GSP Resource Files NI 43-101 Mineral Resource Estimate Technical Report for the Alwin Project, British Columbia, Canada
GSP Resource Files NI 43-101 Mineral Resource Estimate Technical
Report for the Alwin Project, British Columbia, Canada
News Release - Vancouver, British Columbia – January 20, 2025: GSP Resource Corp. (TSX-V:
GSPR / FSE: 0YD / OTC: GSRCF ) (the “Company” or “ GSP”) announces that it has filed the
detailed Technical Report (the “Technical Report”) of its initial Mineral Resource Estimate (“2024
Alwin MRE” or “ MRE”) for its Alwin Copper-Silver-Gold Project (the “Alwin Project”) in
southwestern British Columbia, Canada. The Technical Report is dated January 17, 2025, effective
September 16, 2024, is entitled “NI 43 -101 Technical Report on the Alwin Copper -Silver Gold
Project, Kamloops Mining Division.”, and was prepared by APEX Geoscience Ltd.
The results of the initial 2024 Alwin MRE were previously disclosed in summary form in the
Company’s news release dated December 4, 2024. The Technical Report was prepared in accordance
with the Canadian Securities Administrators’ National Instrument 43 -101 Standards of Disclosure
for Mineral Projects (“ NI 43 -101”) and is available for review under the Company’s profile on
SEDAR+ at www.sedarplus.ca and on the Company’s website at www. gspresource.com. Readers
are encouraged to read the Technical Report in its entirety, including all qualifications, assumptions,
and exclusions.
Highlights of the Initial Open Pit & Underground Mineral Resource Estimate for Alwin
Project:
• Inferred Mineral Resource comprising 1.46 million tonnes (Mt) tonnes, average grading of
1.08% copper (Cu), yielding 34.6 million pounds of Cu;
• Multiple high-grade zones; with 66% of the contained Cu amenable to open pit and 34% by
underground mining;
• Significant Potential for resource expansion of underexplored surface zones within pit, along
strike, and at depth below the pit; and
• Potential for significant gold -silver contribution with additional drilling as highlighted by
historic and recent gold-silver intercepts (see GSP news release dated August 19, 2024).
The 2024 Alwin MRE comprises an inferred mineral resource of 34.6 million pounds of Cu at an
average grade of 1.08 % Cu within 1.46 Mt. Tables 1 and 2 present the complete 2024 Alwin MRE
statement and cut -off sensitivities, respectively. The effective date of the 202 4 Alwin MRE is
September 16, 2024. The 2024 Alwin MRE was prepared by APEX Geoscience Ltd.
Significant Exploration Potential at Alwin Project:
The Alwin Project has significant exploration upside with the potential to grow open pit
mineralization along strike and at depth as well as several underexplored porphyry style copper
targets hosted both on GSP’s Alwin claims, as well as the Company’s 100% owned Mer Claims,
approximately 2 km NW of the Alwin Project. Publicly available exploration data from HVC’s
adjacent claims shows that historic IP anomalies coincident with HVC operations and exploration
drill targets extend westward onto the Alwin claims. Notably, 2015 diamond drilling of these IP
anomalies by Teck Resources at the Bethsaida Zone located 700 metres east of Alwin yielded
significant intercepts of porphyry style copper mineralization1 (see Figure 1 below).
Figure 1: Plan Map of Alwin Project and HVC IP anomalies / Drilling
Figure 2: Oblique View of Alwin Mine MRE Pit Shell (beige) and Copper Block Model
(gradational colour bar), historic underground development (blue), and backfilled stopes (red)
1 Mineralization hosted on nearby properties is not necessarily indicative of mineralization that may be hosted on the
Alwin Project.
Table 1 Summary of Inferred Mineral Resources on the Alwin Project. (1-9)
Cut-off
Classification
Tonnes Cu Cu
Cu (%) (t) (%) (Mlbs)
Pit-Constrained Mineral Resource Estimate
0.2 Inferred 918,326 1.13 22.9
Underground Mineral Resource Estimate
0.8 Inferred 536,730 0.98 11.7
Total Mineral Resource Estimate
0.2/0.8 Inferred 1,455,056 1.08 34.6
Notes:
1. Warren Black, M.Sc., P.Geol., P.Geo., Senior Consultant, Mineral Resources of APEX Geoscience Ltd., who is
deemed a qualified person as defined by NI 43-101 is responsible for the completion of the mineral resource estimation,
with an effective date of September 16, 2024.
2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
3. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation,
socio-political, marketing, or other relevant issues.
4. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral
Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred
Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.
5. The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum
(CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019)
prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
6. Historical mined areas were removed from the block-modelled Mineral Resources.
7. Economic assumptions used include US$4.30/lbs Cu, process recoveries of 95% for Cu, a US$15/t processing cost,
and a G&A cost of US$2/t.
8. The constraining pit optimization parameters were US$2.0/t mineralized and waste material mining cost and 45° pit
slopes. Pit-constrained Mineral Resources are reported at a Cu cutoff of 0.2%.
9. The Underground Mineral Resources include blocks below the constraining pit shell that form continuous and
potentially minable shapes. A mining cost of US$58/t and the economic assumptions above result in the out -of-pit Cu
cutoff of 0.8%. Mining shapes encapsulate material within domains with a minimum horizontal width of 4 feet,
perpendicular to strike, and target vertical and horizontal dimensions of approximately 50 feet. A “take all” approach was
used where all material within the mining shapes is reported, regardless of whether the estimated grades are above the
optimized cutoff grade.
