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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Gespeg Resources Ltd | TSXV:GCR | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.06 | 0.055 | 0.06 | 0 | 00:00:00 |
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GESPEG COPPER INC. (TSX VENTURE:GCR) (the "Company" or "GESPEG"). Gespeg is
pleased to announce they have received the test results associated with the
seven (7) drill holes conducted in the fall of 2011 on the Vortex project
located in the Gaspe region in Quebec. The drilling was done by Kimpar Resources
Inc. ("Kimpar") prior to Gespeg acquiring Kimpar. The program consisted of seven
(7) diamond drill holes (NQ), totaling 2572 meters, from which 592 samples were
selected. The description and the sampling of the drill core were done late
Feburary 2012.
The drill holes are located south of the Sullipek East showing, inside a
hydrothermal system 1000m in diameter and were designed to intercept in-depth
mineralized zones exposed in trenches and to cross deep calcareous horizons
favoring the introduction of "skarn" type copper mineralization or copper
replacement type mineralization. The location of surveys and technical data are
given in the following table:
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DDH DDH Elevation
Location Location Dip Azimuth Depth (metres
DDH Number Easting(i) Northing ( degrees ) ( degrees ) (metres) A.S.L.)
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11-V-01 287544 5416723 -50 315 339.35 587
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11-V-02 287544 5416722 -70 315 147.5 587
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11-V-03 287544 5416721 -60 317 69.5 587
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11-V-04 287548 5416716 -60 320 723 586
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11-V-05 287550 5416710 -65 20 216 586
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11-V-06 287619 5416590 -60 320 711 568
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11-V-07 286706 5416553 -87 275 366 699
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Notes:
(i) UTM Grid, Zone 20, NAD 83 /WGS 84, Map Sheet NTS 22A/13, scale 1:50,000.
Holes 11-V-01, 11-V-02, 11-V-03, V-11-11-04 and V-05 were placed almost in the
same location but drilled at different angles. Technical problems in the
drilling as well the presence of some faults at depth were the main reason for
this.
Drilling 11-V-04 and 11-V-06 were drilled 145 meters apart, perpendicular to the
stratigraphy and in the same direction and dip. Drill hole 11-V-04 intercepted
16 meters of 1.38% Cu at a depth of 14 meters.
The description of the drill core identifies local stratigraphic units and
detected calcareous horizons suitable for the development of copper
mineralization. It should be noted that the historical works done south of the
Sullipek East showing in 1989 and 1990 (MRNFQ GM 49302 and GM Reports 53 219)
report a banded limestone in the Formation of Indian Point unit named IP1. This
unit, with a thickness of 30 m, appears to be continuous at depth and appears to
be a favorable horizon to skarn type copper mineralization. The interpretation
of hole 11-V-04 indicates that the unit IP1 appears to have been intersected at
a vertical depth of between 600 and 650 meters. Described in the drilling papers
as a "Skarn" garnet and diopside with the presence of chalcopyrite, disseminated
pyrrhotite and pyrite giving Copper values of 0.3% Cu over 17 meters and 0.57%
copper over 7 meters. The IP1 unit has not been intercepted in hole 11-V-06
because the hole was interrupted at 711 meters in a felsic dyke phenocrysts of
feldspar and quartz stratigraphically positioned in place of the IP1.
The most significant results from the 2011 drilling program are presented in the
table below. Mineralization obtained copper and molybdenite and are associated
with two types of alterations: (1) early prograde alteration with copper
mineralization and (2) late retrograde alteration and copper mineralization with
molybdenite
----------------------------------------------------------------------------
TABLE OF SIGNIFICANT Cu Ag Mo ASSAYS from VORTEX 2011 drill cores
----------------------------------------------------------------------------
Drill From To Length Cu % Ag Mo % Alt. Summary
hole (m) (m) (m)(i) g/t Description
11-V- 7.00 28.00 21.00 0.13 2.14 0.006 P-s1 Mainly along
01 beds with
disseminated
chalcopyrite
and pyrrhotite.
inclu- 7.00 15.00 8.00 0.21 4.47 Forillon
ding Formation.
