GSP Resources (GSPR.V) has released the assay results of its five hole, 640 meter diamond drill program completed on the company’s Alwin Mine copper-silver-gold project which borders Teck Resources’ (TECK.TO, TECK) Highland Valley copper mine. All five holes intersected mineralization at shallow depths but hole AM23-01 contained some spectacular intervals.
As you can see in the table above, hole 01 encountered 12.8 meters of 2.64% copper-equivalent of which 2.42% effectively consisted of copper with nice gold and silver values as well. The 12.8 meter interval was boosted by an 1.9 meter intercept containing 7.84% copper, 198 g/t silver and 2.75 g/t gold. The company reported a copper-equivalent grade of 8.85% but according to our calculations, the copper-equivalent grade exceeds 10%. If we would re-run the numbers of the entire 12.8 meter interval, we end up with a copper-equivalent grade of just over 3.1%, and that makes the headline result even better. Additionally, it further confirms the gold and silver grade may play an important role at Alwin. Many of the historical drill holes completed before 2008 didn’t even assay for precious metals, but there definitely appears to be an interesting by-product credit.
Disclosure: The author has a long position in GSP Resource Corp. Please read the disclaimer.