Gespeg Consolidates its Position at Lac Arsenault
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SASKATOON, Saskatchewan, July 19, 2018 (GLOBE NEWSWIRE) -- GESPEG COPPER RESOURCES INC. (TSX-V:GCR) (the “Company” or “Gespeg”) announces that it has entered into a purchase agreement (the "Agreement") with an arm's length party (the "Seller") to acquire a 100% undivided interest in 15 mining claims in the southern part of the Gaspé Peninsula, to the North -West of the municipality of Port Daniel and North-East of Bonaventure. These 15 claims compliment the claims already 100% owned by the Company within its Lac Arsenault project (see press release dated December 19, 2017).
Under the terms of the agreement, Gespeg acquires the ownership of the claims in exchange of 100,000 shares issued to the seller following the approval of the TSX Venture Exchange.
About the Lac Arsenault region
Historical data and exploration results completed by Esso Resources between 1973 and 1978, indicates that the original three veins identified in this region (the Baker, Mersereau and Line 4W) host historical unclassified resources of 40,000 tonnes grading 15.43 g/t Au, 197.00 g/t Ag, 6.6% Pb and 3.5% Zn (DV-85-08 page 7). This historical estimate is based on the surface expression of the three veins only. Additionally, an evaluation of four vein systems was performed by Peter Smith, Ph.D., in October 1995, indicating that these known vein systems contain historical unclassified resources of 135,510 tonnes grading 0.35 oz/tonne Au. Peter J. Hawley re-evaluated these historical estimates in a report dated February 7, 1996, stating that the Arsenault Prospect contains 220,042.52 short tonnes at 0.307 oz/tonne Au.
Mr. Sylvain Laberge, President and CEO of Gespeg comments: "We are pleased to add this property to our portfolio, allowing us to consolidate our position at Lac Arsenault and in Gaspésie. We believe the addition of these claims will increase the potential for new discoveries along the Grand Pabos fault. We will begin exploration work at the property in the fall.
The Agreement is subject to the approval of the TSX-Venture Exchange.
About Gespeg Copper Resources Inc.: Gespeg is an exploration company with a focus on copper, especially in a grossly underexplored region “Gaspé, Québec”. With a dedicated management team, the Company’s goal is to create shareholder wealth through the discovery of new deposits.
Bernard-Olivier Martel, P. Geo, the Company's Director of Exploration, 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.
GESPEG COPPER RESOURCES INC.
(signed) “Sylvain Laberge”
Sylvain Laberge
President and CEO
514.380.5610
514.702.9841
Slaberge@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.
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