GSP Resource Corp. Announces Drill Permitting Underway at Olivine Mountain
VANCOUVER, May 29, 2019 - GSP Resource Corp. (TSX-V: GSPR) (the “Company” or “GSP”) is pleased to announce that drill permitting is currently underway on the Company’s Olivine Mountain project. The Olivine Mountain project is located 25 kilometers northwest of Princeton, B.C. and consists of claims over 3022 Hectares underlain by rocks of the Alaskan-type Tulameen Mafic/Ultramafic Complex. Upon receipt of the drill permits, summer drilling is expected to test several targets resulting from coincident interpreted geophysical anomalies identified in GSP’s 2018 airborne survey program and from the subsequent geochemical ground survey program. Of note, four drill target zones are considered of interest for the presence of related massive sulphide deposits.
The project is targeting mafic and ultramafic rocks emplaced into metasedimentary and intermediate metavolcanics rocks belonging to the Upper Triassic Nicola Group during a late Triassic deformational event. This volcanic assemblage evolved during the Late Triassic arc magmatism and these rocks are considered to be co-magmatic with the rocks of the Tulameen mafic-ultramafic suite. The Olivine Mountain project has several high-grade massive sulphide showings including the Hop Showing where a selected sample of a high-grade chalcopyrite stringer assayed 23.0 grams per tonne gold, 89.5 grams per tonne silver and 7.49% copper. A chip sample from the ASP 14 Showing returned a sample grade of 4.74% copper over a width of 2 meters.
Qualified Person: The scientific and technical disclosure contained in this news release has been reviewed and approved by John R. Kerr, P.Eng, 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 located in the Similkameen Mining Division, 25 km northwest of Princeton, British Columbia.
Contact Information - For more information, please contact:
Simon Dyakowski, Chief Executive Officer & Director
Tel: (604) 619-7469
Email: simon@gspresource.com
Cautionary Statement Regarding “Forward-Looking” Information.
This news release includes certain statements that constitute “forward-looking information” within the meaning of applicable securities law, including without limitation, statements that address the Olivine Mountain Project, drilling on the Olivine Mountain project, comments regarding the timing and content of upcoming work programs, and other statements relating to the business and technical prospects of the Company and its project. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “might” or “will” be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such 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, anticipated costs and the ability to achieve 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, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner. Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: (i) risks related to gold, platinum, palladium, copper and other commodity price fluctuations; (ii) risks and uncertainties relating to the interpretation of exploration results; (iii) risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses; (iv) that resource exploration and development is a speculative business; (v) that the Company may lose or abandon its property interests or may fail to receive necessary licences and permits; (vi) that environmental laws and regulations may become more onerous; (vii) that the Company may not be able to raise additional funds when necessary; (viii) the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; (ix) exploration and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration and development; (x) competition; (xi) the potential for delays in exploration or development activities or the completion of geologic reports or studies; (xii) risks related to environmental regulation and liability; (xiii) risks associated with failure to maintain community acceptance, agreements and permissions (generally referred to as “social licence”), including local First Nations; (xiv) risks relating to obtaining and maintaining all necessary government permits, approvals and authorizations relating to the continued exploration and development of the Company’s projects; (xv) risks related to the outcome of legal actions; (xvi) political and regulatory risks associated with mining and exploration; (xvii) and risks related to current global financial conditions. These risks, as well as others, could cause actual results and events to vary significantly. 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, the loss of key directors, employees, advisors or consultants, volatility in metals prices, adverse weather conditions, equipment failures, failure of counterparties to perform their contractual obligations and fees charged by service providers. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
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.