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SASKATOON, Saskatchewan, Jan. 15, 2020 (GLOBE NEWSWIRE) -- GESPEG RESOURCES LTD. (TSX-V:GCR) (the “Company” or “Gespeg”), is pleased to announce that, following the evaluation of the region, it has increased its land position North West of the Municipality of Chandler by staking 137 additional claims. The project, known as the Native Copper Project, is now composed of 156 claims divided in 4 sectors Native Copper South, North-West, North-East and Central and has five (5) known indicators:
The project is part of the Mont Alexandre syncline, associated to an important metallotect volcanic horizon part of the Lake McKay Member, which lies within the greenstone belt present in the Gaspe Peninsula. The Lake McKay Member is situated at the bottom of the West Point Formation and associated to an assemblage of volcaniclastic material, conglomerates and sandstones with some minor interbedded lavas. This type of volcanic horizon is known to generate multiple mineralized copper zones. The greenstone belt has already shown 9 indicators in the area, it appears that the obvious model for these types of mineralization is the Keweenaw Peninsula native copper model.
Gespeg also reports that, following continued detailed geological review, the company has also increased it’s position on the Davidson Project (see press release of October 3, 2019) to a total 29 claims, situated south of the past producing mine Icon Mine. When operational, the Icon Mine produced 1,616,567 t @ 3.07% Cu. The property is adjacent to Route 167 North East of Chibougamau and has three (3) know copper indicators:
Mr. Sylvain Laberge, President and CEO of Gespeg, remarks "We are pleased to increase our land position in these new projects. It furthers our mandate and goal to explore underexplored regions".
About Gespeg Resources Inc.: Gespeg is an exploration company with a focus in strategic and energetic metals and underexplored regions “Gaspé, Chibougamau Québec”. With a dedicated management team, the Company’s goal is to create shareholder value through the discovery of new deposits.
Bernard-Olivier Martel, P. Geo, the Company's Director of Exploration, is a qualified person (as such term is defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects) and has reviewed and approved the technical disclosure contained in this news release.
GESPEG RESOURCES LTD.
(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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