Subject: MINING EXPLORATION UPDATE
Gespeg Announces Sullipek Property 43-101 Inferred In-Situ Mineral Resource of 2.24 Million Tonnes at 1.09% Cu
SASKATOON, SASKATCHEWAN--(Marketwired - Feb. 2, 2017) -
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
GESPEG COPPER RESOURCES INC. (TSX VENTURE:GCR) (the "Company" or "Gespeg") is pleased to announce a National Instrument 43-101 ("NI 43-101") Inferred Mineral Resource Estimate for the 100% owned Sullipek Copper-Molybdenum Porphyry Project (the "Property").
This technical report was prepared by GoldMinds Geoservices Inc. to support the disclosure of a mineral resource estimate according to the guidelines set under "Form 43-101F1 Technical Report" of National Instrument 43-101 Standards and Disclosure for Mineral Projects.
Highlights
| Property | Classification | Tonnage/t | Grade Cu/% |
In-Situ Cu Content/t |
| Sullipek | Inferred | 2,240,000 | 1.09 | 24,400 |
- The Property hosts a copper mineral resource of 2.24 Million tonnes at 1.09% for in situ total copper of 24,400 tonnes;
- Recovery of mining loss applied;
- The Property is located at approximately 130 km west of Gaspé and less than 40 km west of Murdochville on the southern boundary of the Gaspésie national park. The closest major town is Saint-Anne-des-Monts which is located approximately 70 km from the Property to the northeast;
- The Property covers an area of 216.54 ha (2.16 km2) and is made of 7 contiguous claims forming an L shape. The claims are 100% owned by Gespeg. The Property is located within the Vortex project which comprises 130 claims covering an area of 68 km2.
The mineral resource model has been prepared using 349 historical drill holes, where 3 main copper mineralized envelopes were defined. Composites of 1.5 meter were used. The interpolation of grades is made by inverse square distance with a minimum of 3 composites. The 5 meters cubic blocks weight 337.5 tonnes. The ellipsoid has its long axis NNW-SSE, medium axis vertical and short ENE, dimension is 60m x 40m x10m.
The input mineral resources parameters used and consider reasonable propect of economic extraction are:
- A copper price of $2.50 Can/lbs;
- Mining cost of $3/t;
- Processing cost + G& A of $20/t;
- Processing recovery of 90%;
- Mining recovery of 95%;
- Slope angle of 45 degrees;
- Cut-off grade of 0.4% Cu
Qualified Person
Claude Duplessis, P. Eng., of Goldminds Geoservices Inc., a geological, environmental and mining consultant, is an independent qualified person in accordance with National Instrument 43-101, has prepared and approved the technical content of this news release.
About Gespeg Copper Resources Inc.: Gespeg is an exploration company with a focus on copper, especially in a grossly underexplored region "Gaspé, Québec". With a dedicated management team, the Company's goal is to create shareholder wealth through the discovery of new deposits.
GESPEG COPPER RESOURCES INC.
(signed) "Sylvain Laberge"
Sylvain Laberge
President and CEO
FORWARD LOOKING INFORMATION
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.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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