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Gespeg Copper Acquires New Project in Gaspe Peninsula
SASKATOON, SASKATCHEWAN--(Marketwired - Dec. 19, 2017) - GESPEG COPPER RESOURCES INC. (TSX VENTURE:GCR) (the "Company" or "Gespeg") announces that it has entere
About this update from 1844 Resources Inc
[{"type":"text","content":"SASKATOON, SASKATCHEWAN--(Marketwired - Dec. 19, 2017) - GESPEG COPPER RESOURCES INC. (TSX VENTURE:GCR) (the \"Company\" or \"Gespeg\") announces that it has entered into a purchase agreement (the \"Agreement\") with an arm's length party (the \"Vendor\"), to acquire a 100% undivided interest to 3 mineral claims on the Southern portion of the Gaspé Peninsula, near the Municipality of Port Daniel. The 3 claims will be part of a known project called Lac Arsenault in addition to the 6 claims that are already part of the company. Past work has proven that the Lac Arsenault Prospect hosts 5 major vein systems, the Baker vein, the Mersereau vein, the Line 4 W vein, the Marleau vein and the Greek veins and related breccias. Since the original discovery in 1946 of mineralized boulders north of Lac Arsenault, the project area has been explored through prospecting, geophysical surveying, geochemical surveying, mapping, trenching, stripping, diamond drilling and sampling. It appears, as a result of these exploration programs, that the veins are open along strike and at depth. As yet, the sources of numerous mineralized boulders, geochemical Au and Ag anomalies and geophysical conductors remain undefined on the Lac Arsenault Prospect. The polymetalic mineralization found to date represents telescoping mineralized veins and breccias caused by an underlain intrusion. The exploration results obtained between 1973 and 1978, completed by Esso Resources, indicates that the original three veins (the Baker, Mersereau and Line 4W) host historical estimates evaluation of 40,000 tonnes, grading 15.43 g/t Au, 197.00 g/t Ag, 6.6 % Pb and 3.5 % Zn (DV-85-08 page 7). This historical estimate is based on the surface expression of the three veins only. An evaluation of a four vein systems was performed by Peter Smith, Ph.D., in his report of Oct. 1995, indicating that these known vein systems contain his historical estimate evaluation shows 135,510 tons of 0.35 oz/ton Au. Peter J. Hawley re-evaluated these historical estimate in a report dated Feb. 7, 1996, stating that the Arsenault Prospect contains 220,042.52 short tons at 0.307 oz/ton Au. Under the terms of the Agreement, Gespeg is acquiring the Property by paying the Vendor the following: A payment of 200,000 shares upon TSX Venture Exchange approval. A payment of 300,000 shares to be issued at th...