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Gespeg to Start Work in Montauban(June 19, 2018)
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SASKATOON, Saskatchewan, June 19, 2018 (GLOBE NEWSWIRE) -- GESPEG COPPER RESOURCES INC. (TSX-V:GCR) (the “Company” or “Gespeg”) is pleased to announce to its investors and the population of the Mauricie the obtaining of its certificate of authorization issued by Ministry of Energy and Natural Resources to begin the evaluation and calculation of resources according to NI 43-101 on the tailings pond of the former Montauban-les-Mines mine. Three tailings sites will be assessed: Anacon Lead 2, Tétrault 1 and Tétrault 2 (Figure 1). The work will begin June 18 and will be executed by Forage André Roy. The equipment used, a Geoprobe type drill, will allow the drilling of 123 holes, totaling more than 365 meters.
In addition to the economic interest of the project, Gespeg and its partners are committed to developing a project with a strong social acceptability and an objective to decontaminate the tailings facilities by restoring a quality of life and a healthy environment to the villagers of Montauban-les-Mines.
In 2014, a NI-43-101 technical report, commissioned by DNA Canada (a Gespeg partner) and performed on the Anacon Lead 1 Tailings Facility, reported indicated resources of 462,000 tonnes grading 0.31 g / t Au (4570 ounces of gold) and 32.68 g / t Ag (485.630 ounces of silver). The Salvage Metals Value (VMR) is $ 31 tonne using a gold price of $ 1,300 / oz, a silver price of $ 20 / oz, a CAD / US exchange rate of 1.10 and all with an operating cost of about $ 20 per tonne. As a result, the entire Anacon Lead 1 Tailings Facility is worth more than the expected operating costs. This estimate of mineral resources was made by Vincent Jourdain ing. PH. D. The result of this study is an estimate of mineral resources including indicated resources. These mineral resources are not mineral reserves since their economic viability has not been demonstrated.
It is also important to note the presence of two other Certificates of Authorization of the Government of Quebec held by DNA Canada that enabled them to build tailings facilities at the Anacon Lead 1 to recover the mica and precious metals (gold and silver). In addition, in February 2014, DNA Canada received approval from the provincial government for the restoration plan that will be implemented once the tailings treatment is completed.
The Montauban deposit was in production sporadically between 1910 and 1990. A total of 2,655,588 short tons of ore with average recovery grades of 4.53% Zn, 1.54% Pb, 0.02 oz / t Au and 2.50 oz / t Ag was mined between 1911 and 1955.
Between 1953 and 1954, a total of 100 309 short tons of ore were processed with a grade of 2.88% Zn, 1.03% Pb, 1.0 oz / t Ag and 0.01 oz / t Au.
In addition, between 1983 and 1990, Muscocho Explorations Ltd. ("Muscocho") operated several gold zones in the deposit producing a total of 813,632 metric tonnes grading 3.54 g / t Au and 12.36 g / t Ag.
In the end, five tailings sites were generated during various mining operations described above.
The technical information contained in this press release was prepared by Bernard-Olivier Martel geo., Technical director of Gespeg Copper Resources and reviewed by Vincent Jourdain ing. PH. D. from MRB & Associates. Both are Qualified Persons under NI 43-101.
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.
GESPEG COPPER RESOURCES INC.
(signed) “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.
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