GSP Resource Corp TSXV;GSPR

Anyone still in this one beside me? Here is Struthers update today

GSP announced that their Fall 2023 drilling program has commenced at the Alwin Mine Project, a historic producer in B.C. The program of 5 to 6 diamond drill holes is designed to target potential extensions of known high grade copper zones at the Alwin Property located in the Highland Valley Copper Camp of British Columbia. The Alwin Property is adjacent with the western boundary of Teck Corporation’s Highland Valley Mine, the largest open-pit porphyry copper-molybdenum mine in western Canada.

Crews mobilized last week and completed a detailed ground magnetic survey to define mineralization host structures which further refined the targets. Alteration and mineralization of the Highland Valley hydrothermal system extends westward from the Highland Valley mine onto the Alwin property. The stock had a good rally on exploration news in late August. It could have a very strong move on some good drill results.

Some good historic info in todays press release. They also published some historic drill intercepts

VANCOUVER, British Columbia, Jan. 30, 2020 (GLOBE NEWSWIRE) -- GSP Resource Corp. (TSX-V: GSPR) (the “Company” or “GSP”) is pleased to announce it has signed an option agreement to acquire 100% of the Alwin copper-gold-silver project located in the Kamloops Mining Division, British Columbia (the “Alwin Project”) from Richard John Billingsley and S. Gaye Richards (the “Vendors”).

Alwin Project Overview & History1

The Alwin property is approximately 575.72 hectares and is located on the semi-arid, interior plateau in south-central British Columbia. It is adjacent with the western boundary of Teck Corporation’s Highland Valley Mine, the largest open-pit porphyry copper- molybdenum mine in western Canada. Alteration and mineralization of the Highland Valley hydrothermal system extends westward from the Highland Valley mine onto the Alwin property.

A summary report prepared by John R. Kerr, P. Eng, dated November 15, 2006 on the Alwin Property, Kamloops Mining Division, British Columbia, is available on www.sedar.com under the profile of San Marco Resources (the “Report”). The historical resource estimates disclosed in the Report were not created using Standards of Disclosure for Mineral Projects as outlined in National Instrument 43-101. As noted below, the Company is not considering the estimate as current and further drilling is needed in order to upgrade the historical resource estimate.

Copper mineralization has been known in the area now covered by the Alwin property since late in the 19th century. Small-scale mining was conducted in the property area during the early 20th century. Recent exploration and mining was conducted during two periods: from 1967 to 1982 and from 2005 to 2008.

From 1967 to 1970, induced polarization and geochemical surveys were conducted. 6,940 m of surface diamond drilling in 81 holes was drilled along the main Alwin mineralized trend, and 5,860 m of underground drilling in 119 holes was completed in 1,400 m of development workings in the Alwin mine.

The Report also disclosed that in 1971 upon receipt of a study produced by Bacon and Crowhurst Ltd. and Sandwell and Company Ltd., the OK Syndicate built a 500-ton (454.5-tonne) per day mill at OK Lake in the southwestern part of the property area and mined along the main mineralized trend in the property’s southeastern part using limited block caving. Mining was terminated in 1972 due to losses caused by excessive dilution. A total of 76,000 tonnes of mineralization grading 1.52% copper was mined. Selco Mining Corp. optioned the property in 1973 and drilled 900 m in 11 underground holes. From 1974 to 1979, the OK Syndicate drilled 10,330 m in 205 underground holes in and around the mine workings.

The Report further disclosed that in 1980, Dekalb Mining Corp. expanded the capacity of the mill to 700 tons (636.4 tonnes) per day and resumed mining of the main Alwin mineralized trend. Total production was 155,000 tonnes grading 1.54% copper. Mining was suspended in September, 1981 due to low copper prices. At the conclusion of mining, a trackless development decline had been extended to a depth of 270 m below surface (to an elevation of 1,400 m a.s.l.) and 3,935 m of drilling had been completed in 76 underground holes. A total of 905 m of drilling was done in 11 holes on surface to test shallow induced polarization anomalies around the mine. Dekalb calculated a resource around the mine workings after mining terminated. A summary of this historical resource estimate calculation was reported to be a total of 390,000 tonnes of mineralization grading an average of 2.5% copper after factoring for 25% dilution. No cut-off grade was reported. This historic resource was not calculated to current specifications and standards, and it is not compliant with National Instrument 43-101. It can not be deemed to be a current resource and it can not be relied upon. As noted below, the Company is not considering the estimate as current and further drilling is needed in order to upgrade the historical resource estimate.

alex, I noticed that too, here is depth

Stock up nicely today, maybe on the back of good drill results from Westhaven today. They are not far from GSPR property.

Westhaven Drills 15.46 Metres of 4.80 g/t Gold and 61.21 g/t Silver in Vein Zone One, 6.30 Metres of 6.70 g/t Gold and 43.35 g/t Silver in Vein Zone Two and Stakes Additional 2,081 Hectares at Shovelnose

www.westhavenventures.com/news-and-media...x.php?content_id=247

I am in now too.

GSPR to infinity and beyond

Good volume today so far, I bought a decent position today

Can't wait for first drill results

Market depth, buy the dip??

I like this one and bought some. Maiden drill program on good targets, anything can happen, very low market cap so low risk

Alex. I am in, a new story and low shares out and drilling underway, perfect time to get a position

From Ron's Report

GSPR is quite unique for three main reasons. The stock started to trade last November with a $805,300 IPO of 2.5 million shares at 20 cents per share and 1 million flow through shares at 25 cents per share. At that time 6.55 million of the outstanding shares were put into a voluntary 3 year escrow. A total of 6.55 million shares were subject to the escrow last November with 10 per cent released on the initial public offering closing date, with an additional 15 per cent released every six months over a 36-month period. Very rare to see outstanding shares pooled in escrow.

Second, their Olivine Mountain project has never been drilled. The ground in the area was tied up for a long time by Imperial Metals with a large claim who originally were exploring for iron ore. There were numerous other small claims in the area and it took the vendor 9 years to accumulate them into the current property package.

Third, 620,000 grams of PGMs have been panned from the Tulameen river/watershed according to what was reported to the government. The real total is probably more than twice this and the source has never been found.