142.00 146.00 4.00 0.26 4.65 0.007 R Associate with
sulphite
veines. Indian
Point
Formation.
265.00 277.00 12.00 0.02 0.45 0.013 P-s2 / Disseminated
R chalcopyrite
and pyrrhotite
disontinuously
along beds.
Molybdenite is
associated with
late
fracturese.
Indian Point
Formation.
11-V- No significant results.
02
11-V- No significant results.
03
11-V- 5.20 35.00 29.80 0.19 3.90 0.011 P-s2 Mainly along
04 beds with
disseminated
chalcopyrite
and pyrrhotite.
Forillon
Formation.
inclu- 14.00 30.00 16.00 1.38 4.99 0.014 R Series of
ding parallel viens,
mm-to-cm-scale,
with quartz,
chalcopyrite
and pyrite.
201.00 208.00 7.00 0.20 2.02 0.003 P-s1 Mainly along
beds with
disseminated
chalcopyrite
and pyrrhotite.
Indian Point
Formation.
232.00 248.40 16.40 0.02 0.34 0.059 R Molybdenite is
associated with
late fractures.
Indian Point
Formation.
251.40 265.20 13.80 0.03 1.03 0.020 R Molybdenite is
associated with
late fractures.
Indian Point
Formation.
293.00 300.00 7.00 0.12 2.45 P-s1 Weak skarn with
garnet/diopside
and
disseminated
chalcopyrite,
pyrrhotite and
pyrite. Indian
Point Formation
(calcareous
muddy
silstone).
452.00 463.20 11.20 0.24 5.25 0.002 P-s1 Intense skarn
with
garnet/diopside
and
disseminated
chalcopyrite,
pyrrhotite and
pyrite. Indian
Point Formation
(Limestone).
572.00 582.00 10.00 0.01 0.44 0.048 R Molybdenite is
associated with
late fractures.
Indian Point
Formation
615.00 638.60 23.60 0.25 0.88 0.031 Ps-1 / Dyke of quartz-
R feldspar
porphyry with
disseminated
chalcopyrite.
Molybdenite is
associated with
late fractures.
inclu- 626.00 638.60 12.60 0.36 1.02 0.054
ding
663.00 680.00 17.00 0.30 3.45 0.019 P-s1 Intense skarn
with
garnet/diopside
and
disseminated
chalcopyrite,
pyrrhotite and
pyrite. Indian
Point Formation
(Limestone).
696.00 703.00 7.00 0.57 6.33 0.011 P-s1 Intense skarn
with
garnet/diopside
and
disseminated
chalcopyrite,
pyrrhotite and
pyrite. Indian
Point Formation
(Limestone).
11-V- 10.30 46.00 35.70 0.18 1.54 0.002 P-s1 / Weak
05 P-s2 porcellinanite
with
disseminated
chalcopyrite
and pyrrhotite
disontinuously
along beds.
Forillon
Formation.
inclu- 44.00 46.00 2.00 1.61 12.20 0.014
ding
150.00 216.00 66.00 0.04 0.69 0.025 R Molybdenite is
associated with
late fractures.
Indian Point
Formation.
inclu- 178.00 213.00 34.00 0.05 0.82 0.036
ding
11-V- 145.00 148.00 3.00 0.13 9.05 P-s2 Mainly along
06 beds with
disseminated
chalcopyrite
and pyrrhotite.
Indian Point
Formation.
183.00 193.60 10.60 0.08 1.47 0.029 P-s1 / Weak
P-s2 porcellinanite
with
disseminated
chalcopyrite
and pyrrhotite
disontinuously
along beds.
Indian Point
Formation.
254.40 278.00 32.60 0.06 1.11 0.051 R Molybdenite is
associated with
late fractures.
