GSP Resource Corp. Soil Sample Program Indicates Strong Copper Values and Establishes Drill Targets at Olivine Mountain
TSX VENTURE: GSPR
VANCOUVER, British Columbia, Feb. 13, 2019 (GLOBE NEWSWIRE) -- 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:
Olivine Mountain Nickel-in-soil Results Map:
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 copper 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: Click Here
Compilation of Results*:
Six significant geochemical anomalies are interpreted from the copper and nickel plots:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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 allow 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 includes roads, site preparation, supervision and analytical work and 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
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 express 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, equipment 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 commodity 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”), including local First Nations; (xiv) 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; (xvi) political and regulatory risks associated with mining and exploration; (xvii) 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 directors, 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 forward-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.
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