SASKATOON, SASKATCHEWAN–(Marketwired – Feb. 21, 2018) – GESPEG COPPER RESOURCES INC. (TSX VENTURE:GCR) (the “Company” or “Gespeg”) is pleased to provide the following update on the Company’s gold properties:
President’s Message – Gold Project Update
Gespeg is pleased to announce the approval from the authorities and the acquisition of a 100% undivided interest into 3 mineral claims on the Southern portion of the Gaspé Peninsula, near the Municipality of Port Daniel. The 3 claims will be part of the Lac Arsenault project, along with the 6 claims that are already owned by the Company.
Exploration results obtained from 1973 to 1978 on work completed by Esso Resources indicates that the original three veins on the property (the Baker, Mersereau and Line 4W) host historical estimates of 40,000 tonnes, grading 15.43 g/t Au, 197.00 g/t Ag, 6.6 % Pb and 3.5 % Zn (DV-85-08 page 7). This historical estimate is based on the surface expression of the three veins only. An evaluation of a four vein systems was performed by Peter Smith, Ph.D., in his report of Oct. 1995. This report indicated that these known vein systems contain a historical estimate of 135,510 tons of 0.35 oz/ton Au. Peter J. Hawley, who determined a 5-vein system on the property, re-evaluated those historical estimates in a report dated Feb. 7, 1996, stating that the Arsenault Prospect contains 220,042.52 short tons at 0.307 oz/ton Au.
For more details of the transaction (see the Company’s news release dated December 14 2017, a copy of which is available under the Company’s SEDAR profile at www.sedar.com).
Update on Montauban Project
At Montauban, the Company spent the last few months getting all of the required approvals from the relevant parties. These approvals are now in place and the Company is awaiting its certificate of authorization from the Ministry of Energy and Natural Resources to start the tailings evaluation and 43-101 resource calculation.
The Company remains committed to moving the Montauban Project forward in accordance with the terms of the agreement with the vendors.
About Gespeg Copper Resources Inc.: Gespeg is an exploration company with a focus in grossly underexplored regions “Gaspé and Montauban, Québec”. With a dedicated management team, the Company’s goal is to create shareholder wealth 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results and activities to vary materially from targeted results and planning. Such risks and uncertainties include those described in Gespeg’s periodic reports including the annual report or in the filings made by Gespeg from time to time with securities regulatory authorities.
President and CEO