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News Release -
To support a robust 2023 exploration strategy and a possible future Mineral Resource Estimate the Company’s recent 2020-2021 diamond drilling and 3D underground development model have been integrated with an expansive historic surface and underground diamond drilling dataset not previously captured in digital and 3D format (Figure 1).
Highlights of the historic compilation:
Digital and 3D spatial capture of646 drill holes totaling 51,304 metrescompleted from surface and underground between 1967-1981, in addition to 36 recent surface exploration diamond core holes totaling 5,600 metres drilled by the Company and previous operators,
Over
$20 million in present day exploration valueassuming all-up drilling costs of$400 /metre, not including underground development costs,
Of the 646 drill holes, 140 holes totaling 17,273 metres were drilled from surface and 506 holes totaling 34,031 metres from underground,
425 drill holes totaling 2,062 copper assay sampleswith partial gold-silver data,
Global length weighted average copper grade of 1.8%from3,287 metressampled, compares favorably to 1.5% copper diluted head grade of historic production,
Majority of historic drilling targeting a 600-metre strike length of the past producing Alwin high-grade underground copper mine,
Significant exploration upside potentialwith high-grade copper-silver-gold zones remaining open along strike of the Alwin Mine workings, with multiple zones open at depth.
GSP’s President & CEO,
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Figure 1: Alwin Mine Historic 3D and Drilling Compilation (oblique view looking north)
Alwin Project Next Steps:
Continued review and validation of recent drilling from 2008 (8 drill holes) and 2020-2021 (28 drill holes) totaling 5,600 metres. This will allow full integration of modern and historic drill results, and incorporating the existing historic underground mining solids, to support the development of a comprehensive 3D geological and mineralization model and a potential future Mineral Resource Estimate.
The historic drill intervals were assayed for copper,with limited testing of gold, silver. Therefore, the full extent of polymetallic mineralization of historic drilling represents a significant exploration upside and requires follow up confirmation drilling of known zones and possible extensions to the west and east of the historic mine area. Furthermore, the high-grade mineralization zones remain open at depth and warrant further investigation.
With the historic data compilation already generating targets for potential follow-up drilling, the Company looks forward to updating shareholders as we advance plans towards a potential 2023 diamond drill campaign.
About the
The Alwin Property is adjacent with the western boundary of Teck Corporation’s
Qualified Person: The scientific and technical information contained in this news release has been reviewed and approved by
About
Contact Information -For more information, please contact:
Tel:(604) 619-7469
Email:simon@gspresource.com
Neither the
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 drilling of the Alwin Property, potential mineral resource estimate 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 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 therisks 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, andthose filed under the Company’s profile on SEDAR atwww.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, adverse weather conditions, failure to maintain all necessary government permits, approvals and authorizations, failure to 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.
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