GSP Resource Corp. Announces Results of Fall 2019 Drill Program at Olivine Mountain
Previous mapping and the 2018 GSP soil survey confirm that there is a northwest-southeasterly trending geological contact that separates mafic rocks in the northeastern part of the property from ultramafic rocks in the property’s southwestern part. The predominant economic metals present in the northeastern mafic rocks are copper, cobalt, nickel and gold. Those in the southwestern ultramafic rocks are nickel, chromium, and platinum-group metals, mostly palladium.
Mineralization of interest to GSP was concentrated in the Olivine Mountain property area during at least four separate events resulting in a diverse group of exploration targets. Original copper mineralization was concentrated in parts of the mafic rocks in the northern part of the property near the ASP 14 showing while the Tulameen Ultramafic Complex was formed near the base of the earth’s crust. Platinum-group metals, mostly palladium, were concentrated in east-west trending structures in the ultramafic rocks in the southwestern part of the property area due to deformation during ascent from the base of the crust. Porphyry copper-molybdenum mineralization and alteration occurred during granitic intrusion in the southeastern part of the property area around the HOP showings and in the central part of the property. Gold-bearing shears and quartz veins developed throughout the northeastern part of the property area. Late shears further concentrated copper mineralization in the ASP 14 showings area in the property’s northern part.
Recent GSP Reconnaissance Drilling
The recent GSP reconnaissance drilling program comprised seven drill holes that tested targets at six locations in the northern and central parts of the Olivine Mountain property.
DDH 1 was a vertical hole with a length of 203.2m. It was collared at U.T.M.: 5,483,700 N., 655,693 E. near the eastern shore of a borrow pit locally named the frog pond. It is in the central part of the property area and the 2018 GSP soil grid. The diorite at that location is fractured and hosts numerous quartz, orthoclase and epidote veins, some of which are mineralized with bornite and chalcopyrite. Weak potassic alteration that is present at surface was confirmed by a 44.6 ppm concentration of molybdenum encountered in the narrow mineralized section that was present in the core (see table).
DDH 2 was a vertical hole with a length of 200.25m. It was collared at U.T.M.: 5,482,861 N., 655,635 E. over an airborne magnetic anomaly in the western part of the property area and the 2018 GSP soil grid. Probably, the magnetic anomaly was generated by blebs and pods of blue-black magnetite present through altered diorite and gabbro. The hole encountered no significant mineralization.
DDH 3 was a vertical hole with a length of 206.35 m. It was collared at U.T.M.: 5,483,039 N., 656,783 E. over an airborne magnetic anomaly in the central part of the property area and the 2018 GSP soil grid. Probably, the magnetic anomaly was generated by magnetite. Copper enrichment was encountered at the base of the weathering profile (see table). No other significant mineralization was encountered.
Drill holes 4 and 4B were drilled from two set-ups located 20m apart on a logging road where it crosses between the two ASP 14 showings in the northern part of the property area. The two showings are connected by a sub-vertical trend that strikes at about 190°.
DDH 4 was collared at U.T.M.: 5,485,882 N., 655,356 E. It was drilled southeastward (145°/-70°) for 93.2m beneath the main ASP 14 showing, an outcrop of sheared mafic rock containing copper (chalcopyrite, chalcocite, malachite, and azurite) mineralization. Previously, prospectors had reported obtaining high palladium results from samples taken from that outcrop. DDH 4 penetrated two narrow mineralized sections (see table).
DDH 4B was collared at U.T.M.: 5,485,877 N., 655,373 E., about 20m east-northeast of DDH 4. It was drilled eastward (070°/-60°) for 93.5 m beneath the road under the ASP 14 quartz vein showing, a small outcrop of sheared mafic rock hosting quartz veins. The veins contain chalcopyrite. DDH 4B penetrated three significantly mineralized intersections (see table).
DDH 5 was a 200.25m long vertical hole, located at U.T.M.: 5,483,598 N., 657,310 E. at the eastern margin of the 2018 GSP soil grid in the central part of the property area. DDH 5 was drilled into a road-side outcrop of variously silicified diorite and gabbro with copper mineralization on fractures and chromite blebs. Reportedly, a sample of chromite-rich rock taken previously by prospectors contained 10 gm/mt palladium. The road-side outcrop was also the location of a Cretaceous-age quartz and gold-bearing shear as defined by the 2018 GSP soil survey. DDH 5 penetrated three significantly mineralized intersections (see table).
