May 30 2019
GSP Resource Corp. takes pleasure in reporting that drilling permit is currently in progress at its Olivine Mountain project. The Olivine Mountain project is situated 25 km northwest of Princeton, B.C. and comprises of claims more than 3,022 ha underlain by rocks of the Alaskan-type Tulameen Mafic/Ultramafic Complex.
Once drill permits are received, it is anticipated that summer drilling will test many targets resulting from both coincident interpreted geophysical anomalies discovered in GSP’s 2018 airborne survey program and the following geochemical ground survey program. It is worth mentioning that four drill target zones are considered to have attracted attention for the presence of related massive sulfide deposits.
The project is focused on mafic and ultramafic rocks found in metasedimentary and intermediate metavolcanic rocks in the Upper Triassic Nicola Group during a late Triassic deformational event. This volcanic assemblage formed during the late Triassic arc magmatism, and these rocks are regarded to be co-magmatic with the rocks of the Tulameen mafic–ultramafic suite.
The Olivine Mountain project has various high-grade, huge sulfide showings, such as the Hop Showing where a chosen sample of a high-grade chalcopyrite stringer assayed 89.5 g/ton silver, 23 g/ton gold, and 7.49% copper. A chip sample from the ASP 14 Showing yielded a sample grade of 4.74% copper over a 2 m width.