Indian Point
Formation.
inclu- 261.00 274.00 13.00 0.12 1.91 0.086
ding
294.00 300.50 6.50 0.11 6.47 0.014 R Series of
viens, mm-
scale, with
calcite,
molybdenite,
chalcopyrite
and pyrrhotite.
Indian Point
Formation.
312.00 316.50 4.50 0.09 0.63 0.035 P-s1 / Weak
P-s2 porcellinanite
with
disseminated
chalcopyrite
and pyrrhotite
disontinuously
along beds.
Indian Point
Formation.
337.40 356.00 18.60 0.29 3.55 0.011 P-s1 / Weak
P-s2 porcellinanite
with
disseminated
chalcopyrite
and pyrrhotite
disontinuously
along beds.
Indian Point
Formation.
inclu- 345.00 356.00 11.00 0.41 5.65 0.010
ding
464.00 486.70 22.70 0.10 0.006 P-s1 Intense skarn
with
garnet/diopside
and
disseminated
chalcopyrite,
pyrrhotite and
pyrite. Indian
Point Formation
(Limestone).
inclu- 464.00 473.00 9.00 0.15 3.12 0.008
ding
11-V- No significant results.
07
(i) Intervals represent core length, not true width.
Note: The weighted average grade for the mineralized intervals refer
to analysis continues.
P-s1: Prograde alteration stage 1.
P-s2: Prograde alteration stage 2.
R: Retrograde alteration.
The prograde alteration with copper mineralization is divided into two stages.
The first stage P-s1, is responsible for the formation of "Skarn" and
"Porcellanite". These are products derived from metasomatic limestone horizons
for the "Skarn" and mudstone / siltstone for "Porcellanite". Copper
mineralization of P-s1 is limited to certain levels of "Skarn" and not all
"Skarn" intersected. The P-s2 stage consists of an assemblage of
chlorite-carbonate-chalcopyrite which superimposes the "Porcallinite". Copper
mineralization of P-s2 is generally limited to some beds of calcarenite and
calcilutite with disseminated chalcopyrite interbedded in the formation of
Indian Point. The retrograde alteration (R) overprint P-s1 and P-s2 and is
associated with copper mineralization found in the veins of
chlorite-chalcopyrite-quarter centimeter in tension and disseminated molybdenite
mineralization in late fractures in the porcelanite.
Mr Victor Goncalves President and CEO stated: "We are encouraged by these
results and the Company continues the compilation of historical data from the
claims acquired from "Kimpar" (see the Company's news release dated December 30,
2011) all by developing a regional study using satellite imaging and conducting
a helicopter geophysics surveys (high resolution magnetic and radiometric survey
by helicopter) of its claim blocks. This will allow Gespeg to embark on a second
phase exploration program."
Drilling was under the supervision of Sheila Walter, P. Geo; drillcore was
logged by Sheila Walter, P. Geo and Bernard-Olivier Martel, P. Geo. The diamond
drilling was completed using HQ core size. After cutting with a diamond saw, one
half of the core is collected for sample preparation and analysis and the other
half is retained for future reference. Sample intervals were selected based on
lithology changes/alterations intensity/estimated mineral content ranged from
0.3 to 1.7 meters. The majority of the sample intervals were 1.0 meter.
Drillcore samples analysis was performed by ALS-Chemex at their lab in Val d'Or,
Quebec. Cu mineralization was almost exclusively seen in the form of
chalcopyrite. All cores were analysed for 48 elements by ICP-MS with four acid
digestion as well as for Au by fire assay with ICP-AES finish using 30grams of
material. Ore grade elements were run by the method of ALS's lab code ME-OG62 (4
acid digestion with ICP-AES instrumental measurement) and Cu by Cu-OG62 (4 acid
-variable instrument). A rigorous QA/QC program was implemented as part of the
sampling procedures throughout the drill program. Duplicate and blank samples
were inserted into the sample stream prior to being sent to the laboratory and
the adherence of results to strict parameters was monitored.
Bernard-Olivier Martel, P. Geo, a consultant to the Company, 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.
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