of the hole AM -
21-02 intersection. The hole intersected the zone grading 1.16% CuEq over a drilled length of 3 metres
and was an estimated 10 m west of the targeted historic intersection grading 5.8% copper over 3.1
horizontal metres. Similar to hole AM -21-02, this hole was also extended and again intersected from
241.9 to 254 m similar sheared, clay altered chalcopyrite stockwork mineralized intrusive. This
intersection (12.1 m) returned 0.11% CuEq including elevated molybdenum and rhenium values.
Hole AM 21-05 was collared to intersect the 3 zone under a historic intersection grading 4.7% Cu over a
horizontal 3.5 m. The hole intersected, over 10.6 m, several narrow zones grading 0.38% CuEq. The hole
at 136 m intersected the 4S zone and continued in the steeply north dipping portion of the zone for an
additional 35.5 m, returning an average grade of 2.71% CuEq over this interval. Within this interval, the
hole intersected four previously mined out sections totalling 8.8 m. This estimated 3 to 4 metre thick
intersection returned an assumed grade of 3.51% CuEq.
Phase 1 Summer 2021 Drill Results can be found in News Release Dated October 14, 2021
About the Alwin Mine Project: The 575.72 hectares Alwin Mine Copper-Silver-Gold property is located
on the semi-arid, interior plateau in south-central British Columbia. The historic underground mine, which
was developed over 500 meters long by 300 meters deep by 200 meters wide volume produced from 1916
to 1981 from five major subvertical zones 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. Gold
and silver content associated with bornite increase with depth within the individual mineralized zones.
The deposit is less than 2.5 kilometres west of the HVC Valley Pit.
Qualified Person: Exploration activities at the Alwin mine project including QA -QC procedures and
protocols were designed by and supervised on site by the C ompany's exploration consultant Leopold J.
Lindinger, P.Geo. of Renaissance Geoscience Services Inc. In accordance with National Instrument 43-
101 Standards of Disclosure for Mineral Projects , Leopold J. Lindinger, P.Geo. is the qualified person
for the project and has prepared, validated and approved the technica l and scientific content of this news
release. The C ompany is attempting to adhere to CIM best practices guidelines in conducting,
documenting and reporting the exploration activities on its projects. Mr. Lindinger verified the data
disclosed which includes a review of the sampling, analytical and test data underlying the information and
opinions contained therein. Mineralization hosted on nearby properties is not necessarily indicative of
mineralization that may be hosted on the Alwin property.
Quality Assurance -- Quality Control (QA-QC) procedures: The QAQC program was designed and
overseen by Leopold J. Lindinger, P.Geo.. and is designed to adhere to exploration CIM best practice
guidelines.
The core was delivered to on site secure core processing facilities by the drillers or picked up from the
drill site by GSP contractors. The core was then washed, reassembled as best a possible, imaged, logged,
and sampled. All personnel involved in the core logging and sampling procedures were inde pendent of
GSP or if not directly supervised by independent personnel. They included employees of Renaissance
Geoscience services Inc., Waldo Geological services and subcontractors supplied by GSP. Sampling was
completed by sawing or splitting the core in half. One half was replaced in its former position and
orientation in the core box and the other in a prelabelled poly bag. In addition to core, random blanks and
field standard material were inserted into the sample stream. The blanks chosen were cement sand and
massive homogenous Tertiary basalt. The chosen standards were supplied by CDN Resource Minerals
Ltd. of Langley BC. Every run of 50 samples had at least on e blank and standard placed into the sample
stream. Several samples were ¼ split with the samples associated with significantly different sample tags.
Most lithologically different sample s and every well mineralized interval had at least one density
measurement taken. The material density measured was chosen by the core logger as repres entative of
the material in the sample.
Chain of Custody procedures.
The prepared bagged drill core samples were taken from the secure mine site by independent project
personnel to a truck loading point and delivered to Bureau Veritas Mineral Laboratories (BV) analytical
facility in Vancouver, B.C., for preparation and analysis by independent bonded trucking company
Overland West. Samples delivered to Actlabs in Kamloops were delivered to the facility by Renaissance
or Waldo personnel.
Laboratory qualifications and independence
The BV and Actlabs facilities are accredited to internationally recognized standards, including ISO 9001,
ISO 14001, and OHSAS 45001 and are independent of the Company and the qualified person . All
analytical methods include quality control materials inserted at frequencies determined appropriate by the
QP. Each entire sample is crushed and a 0.25 kilogram subsample is pulverized. Analysis for gold is by
30-gram fire assay fusion with atomic absorption finish with a lower limit of 0.01 part per million and
upper limit of 100 parts per million. A 0.5 gm subsample for all samples was submitted for digestion
using laboratory specific multielement multi-acid ICP-ES/MS package. Copper reporting over 4000 ppm,
silver reporting over 1 ppm, gold reporting over 0.5 g/t, overlimit tungsten and molybdenum are analyzed
using laboratory specific assay package s producing % copper , % molybdenum , ppm silver and gold
results. The Qualified Person detected no significant QA/QC issues during review of the data. The
Qualified Person is not aware of any drilling, sampling, or other fa ctors that could materially affect the
accuracy or reliability of the data referred to herein.
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.
GSP also owns 100% of 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 “forwar d‐looking information or statements” within the meaning of applicable securities laws,
which may include, without limitation, potential additional exploration and drilling planned for the Alwin project in 2022, bulk
tonnage potential of the Alwin project, 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 other risks filed under the Company’s profile on SEDAR at www.sedar.com . 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, failure to secure personnel and
equipment for work programs, adverse weather and climate conditions, failure to maintain all necessary government permits,
approvals and authorizations, the impact of Covid- 19 or other viruses and diseases on the Company’s a bility to operate,
decrease in the price of copper and other metals, failure to maintain community acceptance (including First Nations), 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.