VANCOUVER, British Columbia, Nov. 18, 2019 (GLOBE NEWSWIRE) -- GSP Resource Corp. (TSX-V: GSPR) (the “Company” or “GSP”) is pleased to provide the following progress update on the initial diamond drilling program at its 3021.87 hectare Olivine Mountain Project in Southwestern British Columbia. GSP had anticipated drilling one 100-meter hole in the vicinity of the Asp 14 showing; however, drilling at this location was expanded to include a second 100-meter hole. Drill core from the two drill holes at Asp 14 has been logged and split, and samples are currently being shipped to the laboratory for assay. The drill rig has now been moved approximately 1.5 kilometers Southeast where it is currently testing four separate targets with four ~200-meter vertical holes. The current initial drill program is now expected to total six drill holes, up from five previously.
The two completed holes have intersected mineralized rock that was observed as a partially altered fine-med grained gabbro of the Tulameen mafic/ultramafic complex. Zones of pyrite, chalcopyrite, and malachite mineralization ranging from disseminated to semi massive have been identified within an approximately 20 meter thick siliceous shear zone.
GSP President & CEO Simon Dyakowski stated: “We are pleased to have intersected mineralization on the first two holes of the drill campaign in the area of the Asp 14 showing. Assay results of the mineralization in this area will be key in determining follow-on work in subsequent phases of exploration. Weather conditions continue to be conducive to drilling, as such we have been able to modestly expand Phase 1 drilling with the additional drill hole at Asp 14.”
Qualified person: The scientific and technical disclosure contained in this news release have been reviewed and approved by Christopher I. Dyakowski, P.Geo, a director of the company and a qualified person as that term is defined in National Instrument 43-101 -- Standards of Disclosure for Mineral.
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.
Contact Information - For more information, please contact:
Simon Dyakowski, Chief Executive Officer & Director
Tel: (604) 619-7469
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements that address the upcoming work programs and receipt of assay results, and other statements relating to the business, financial and technical prospects of the Company. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking 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, the ability to achieve its 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. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including those filed under the Company’s profile on SEDAR at www.sedar.com. 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, adverse weather conditions, failure to maintain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.