Gespeg Copper Resources Inc.
TSX VENTURE : GCR

August 10, 2012 17:02 ET

Restatement of Last News Release: Gespeg Announces Significant Cu and Mo Results on Sullipek-East Showing

SASKATOON, SASKATCHEWAN--(Marketwire - Aug. 10, 2012) - GESPEG COPPER INC. (TSX VENTURE:GCR) (the "Company" or "GESPEG"). Gespeg wishes to restate its news release dated June 13th 2012 for two technical points which, upon further review, were not properly portrayed in the original release. The first technical point is with respect to drill hole 11-V-04. The original release stated that the larger intersection was 29 meters of 0.19% Cu including 16 meters of 1.38%. This should have read that the 29 meter intersection grades 0.94% Cu. The second technical point is that the original release stated that holes 11-V-02 and 11-V-03 showed no significant result. However, as these two holes were drilled quite close to the hole 11-V-04, it should read that there were no samples selected for assay thus we cannot infer no significant results. Management is encouraged that the 29 meter intersection is higher grade but does not believe this is a significant change based on the current information.

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 feburary 2012.

The drill holes are located south of a copper-mineralized zone that was recently exposed in bedrock trenches on the southeast edge of the Sullipek East, large hydrothermal system, 1000m in diameter (See news release March 2, 2012, that includes results of preliminary reconnaissance drilling in 2009.). The 2011 drill holes were designed to test for the blind, depth extension of the surface mineralized zones and to cross deep calcareous horizons favourable to the introduction of "skarn" type copper mineralization or copper replacement type mineralization. The location of the drill holes 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, Map Sheet NTS 22A/13.

Holes 11-V-01, 11-V-02, 11-V-03, and 11-V-04 were collared within 10 metres of each other, were all drilled toward the northwest, but drilled at different angles so that the potentially mineralized, deeper horizons would be intercepted at significant horizontal separation. Technical problems in the drilling of holes 11-V-02 and 11-V-03 (mainly due to fault and fracture zones) resulted in abandonment of the holes well short of the targeted deeper horizons. The upper, mineralized portions of these two drill holes were not sampled for analysis due to their close proximity to the mineralized intercepts in the bracketing holes 11-V-1 and 11-V-4. Hole 11-V-05 was collared about 12 metres due south of holes 11-V-01 to -04 and was drilled to the NNE to test both the lateral extent of the same bedding-parallel, surface-trenched mineralization and the projection of a sub-vertical, east-southeast-trending, mineralized fault zone.

Drill hole 11-V-06 was collared 145 meters southeast of 11-V-04. Both were drilled perpendicular to the stratigraphy and in the same direction and dip. Drill hole 11-V-04 intercepted 16 meters of 1.38% Cu starting at a depth of 14 meters. A significant portion of this analysed zone contains a copper-rich set of sheeted veins oriented at a shallow angle to core axis, indicating that the highest-grade portion does not reflect true width. Hole 11-V-07 tested a geophysical anomaly of high electrical chargeability about 850 metres west of the other 6 holes and had no significant copper mineralization.

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 work done south of the Sullipek East showing in 1989 and 1990 (MRNFQ GM 49302 and GM Reports 53 219) reports a banded limestone unit named IP1, in the Indian Point Formation. This unit, with a thickness of 30 m, appears to be continuous at depth and appears to be a favourable horizon for skarn-type copper mineralization. The interpretation of hole 11-V-04 indicates that the unit IP1 was intersected at a vertical depth of between 600 and 650 meters. It was described in the drill logs as a garnet and diopside "Skarn" with chalcopyrite, disseminated pyrrhotite and pyrite, and yielded copper values of 0.3% over 17 meters and 0.57% over 7 meters. The IP1 unit was not intercepted in hole 11-V-06 because the hole was ended at 711 meters in a felsic dyke that appears to be stratigraphically positioned in place of the IP1.

The most significant results from the 2011 drilling program are presented in the table below. Copper and molybdenum mineralization are associated with two types of alteration: (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 sulphide viens. 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 fractures. Indian Point Formation.
11-V-02 No samples selected from mineralized zones due to close proximity to analysed zones in V-1 and V-4.
11-V-03 No samples selected from mineralized zones due to close proximity to analysed zones in V-1 and V-4.
11-V-04 5.20 35.00 29.80 0.94 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 porcellanite 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 porcellanite 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 porcellanite 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 porcellanite 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 grades reported are over continuously analysed intervals.
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". Respectively, these are the metasomatic products of limestone horizons (skarn) and mudstone/siltstone horizons (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 "Porcellanite". 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 ® overprints P-s1 and P-s2 and is associated with copper mineralization found in the veins of disseminated molybdenite mineralization in late fractures in the "Porcellanite".

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 Watters, P. Geo; drillcore was logged by Sheila Watters, P. Geo and Bernard-Olivier Martel, P. Geo. The diamond drilling was completed using NQ core size. After cutting with a diamond saw, one half of the core was collected for sample preparation and analysis and the other half was retained for future reference. Sample intervals ranged from 0.3 to 1.7 meters and were selected based on lithology changes, alteration intensity, and estimated mineral content. The majority of the sample intervals were 1.0 meter. Drillcore sample analysis was performed by ALS-Chemex at their lab in Val d'Or, Quebec. Cu mineralization was almost exclusively 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.

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.

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