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GSP Resource Enters into Agreement to Acquire Additional 185 Hectares of Claims Adjacent to Highland Valley Copper Mine
Historic exploration work discovered shallow copper mineralization Historic shallow drilling included 30m averaging 0.53% Cu and 21 m averaging 0.51% Cu High pr
About this update from Gsp Resource Corp.
[{"type":"text","content":" Historic exploration work discovered shallow copper mineralization Historic shallow drilling included 30m averaging 0.53% Cu and 21 m averaging 0.51% Cu High priority for follow up exploration during upcoming field season News Release - Vancouver, British Columbia – TheNewswire - April 16, 2024: GSP Resource Corp. (TSX-V: GSPR / FSE: 0YD) (the “Company” or “GSP”) announces that it has entered into an arm’s length acquisition agreement with Dylan Adam (the “Agreement”) to acquire a 100% interest in the Mer Claims in the Highland Valley Copper Camp of British Columbia. The two Mer claims are comprised of 185 hectares in the Kamloops Mining Division. The claims are situated approximately 1.5km NW of GSP’s Alwin Mine Project and are surrounded by Teck Resource’s Highland Valley Copper claim group directly west and south of the Highland Valley Copper Mine’s active operations1 (see Figure 1 below). Terms of the acquisition for 100% of the Mer claims are a $10,000 cash payment and the issuance of 100,000 commons shares of GSP within 10 days of TSXV Exchange acceptance of the Agreement. The seller of the claims will retain a 1.0% Net Smelter Return (“NSR”) Royalty with a buyback option for the Company of C$500,000. All GSP common shares issued pursuant to the Agreement will be subject to a hold period of four months and one day from the closing date. The Mer Claims host a copper exploration target zone located NW of the Company’s Alwin Mine High grade copper-silver-gold target zone. Simon Dyakowski, President & CEO of GSP Resource commented: “We are very pleased to enter into this agreement to acquire the only remaining ground within the Highland Valley Copper camp near our flagship Alwin Mine High Grader Copper-Silver-Gold project. The Mer claims are underexplored having seen limited drilling in the 1960’s and 1970’s discovering shallow copper mineralization. Over the coming weeks, we look forward to integrating the Mer claim group into our Alwin Mine Copper Project 2024 field season exploration plans.” About the Mer Claims The Mer Claims were the subject of intensive exploration by the Cleveland Ming & Smelting Co. Ltd. between the years 1965 and 1971. During that time exploration within the current Mer and surrounding claims now held by Teck Highland Valley Copper Corpor...