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GSP Resource Signs LoI to Acquire the Alwin Copper-Gold-Silver Project

Mining News - Published on Wed, 15 Jan 2020

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GSP Resource Corp announced it has entered into a letter of intent with Richard John Billingsley and S Gaye Richards, whereby GSP and the Vendors will negotiate and settle the terms of a definitive option agreement that will provide GSP with an option to acquire a 100% interest in the Vendor’s right, title and interest in and to the mineral claims compromising the mineral exploration and development project known as the “Alwin Project”, located in the Kamloops Mining Division, 18 km west of Logan Lake, British Columbia. The Alwin Project includes the past-producing Alwin Copper Mine and is located immediately west of Teck Resources’ Valley porphyry copper-molybdenum-silver ore body. The Alwin Project location is in the Guichon Batholith, within three kilometers of Teck Resources’ Highland Valley Copper open pit. Mineralization hosted on nearby properties is not necessarily indicative of mineralization that may be hosted on the Alwin Project.

Historical resource estimates as detailed in this news release exist on the Alwin property and is located in a mineralized structure that has been the subject of historic mine production. The 575.72-hectare project has several targets that were identified in previous drilling, soil sampling & IP surveys in the 2005-2008 period. Commercial production at the Alwin mine ceased during a period of low copper prices in 1982 and the most recent major exploration program ceased during the 2008/2009 global financial crisis.

Simon Dyakowski, President and CEO said “We are pleased to complement our Olivine Mountain project with the Alwin Copper-Gold-Silver project. With the addition of Alwin, GSP will have established a strong footprint of catalyst-rich projects in Southwestern British Columbia. We believe that the Alwin Project represents significant upside for further discovery”.

Exploration and mining programs were conducted on the property during the period of 1967 - 2008 by several mining companies and syndicates. Previous operators have mined ~230,000 tonnes of ore grading approximately 1.5% copper1. Approximately 2700 meters of underground tunneling have been established on the project, including 649 diamond drill holes, totaling 34,500 meters have been completed. In addition, trenching, geophysics and geological mapping on the property is well-documented.

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Posted By : Rabi Wangkhem on Wed, 15 Jan 2020
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