Gespeg to Start Work in Montauban
19 June 2018 - 11:15PM
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
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.
Exploitation History: 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”
Sylvain Laberge President and
CEO
514.380.5610514.702.9841Slaberge@gespegcopper.com
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.
A figure accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/0ee7dc33-96e4-42da-be31-628ebeeb86aa
Gespeg Resources (TSXV:GCR)
Historical Stock Chart
From Sep 2024 to Oct 2024
Gespeg Resources (TSXV:GCR)
Historical Stock Chart
From Oct 2023 to Oct 2024