DDH 6 was vertical hole with a length of 200.25m. It was collared at U.T.M.: 5,483,286 N., 656,538 E. over the northern part of the same airborne magnetic anomaly that was tested by DDH 3. DDH6 is located in the central part of the property area and the 2018 GSP soil grid. Sheared and altered diorite was encountered in the upper part of the hole. Its lower part was through a dense blue-black magnetite-rich rock that hosted up to 14% iron. No significant mineralization was encountered in DDH 6.
- The most promising results from the recent drill program were from holes DDH 4 and DDH4B located near the apex of the ASP 14 showings area.
- The HOP showings are a porphyry copper-molybdenum target, located in the southeastern part of the property area. Scant work has been conducted on them in the past. They may constitute the best exploration target on the property and they should be investigated.
The recent drill program was conducted over targets within the boundaries of the 2018 GSP soil grid which covers the central and northwestern parts of the Olivine Mountain property. Targets in the southern and eastern parts of the property area remain untested.
The most promising results from the recent drill program were from holes DDH 4 and DDH4B located near the apex of the ASP 14 showings area. The showings are above a series of old machine trenches that extend for more than 400 m down the hill side from the logging road to Olivine Creek. The largest and most intense soil-copper anomaly in the 2018 GSP grid area extends northeastward toward the trenches. No modern exploration has been done in the area of the projected intersection of the soil anomaly and the trenches. It should be investigated.
There is an east-west trending structure that crosses the ultramafic-mafic rock boundary near the southeastern corner of the 2018 GSP soil grid. That structure hosts the largest and most intense soil-palladium anomaly in the property area. Recommended work in that area includes: extension of the soil grid, mapping, trenching, and drilling.
The HOP showings are a porphyry copper-molybdenum target, located in the southeastern part of the property area. Scant work has been conducted on them in the past. They may constitute the best exploration target on the property, and they should be investigated.
|Drill Hole||Intersect |
|Est. True |
|DDH 1||27-28||1||0.118+ |
Simon Dyakowski, President & CEO of GSP commented: “GSP is encouraged by the results of the 2018 field and 2019 drill programs. This early-stage project now has three unique areas of interest defined in the Asp 14 zone, the South Palladium-in-soil anomaly, and the untested Hop showings. The Olivine Mountain project, together with the recently announced letter of intent to acquire the Alwin Mine, provides GSP with an asset base of exploration and development projects concentrated in Southwestern, BC. We look forward to advancing both projects over the course of 2020 as we progress towards our goal of establishing GSP as a Southwestern-BC focused exploration and development company.”
Quality Assurance / Quality Control: Samples were sent to Bureau Veritas Commodities Canada Ltd., Upstream Minerals (an ISO 17025:2017 and 9001:2015 accredited laboratory) in Vancouver, B.C., which is independent of GSP and the Qualified Person. Rock and Drill core samples were dried, crushed and pulverized to a grain size of 200 mesh. A 30 gram aliquot from the pulverized material was weighed and assayed for Au, Pt and Pd by Fire Assay/ICPES finish (FA330) and a 0.5 gram aliquot weighed and digested for multi-elements using weak aqua regia by ICP-ES/MS (AQ300/AQ250/AQ370). Over limits of Au were further analyzed by Fire Assay/Gravimetric finish. GSP follows industry standard procedures for the work carried out on the Olivine Mountain property, with a quality assurance/quality control program. All analytical results are verified by insertions of certified reference material, blanks and analytical duplicates. GSP detected no significant QA/QC issues during review of the data. GSP is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein.
Qualified Person: The scientific and technical information contained in this news release as it relates to the Olivine Mountain Project has been reviewed and approved by John Ostler, M.Sc., P.Geo, a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Ostler verified the data disclosed which includes a review of the analytical and test data underlying the information and opinions contained therein.
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
Tel: (604) 619-7469
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