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GSP Reaches Final Stages of Permitting Process for Proposed Drilling Program

GSP Resource Corp. takes great pleasure in announcing that it is in the last stages of the permitting process for the projected drilling program on the Company’s Olivine Mountain property that is situated in the Similkameen Mining Division, 25 km northwest of Princeton, British Columbia.

Based on the Company’s exploration so far—which includes a VLF-EM airborne survey, a soil geochemical survey of the whole property, and mapping and sampling—five drill targets have been set up.

Outcomes from a recent rock-chip sampling of three of the projected drill sites are given below:

  • Sample 1: 1,031 ppb Au, 1.526% Cu, and > 10,000 ppb Pd (Proposed Hole #5)
  • Sample 2: 1,415 ppb Au, 1.38% Cu, and 337 ppb Pd (Proposed Hole #1)
  • Sample 3: 5.9% Cu (Proposed Hole # 4)

Projected Holes #2 and #3 are covered by overburden and thus are not related to known showings. These two targets are coincidental soil and EM incongruities.

A fourth sample was acquired from a showing that returned values of 0.32% Cu and 125 ppb Au. This showing will not be drilled in the future drill program.

We are encouraged with these sampling results. They confirm the strong presence of gold and palladium in a geological environment suited to host massive sulfide (copper, nickel, gold, platinum, palladium) deposits in concentrically layered mafic/ultramafic rocks of the Tulameen Batholith.

Simon Dyakowski, President and CEO, GSP Resource Corp.

Showings within the Tulameen Batholith are associated with characteristic gigantic copper and nickel deposits in mafic complexes like those at Voisey’s Bay (Labrador, Canada) and Norilsk (Russia).

The rock samples are regarded as “grab” samples from exposed and established showings on the Olivine Mountain Property. Samples were presented to the independent laboratory facility of Bureau Veritas Commodities Canada in Vancouver, British Columbia. Analytical results were checked by the insertion of certified reference materials, duplicates, and blanks.

Using FA330 techniques, platinum, gold, and palladium were analyzed and contents are described in parts per billion (ppb). Nickel and copper were analyzed by AQ370 techniques and contents are represented in percentage (%).

While nickel and platinum are not detected as anomalous to economic levels in the rock samples, these metals have been detected as anomalous contents in earlier soil geochemistry programs.


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