GSP Resource Corp (GSPR.V) has announced it completed its seven hole 2024 drill program on its flagship Alwin copper-gold property. The company completed a total of 812 meters of drilling, targeting the potential extensions of the known high grade copper and gold zones.
According to the preliminary visual inspection of the holes, all seven holes intersected visual signs of chalcopyrite-bornite sulphide copper mineralization and four of those holes encountered visible copper sulphide mineralization over lengths varying from 5.5 meters to 35 meters. Hole AM24-06, which encountered 6.5 meters of visible copper sulphide material is the most significant hole according to the company as the mineralized interval occurs to the northwest along strike of the deposit and outside the currently known mineralized envelope.
The assay results should hopefully be out sometime in January and will provide the company with useful data to build onto the recently published NI43-101 compliant resource estimate at Alwin. The inferred resource contains almost 1.5 million tonnes of rock at an average grade of 1.08% copper, resulting in approximately 35 million pounds of copper of which about two thirds appear to be open pit mineable.
The resource only contains copper as the gold mineralization is not very well understood while historical drill programs didn’t always assay for gold either. The 2024 drill program could provide meaningful information on the presence of the gold (and the grades) which could then subsequently be incorporated in future resource updates.
Disclosure: The author has a long position in GSP Resource Corp. Please read the disclaimer.
