Vancouver, British Columbia – May 19, 2021: GSP Resource Corp. (TSX-V: GSPR) (the “Company” or “GSP”) announces the completion of a 3D digital model of its Alwin Mine.  GSP had commissioned Renaissance Geoscience Services Inc. to complete the modelling project upon receipt and analysis of GSP’s Phase 1 drill program results (see news release dated March 2, 2021).

The model includes all known underground workings, separated into drift and declines, raises,  cement filled, rock filled and open stopes and the numerous unmined copper+/- silver+/- gold mineralized  portions of the 425 m long by 275 m deep by 150 m wide zone. The primary purpose of this project was to generate spatially accurate drill targets into the unmined mineralized bodies as part of GSP’s goal of generating a bulk tonnage open pittable and/or block cave resource.  GSP considers this to be a viable goal due to increasing copper prices, and the fact that an open pit operation with a much lower cutoff than 1.5% copper of the former underground mine may be able to economically mine the lower grade and smaller high-grade portions ignored by prior underground mining operators.

Historic drilling in unmined parts of the deposit intersected up to 6% copper over 10 metre drilled width[1]. Additionally, the 2020 Phase 1 drill program was successful in intersecting previously unrecognized copper mineralization both north and south of the former mine. The Alwin Mine project has a spatial proximity to the Highland Valley Copper Mine.  

Link to Alwin Mine 3D Model Image

Upcoming Exploration Program

GSP plans to commence follow up drilling of the Alwin deposit this summer and has contracted Atlas Drilling of Kamloops, BC to test at least 5 targets in the Main Alwin Zone. Concurrent with the drilling program GSP plans a property wide program of mapping and additional target evaluation. Drilling and exploration crews are expected to mobilize during the first week of June.

Olivine Mountain Option

GSP also announces that is has made the final payment of its option to acquire 100% of the Olivine Mountain Project near Princeton, BC.  GSP now owns 100% of the project and has granted Full Metal Minerals Ltd. an option to acquire 60% of the project (see news release dated April 30, 2021).

About the Alwin Mine Project: The 575.72 hectares Alwin Mine Copper-Silver-Gold property is located on the semi-arid, interior plateau in south-central British Columbia.  The historic underground mine, which was developed over 500 meters long by 300 meters deep by 200 meters wide volume produced from 1916 to 1981 from five major subvertical zones 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.  Gold and silver content associated with bornite increase with depth within the individual mineralized zones.

In addition to the main Alwin Mine target the property hosts several incompletely explored porphyry copper-molybdenum exploration targets to the north and west of the mine.  The Alwin deposit’s known east end is less than 2.5 km west of and 270 metres higher than the Valley pits west edge of Teck Corporation’s Highland Valley Mine, the largest open-pit porphyry copper- molybdenum mine in Canada. The Highland Valley Mine had a reported 0.278% copper head grade according to a 2019 presentation (https://www.teck.com/media/Teck-Highland-Valley-Copper-Site-Visit-2019-HVC-Presentation.pdf) and Teck Resource’s 2020 Annual Information Form (“AIF”) filed on SEDAR reports mineral reserves at the Highland Valley mine using a 0.09% CuEq cutoff grade.

[1] GSP has not verified these historic drill results and is not relying on them.  GSP has in its possession the historic drill logs, maps and reports but does not have any information on the quality assurance or quality control measures taken in connection with these historical exploration results.

Qualified Person:  The scientific and technical disclosure contained in this news release has been reviewed and approved by Leopold J Lindinger, P. Geo, a consultant of the Company and a “Qualified Person” as that term is defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Lindinger verified the data underlying the information and opinions contained therein. 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. GSP also owns 100% of 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
Email: simon@gspresource.com