GSP Resource Corp. Soil Sample Program Indicates Strong Copper Values and Establishes Drill Targets at Olivine Mountain
GSP RESOURCE CORP. SOIL SAMPLE PROGRAM INDICATES STRONG COPPER
VALUES AND ESTABLISHES DRILL TARGETS AT OLIVINE MOUNTAIN
Vancouver, British Columbia – February 13, 2019: GSP Resource Corp. (TSX-V: GSPR) (the
“Company”) is pleased to announce the results of the Fall 2018 soil sample program at the Olivine
Mountain Project. Assays have been received from an extensive geochemical soil survey program
undertaken in Fall 2018 and have established the presence of strong Copper -in-soil anomalies
coincident with interpreted geophysical anomalies. Notably, the geochemical survey results have
established several drill targets at the Olivine Mountain Project . The recommended initial drill
program is for up to 1,000 meters of NQ Core drilling directed at four main targets and is budgeted
at approximately CAD$250,000 (including site preparation, supervision and analytical work). GSP
Resource Corp. President and CEO, Simon Dyakowski commented: “base metals values in the soil
sample grid, in particular - Copper of up to 0.68%, are very encouraging. The results are coincident
with the interpreted geophysical anomalies identified in GSP’s Spring 2018 airborne and ground
survey programs. Four drill targets are considered of interest for the presence of related massive
sulphide deposits and we expect to commence the permitting process shortly.”
Olivine Mountain Copper-in-soil Results Map:
http://gspresource.com/wp-content/uploads/2019/02/Cu-in-soil-Results-Map.png
Olivine Mountain Nickel-in-soil Results Map:
http://gspresource.com/wp-content/uploads/2019/02/Ni-in-soil-Results-Map.png
Fall 2018 Geochemical Survey Results Summary*
GSP crews constructed approximately 100 line kilometers of grid over the favourable geophysical
anomalies, with lines oriented in an east-west direction, and spaced 100 meters apart. Sample stations
were established at 50 meter intervals along all lines. In total, approximately 1850 soil samples were
collected. All samples were submitted to the laboratories of MS Analytical in Langley, B.C. for
analysis. Methods included a one acid, 41 element Ultra Trace level ICP analysis for 41 elements
including Au, Co, Cu, Ni, Pd, Pt and V. Plots of each element were made, highlighting anomalous
zones by colour and size. The following are elemental thresholds:
Au(ppb) Co(ppm) Cu(ppm) Ni(ppm Pd(ppb) Pt(ppb) V(ppm)
Possibly Anomalous 10 – 50 50 – 100 50 – 100 50 – 100 25 – 50 25 - 50 175 - 200
Probably Anomalous 50 – 100 100 – 200 100 –250 100 – 250 50 – 100 50 - 100 200 – 250
Definitely Anomalous 100 – 386 200 - 253 200 - 678 250 - 900 100 - 230 100 - 190 250 - 443
Copper values are considered very strong, believed to be indicative of significant mineralization in
underlying bedrock. Cobalt, nickel, platinum and palladium values are moderate to strong and are
also believed to be indicative of respective mineralization in underlying bedrock. There is a relatively
close relationship of co pper to cobalt and palladium and nickel to platinum and palladium. Gold is
related to both copper and nickel. There is very little sympathy of copper to nickel. These
relationships probably reflect the zoning nature of the metals in bedrock.
Olivine Mountain Compilation Plan Map:
http://gspresource.com/wp-content/uploads/2019/02/Olivine-Mountain-Compilation-Plan-Map.pdf
Compilation of Results*:
Six significant geochemical anomalies are interpreted from the copper and nickel plots:
1) Centered on L83700N@55600E – Strong copper values over an area 900 x 600 meters with
associated palladium, weak nickel, weak gold and weak cobalt. The anomaly is at the north
end of a strong magnetic/conductive geophysical body, with strong conductive picks having
been interpreted from airborne data. The area is just south of the Asp Showing.
2) Centered on L83300@56900E – Strong copper values over an area 600 x 400 meters with
associated weak palladium and platinum. There are no associated geophysical anomalies.
There are no mineral showing associated with this anomaly.
3) Centered on L84600N@ 54800E – Moderate to strong copper values over an area 700 x 400
meters with associated vanadium and weak cobalt. There are no associated geophysical
anomalies. The anomaly is just northwest of the RC Showing.
4) Centered on L85100N@55300E – Strong copper values over an area 700 x 300 meters with
weak nickel, palladium, vanadium and gold. There are no associated geophysical anomalies.
The anomaly is just south of the ASP 14 showing.
5) Centered on L82600@56500E – Moderate to strong nickel values over an area of 600 x 800
meters with associated palladium, platinum, weak gold, weak cobalt and weak copper. The
anomaly is at the south end of a strong magnetic/conductive geophysical body, with strong
conductive picks having been interpreted from airborne data. There are no mineral
showings associated with this anomaly.
6) Centered on L82700N@55200E – Strong nickel values over an area 700 x 700 meters with
associated palladium, platinum and vanadium. The anomaly is associated with a strong
magnetic and conductive geophysical body. There are no mineral showings associated with
this anomaly.
