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GSP Resource Corp. Signs Definitive Agreement to Acquire the Alwin Copper-Gold-Silver Project
VANCOUVER, British Columbia, Jan. 30, 2020 (GLOBE NEWSWIRE) -- GSP Resource Corp. (TSX-V: GSPR) (the “Company” or “GSP”) is pleased to announce it has signed an
About this update from Gsp Resource Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Jan. 30, 2020 (GLOBE NEWSWIRE) -- GSP Resource Corp. (TSX-V: GSPR) (the “Company” or “GSP”) is pleased to announce it has signed an option agreement to acquire 100% of the Alwin copper-gold-silver project located in the Kamloops Mining Division, British Columbia (the “Alwin Project”) from Richard John Billingsley and S. Gaye Richards (the “Vendors”). Alwin Project Overview & History1 The Alwin property is approximately 575.72 hectares and is located on the semi-arid, interior plateau in south-central British Columbia. It is adjacent with 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 from the Highland Valley mine onto the Alwin property. A summary report prepared by John R. Kerr, P. Eng, dated November 15, 2006 on the Alwin Property, Kamloops Mining Division, British Columbia, is available on www.sedar.com under the profile of San Marco Resources (the “Report”). The historical resource estimates disclosed in the Report were not created using Standards of Disclosure for Mineral Projects as outlined in National Instrument 43-101. As noted below, the Company is not considering the estimate as current and further drilling is needed in order to upgrade the historical resource estimate. Copper mineralization has been known in the area now covered by the Alwin property since late in the 19th century. Small-scale mining was conducted in the property area during the early 20th century. Recent exploration and mining was conducted during two periods: from 1967 to 1982 and from 2005 to 2008. From 1967 to 1970, induced polarization and geochemical surveys were conducted. 6,940 m of surface diamond drilling in 81 holes was drilled along the main Alwin mineralized trend, and 5,860 m of underground drilling in 119 holes was completed in 1,400 m of development workings in the Alwin mine. The Report also disclosed that in 1971 upon receipt of a study produced by Bacon and Crowhurst Ltd. and Sandwell and Company Ltd., the OK Syndicate built a 500-ton (454.5-tonne) per day mill at OK Lake in the southwestern part of the property area and mined along the main mineralized trend in the property’s southeastern part using limited block c...