GSP Resource Exploration Target Modelling Indicates Open Pit Potential at Alwin Mine Copper-Silver-Gold Project
GSP Resource Exploration Target Modelling Indicates Open Pit
Potential at Alwin Mine Copper-Silver-Gold Project
News Release - Vancouver, British Columbia October 2 , 2024: GSP Resource Corp. ( TSX-V:
GSPR / FSE: 0YD) (the “Company” or “GSP”) announces that exploration target block modelling
has indicated open pit potential at the Alwin Mine Copper-Silver-Gold Project (the “Alwin
Property”).
The r ecently completed exploration targeting modelling, and conceptual open pit and stope
optimization indicates that the Alwin Mine copper mineralization is potentially amenable to an open
pit model (Figures 1 and 2). Modeling has yielded a conceptual open pit that extends to a depth of
180 metres (600 feet) with potentially mineable stope shapes continuing at depth a further 90 metres
vertically and over a strike extent of approximately 300 metres (1,000 x 300 feet).
The exploration target open pit and stope modelling considers copper mineralization only and
the Company looks forward to further evaluation, through additional drilling, of potentially
economically significant gold values which have recently come to light ( see GSP Resources Corp.
news release dated Augst 19, 2024).
The recently completed modelling is based on the Companies expansive historical and modern
diamond drill hole database comprising over 45,000 metres of drilling in 581 holes drilled from
surface and underground. The database contains a total of 3,164 sampled intervals representing 8,181
metres of sampled drill core . The modelled mineralized intervals are intersected by 372 drill holes
containing a total of 1,434 sampled intervals representing 1,972 metres of drill core.
Figure 1: Oblique View of Alwin Mine Exploration Target Model Conceptual Pit Shell and Stope
Modelling (blue), historic underground development (navy blue), and backfilled stopes (orange)
Figure 2: Clipped Sectional View of Alwin Mine Exploration Target Model Conceptual Pit Shell
and Stope Modelling (blue), historic underground development (navy blue), and backfilled stopes
(orange)
Updated Geological Resource Estimation Progress:
The APEX Geoscience Ltd. (“APEX”) resource modelling team continues to make resource
estimation progress for the Alwin Project. APEX has now completed block modelling, historic mine
development depletion models, and conceptual exploration target open pit and stope optimizations.
The resource team is in the process of competing volume variance checks and finalizing kriging
parameters in preparation for eventual resource reporting.
Updated workflow continues to progress as follows:
• 3D georeferencing of historical geological plans and sections (COMPLETE)
• Implicit 3D modelling of shear vein lodes (COMPLETE)
• Validation of 3D underground development and mined stope volumes (COMPLETE)
• Handoff of finalized drill database and mineralization models to APEX geostatistical and
resource estimation team for exploration target block modelling (COMPLETE)
• Conceptual pit shell and stope optimization (COMPLETE)
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).
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.
For more information, please contact:
Simon Dyakowski, Chief Executive Officer & Director
Tel: +1 (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, completing ongoing and planned work, the potential for additional drilling at the
Alwin Property, the potential for further evaluation, through additional drilling, of potentially economically significant
gold values, open pit potential at the Alwin Property, additional modelling and related activities of the Alwin Property,
any potential for future resource estimation or reporting for the Alwin Property, 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 materi al 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 con ditions, 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.