Gespeg Copper Inc.
TSX VENTURE : GCR

June 13, 2012 10:30 ET

Gespeg Announces Significant Cu and Mo Results on Sullipek-East Showing

SASKATOON, SASKATCHEWAN--(Marketwire - June 13, 2012) - 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 Gaspé 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 February 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:

DDH Number DDH
Location
Easting*
DDH
Location
Northing
Dip
(
°)
Azimuth
(
°)
Depth
(metres)
Elevation
(metres A.S.L.)
11-V-01 287544 5416723 -50 315 339.35 587
11-V-02 287544 5416722 -70 315 147.5 587
11-V-03 287544 5416721 -60 317 69.5 587
11-V-04 287548 5416716 -60 320 723 586
11-V-05 287550 5416710 -65 20 216 586
11-V-06 287619 5416590 -60 320 711 568
11-V-07 286706 5416553 -87 275 366 699
Notes:
* 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
hole
From
(m)
To
(m)
Length
(m)*
Cu % Ag
g/t
Mo % Alt. Summary Description
11-V-01 7.00 28.00 21.00 0.13 2.14 0.006 P-s1 Mainly along beds with disseminated chalcopyrite and pyrrhotite.
inclu-
ding
7.00 15.00 8.00 0.21 4.47 Forillon 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 / R Disseminated chalcopyrite and pyrrhotite disontinuously along beds. Molybdenite is associated with late fracturese. Indian Point Formation.
11-V-02 No significant results.
11-V-03 No significant results.
11-V-04 5.20 35.00 29.80 0.19 3.90 0.011 P-s2 Mainly along beds with disseminated chalcopyrite and pyrrhotite. Forillon Formation.
inclu-
ding
14.00 30.00 16.00 1.38 4.99 0.014 R Series of 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 / R Dyke of quartz-feldspar porphyry with disseminated chalcopyrite. Molybdenite is associated with late fractures.
inclu-
ding
626.00 638.60 12.60 0.36 1.02 0.054
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-05 10.30 46.00 35.70 0.18 1.54 0.002 P-s1 / P-s2 Weak porcellinanite with disseminated chalcopyrite and pyrrhotite disontinuously along beds. Forillon Formation.
inclu-
ding
44.00 46.00 2.00 1.61 12.20 0.014
150.00 216.00 66.00 0.04 0.69 0.025 R Molybdenite is associated with late fractures. Indian Point Formation.
inclu-
ding
178.00 213.00 34.00 0.05 0.82 0.036
11-V-06 145.00 148.00 3.00 0.13 9.05 P-s2 Mainly along beds with disseminated chalcopyrite and pyrrhotite. Indian Point Formation.
183.00 193.60 10.60 0.08 1.47 0.029 P-s1 / P-s2 Weak 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-
ding
261.00 274.00 13.00 0.12 1.91 0.086
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 / P-s2 Weak 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 / P-s2 Weak porcellinanite with disseminated chalcopyrite and pyrrhotite disontinuously along beds. Indian Point Formation.
inclu-
ding
345.00 356.00 11.00 0.41 5.65 0.010
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-
ding
464.00 473.00 9.00 0.15 3.12 0.008
11-V-07 No significant results.
* 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 ® 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.

Contact Information

  • Victor Goncalves
    President and CEO
    204-997-5517

    Sylvain Laberge
    Corporate development
    514-702-9841