VANCOUVER, British Columbia, June 24, 2020 (GLOBE NEWSWIRE) -- GSP Resource Corp. (TSX-V: GSPR) (the “Company” or “GSP”) has provided an update on the upcoming exploration and drill program at the Alwin Mine Copper-Silver-Gold project. The Company is in the final stages of permitting for its planned 2020 exploration and drilling program at the Alwin Mine. GSP’s permit application has been reviewed by the British Columbia Ministry of Energy, Mines and Petroleum Resources and the Company has recently posted a reclamation bond in the amount of CAD$15,000.
GSP also reports that it expects to receive the results of reinterpreted historical drilling and mining data related to the Company’s Alwin Mine in early July. Renaissance Geoscience is in the final stages of compiling, analyzing, and modelling historical geological data collected from several previous operators in order to support GSP’s upcoming 2020 exploration program. The analysis is expected to include the 3-dimensional modelling of key unmined zones of the past-producing Alwin underground mine that will include the 2020 drill targets.
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. It is adjacent to 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 westward onto the Alwin property (see news release dated January 30, 2020).
GSP Resource Corp. President & CEO commented: “With drill permitting at the Alwin Mine project now in the final stages, we are in the process of fine tuning our 2020 drill and exploration targets ahead of the commencement of our upcoming exploration activities this summer. We expect the information to be invaluable in the spotting of drill targets for potentially high-grade zones within the Alwin deposit, as well as to support generating exploration drill targets to the North and East of the past-producing Alwin Mine.”
Qualified Person: The scientific and technical disclosure contained in this news release has been reviewed and approved by Christopher I. Dyakowski, P. Geo, a director of the Company and 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 & 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.
Contact Information - For more information, please contact:
Simon Dyakowski, Chief Executive Officer & Director
Tel: (604) 619-7469
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.
This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, future exploration work on the Company’s projects, obtaining permits, completing modelling, 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 those 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, adverse weather conditions, failure to maintain all necessary government permits, approvals and authorizations, 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.