SASKATOON, Saskatchewan, March 19, 2019 (GLOBE NEWSWIRE) -- GESPEG COPPER RESOURCES INC. (TSX-V:GCR) (the “Company” or “Gespeg”), is pleased to announce an updated Estimate Mineral Resources1 (Indicated Category) of the Anacon Lead 1 tailing site (having an effective date of February 28th, 2019). The mandate for a revised and updated NI 43-101 was executed by MRB & Associates and Mr. Vincent Jourdain, P.Eng., Ph.D. as mentioned in January 31st, 2019 press release. The technical report has been filed pursuant to National Instrument 43-101 within 45 days to support disclosure of a current resource.
|Tonnage (t)||Gold Grade (g/t)||Gold Content (oz)||Silver Grade (g/t)||Silver Content (oz)|
1 Mineral resources are not mineral reserves as they do not have demonstrated economic viability.
Mineral Resource Estimate notes:
1. The Independent and Qualified Person for the Mineral Resource Estimate, as defined by NI 43‐101, is Vincent Jourdain, P.Eng., Ph.D. (MRB & Associates), and the effective date of the estimate is February 28, 2019.
2. The Mineral Resource Estimate follows CIM definitions and guidelines.
3. Mineral resources are not mineral reserves as they do not have demonstrated economic viability.
4. While the results are presented undiluted and in situ, the reported mineral resources are considered to have reasonable prospects for economic extraction.
5. Resources were estimated using GEOVIA GEMS 6.6. The database used for the estimate contained percussion drill hole assays. The gold and silver grades are capped at 2.0 g/t and 125.0 g/t, respectively.
6. A gold price of US$1,300/oz, a silver price of US$15/oz, and a CAD/USD exchange rate of 1.3 was used in the RMV calculations.
7. Operation costs were estimated by Edmond St‐Jean, ing.
8. Ounce (troy) = metric tonnes x grade / 31.10348. Calculations used metric units (metres, metric tons (tonnes) and grams per metric ton).
9. The number of metric tons was rounded to the nearest hundred. Any discrepancies in the totals are due to rounding effects. Rounding followed the recommendations in NI 43‐101.
Part of the new revised report, the 2018 drilling program announced on February 20th, 2019 (see press release) were included as well as other targets for base and precious metals.
The 2018 exploration programme investigated the Anacon Lead 2, Tétrault 1 and Tétrault 2 tailings sites by drilling. Data from this drilling campaign show that the Anacon Lead 2 tailings have gold and silver grades comparable to the Mineral Resource Estimate for the Anacon Lead 1 tailings, whereas average grades of gold and silver from the Tétrault 1 and Tétrault 2 tailings are up to three times (3X) higher. It also indicates that the stratigraphy of the Tétrault 1, Tétrault 2 and Anacon Lead 2 tailing sites are similar consisting of a top layer of medium grained brown sand (GMB) probably representing the results of oxidation in sharp contact with a layer of medium grained grey sand (GMG)
|Tailing site||Maximum tailings |
|Anacon Lead 2||6.9||0.35||32.66||1.22|
The technical information contained in this press release was reviewed by Vincent Jourdain, P.Eng, Ph.D. from MRB & Associates, and by Bernard-Olivier Martel, geo., technical director of Gespeg Copper Resources. Both are Qualified Persons under NI 43-101
About Gespeg: Gespeg is an exploration company with a focus in underexplored regions “Montauban, Gaspé, Québec”. With a dedicated management team, the Company’s goal is to create shareholder value through the discovery of new deposits.
GESPEG COPPER RESOURCES INC.
(signed) “Sylvain Laberge”
President and CEO
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
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