Table 2 Sensitivities of the Pit-Constrained 2024 Alwin MRE.
Cut-
off Classification
Tonnes Cu Cu
Cu
(%) (t) (%) (Mlbs)
0.1 Inferred 1,102,961 0.967 23.5
0.2 Inferred 918,326 1.132 22.9
0.3 Inferred 791,865 1.273 22.2
0.4 Inferred 695,777 1.400 21.5
0.5 Inferred 616,910 1.522 20.7
0.6 Inferred 548,999 1.642 19.9
0.8 Inferred 440,117 1.877 18.2
1 Inferred 360,509 2.094 16.6
2 Inferred 150,032 3.052 10.1
2024 Mineral Resource Estimation Methodology
Modelling was conducted in the historical mine grid (MG) feet system. The MRE utilized a block
model with a size of 10.0 feet (X) by 10.0 feet (Y) by 10.0 feet (Z) to honour the mineralization
wireframes for estimation. Copper (Cu) grades were estimated for each block using Ordinary Kriging
(OK) with locally varying anisotropy (LVA) to ensure grade continuity in various directions are
reproduced in the block model. For the purposes of the pit shell optimization, blocks along the
estimation domain boundaries that partially contain waste were diluted by estimating a waste value
using composites within a transition zone along the outer boundary of the estimation domains. The
final diluted copper grade for the partially diluted model assigned to each block is a volume-weighted
average of the estimated copper and waste copper values. The MRE is reported within that pit shell
and using the diluted gold grades.
The 2024 Alwin MRE drillhole database consists of a total of 387 drillholes that intersect the
mineralization domains. There is 8730.08 feet (ft) of drilling within the estimation domains. Any
sample intervals with explicit documentation that drilling did not return enough material to allow for
analysis are classified as insufficient recovery (IR) a nd left blank. Portions of the drillholes not
sampled, samples with unknown detection limits and/or assay methodologies and in the database as
zero are assumed to be unmineralized. These intervals are assigned a nominal waste value, set at half
the detection limit of modern assay methods.
The Alwin Project features steep vertical zones of brecciation and sheared quartz monzonite due to
faulting. Copper mineralization, primarily bornite and chalcopyrite with minor chalcocite, occurs as
bled and clots of the copper sulphide minerals within al tered quartz monzonite. The Alwin Project
comprises 22 estimation domains, averaging 6 ft in thickness, with some up to 44 ft thick. The
domains strike roughly 85-degree azimuth and dipping 75 degrees south.
Wireframes of historical workings and stopes were used to extract the volume of material previously
mined for depletion purposes. APEX also created a topographic surface that honors the historical
surface drilling. All mineralization wireframes were clipped above the top of the topographic
surfaces.
Copper estimation was completed using Ordinary Kriging. The search ellipsoid size used to estimate
the Cu grades was defined by the modelled variograms. Block grade estimation employed locally
varying anisotropy, which uses different rotation angles to define the principal directions of the
variogram model and search ellipsoid on a per -block basis. Blocks within estimation domains are
assigned rotation angles using a modelled 3D mineralization trend surface wireframe, which allows
structural complexities to be reproduced in the estimated block model. The number of variogram
structures, contributions of each structure, and their ranges are set per estimation domain and do not
vary within the estimation domain.
The 2024 Alwin MRE was assigned a single bulk density value of 2.65 g/cm3. This value was applied
to mineralization and host rock blocks in the 2024 Alwin MRE block model. The density value was
determined from the literature and is based on the mineralization type and host rock. An overburden
surface was modeled using information from the Alwin drillhole geologic logs. A density of 1.8
g/cm3 was assigned to any block above the overburden surface in the 2024 Alwin MRE block model.
The reported open-pit resources utilize a cutoff of 0.2 % Cu. The resource block model underwent
several pit optimization scenarios using Deswik’s Pseudoflow pit optimization. The resulting pit shell
is used to constrain the reported open -pit resources. The reported Out -of-Pit MRE is constrained
within mining shapes, assuming a long -hole open stope mining method and a grade cutoff of 0.8%
Cu. The mining shapes were manually constructed, constraining contiguous material above the
copper cutoff that met the minimum thickness and volume requirements.
There are no other known factors or issues known by the Qualified Person that materially affect the
MRE other than normal risks faced by mining projects. The Alwin Project is subject to the same
types of risks that large base metal projects experience at an early stage of development in Canada.
The nature of the risks relating to the Project will change as the Project evolves and more information
becomes available. The Company has engaged experienced management and specialized consultants
to identify, manage and mitigate those risks.
About the Alwin Mine Project
The Alwin Mine Copper-Silver-Gold property is approximately 344 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 Project is adjacent with the western boundary of Teck Resources’ Highland Valley Mine,
the largest open -pit porphyry copper -molybdenum mine in western Canada. Alteration and
mineralization of the Highland Valley hydrothermal system extends westward from the Highland
Valley mine onto the Alwin Project (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 Project.
About GSP Resource Corp.
GSP Resource Corp. is a mineral exploration & development company focused on projects located
in Southwestern British Columbia. The Company owns 100% interest and title to the Alwin Mine
Copper-Gold-Silver Property, and the Mer Property, in the Kamloops Mining Division, as well as a
100% interest and title to th e 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 Technical Report and the 2024 intial
MRE, advancing 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 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 conditions, 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.