Gespeg: Exploration Update for the Port Daniel and Sullipek East Projects
SASKATOON, SASKATCHEWAN--(Marketwired - Jun 25, 2015) - Gespeg Copper Resources Inc. (TSX VENTURE:GCR) (the "Company" or "Gespeg") is pleased to announce we have started our 2015 exploration program on the Port Daniel project. Our program intends to follow-up on last year's river sampling program and focus on the identification of new targets through rock sampling and small trenching. The type of ore deposit we focus, consists of sedimentary copper deposits, generally tabular and or copper mineralization of the observed associated with chalcopyrite, bornite, native copper and chalcocite. The Port Daniel property is located within the Gaspé Peninsula, along the Baie des Chaleurs portion, approximately 15 km north of the Municipality of Port-Daniel.
Additionally, Gespeg has received the drilling permits for Sullipek East, which is part of Vortex The Vortex property is a copper and molybdenum property located 25 km West of Murdochville, Quebec. In 2012, the Company announced a discovery on hole 11-v-04, which recorded copper values of 0.94% over 29 metres including 1.38% Cu over 16 metres at 14m depth (see the Company's news release dated June 30, 2012). The Company intends to follow up this discovery in 2015 through the follow-on drilling of up to 1500 meters at Sullipek East.
Also, the Company has modified the private placement announced on April 22, 2015 by including a component for flow-through shares. While the total amount of the private placement is remaining unchanged at $750,000, investors now have the option of choosing flow-through shares priced at $0.07 per share or a $0.05 non-flow-through unit comprised of one common share and one 24 month common share purchase warrant with an exercise price of $0.15. The other terms of the private placement remain the same.
Bernard-Olivier Martel, P. Geo, Vice-President Exploration of the Company, is a qualified person (as such term is defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects) and has reviewed and approved the technical disclosure contained in this news release.
About Gespeg Copper: Gespeg Copper is dedicated to creating shareholder value through the discovery of new copper deposits in the underexplored region of Gaspé, Quebec, Canada.
The Gaspé Peninsula is a prolific copper district, having hosted the historic Noranda Mines camp, in operation from 1954 to 1999. The grades produced from this mine were among the highest mined to date.
This news release contains certain statements that may be considered "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Gespeg Copper 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 or realities may differ materially from those in forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Gespeg Copper management on the date the statements are made. Except as required by law, Gespeg Copper undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Sylvain Laberge
President and CEO
514 702-9841
slaberge@gespegcopper.com
Bernard-Olivier Martel
Vice-President Exploration
514 869-7182
bomartel@gespegcopper.com