Conclusions and Recommendations*:
Four of the anomalous targets are worthy of drilling and the following hole locations are
recommended:
L83700N@55800E – vertical diamond drill hole to 200 meters.
L85100N@55300E – vertical diamond drill hole to 200 meters.
L82600@56500E – vertical diamond drill hole to 200 meters.
L82800N@55200E – vertical diamond drill hole to 200 meters.
The drill program should a llow a contingency of 200 meters for an additional hole or deepening of
initial holes, therefore the recommendation is for a total of 1000 meters. Core drilling should be NQ
size. The cost estimate of 1000 meters includ es roads, site preparation, supervision and analytical
work should be approximately CAD$250,000.
*Sections quoted from a Summary Report - 2018 Work Programs on the Olivine Mountain Property,
by John R. Kerr, P.Eng, dated February 12, 2019.
Quality Assurance / Quality Control: Samples were sent to MS Analytical (an ISO 9001:2015 and
ISO 17025:2005 accredited laboratory) in Langley, BC. Soils were dried and screened through an 80
mesh screen to remove rocks and other matter. A 20g aliquot from the minus fraction was weighed
and digested using weak aqua regia and then analyzed by ICP-ES/MS (IMS-117). Analytical results
were verified by the insertion of certified reference materials, blanks and duplicates.
Qualified Person: The scientific and technical disclosure contained in this news release has been
reviewed and approved by Christopher I. Dyakowski, P. Geo, a “Qualified Person” as that term is
defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About GSP Resource Corp. : GSP Resource Corp. is a mineral exploration company focused on
the acquisition, exploration and development of mineral resource properties. The Company has an
option to acquire a 100% interest and title to the Olivine Mountain Property located in the
Similkameen Mining Division, 25 km northwest of Princeton, British Columbia.
Contact Information - For more information, please contact:
Simon Dyakowski, Chief Executive Officer
Tel: (604) 619-7469
Email: [email protected]
Cautionary Statement Regarding “Forward-Looking” Information.
This news release includes certain statements that constitute “forward -looking information” within the meaning of
applicable securities law, including without limitation, statements that address the Olivine Mountain Project , obtaining
drill permits, cost of potential drill program, comments regarding the timing and content of upcoming work programs,
and other statements relating to the business prospects of the Company. Forward-looking statements address future events
and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses
and other information that are based on forecasts of future results, estimates of amounts not yet determinable and
assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words
or phrases such as “expects” or “does not expect”, “is expected”, “estimates” or “intends”, or stating that certain actions,
events or results “may”, “could”, “might” or “will” be taken, occur or be achieved), and variations of such words, and
similar expressions are not statements of historical fact and may be forward -looking statements. Forward -looking
statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or
achievements of the Company to be materially different from future results, performances or achievements e xpress or
implied by such 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, anticipated costs and the ability to achieve 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, and that third
party contractors, equi pment and supplies and governmental and other approvals required to conduct the Company’s
planned exploration activities will be available on reasonable terms and in a timely manner. Forward-looking statements
are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results
to differ materially from those reflected in the forward-looking statements, including, without limitation: (i) risks related
to gold, platinum, palladium, copper and other c ommodity price fluctuations; (ii) risks and uncertainties relating to the
interpretation of exploration results; (iii) risks related to the inherent uncertainty of exploration and cost estimates and
the potential for unexpected costs and expenses; (iv) that resource exploration and development is a speculative business;
(v) that the Company may lose or abandon its property interests or may fail to receive necessary licences and permits;
(vi) that environmental laws and regulations may become more onerous; (vii) that the Company may not be able to raise
additional funds when necessary; (viii) the possibility that future exploration, development or mining results will not be
consistent with the Company’s expectations; (ix) exploration and development risks, including risks related to accidents,
equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration and
development; (x) competition; (xi) the potential for delays in exploration or development activities or the completion of
geologic reports or studies; (xii) risks related to environmental regulation and liability; (xiii) risks associated with failure
to maintain community acceptance, agreements and permissions (generally referred to as “social licence”), in cluding
local First Nations; (x iv) risks relating to obtaining and maintaining all necessary government permits, approvals and
authorizations relating to the continued exploration and development of the Company’s projects; (xv) risks related to the
outcome of legal actions; (xv i) political and regulatory risks associated with mining and exploration; (x vii) and risks
related to current global financial conditions. These risks, as well as others, could cause actual results and events to vary
significantly. 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,
the loss of key direct ors, employees, advisors or consultants, volatility in metals prices, adverse weather conditions,
equipment failures, failure of counterparties to perform their contractual obligations and fees charged by service
providers. Investors are cautioned that for ward-looking statements are not guarantees of future performance or events
and, accordingly are cautioned not to put undue reliance on forward -looking statements due to the inherent uncertainty
of such statements. The forward-looking statements included in this news release are made as of the date hereof and the
Company disclaims any intention or obligation to update or revise any forward -looking statements, whether as a result
of new information, future events or otherwise, except as expressly required by applicable securities legislation.
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.