GSP Resource Corp. Retains 100% Interest In Olivine Mountain Copper-Gold-PGE Project

GSP Resource Corp. announces that the option granted to Full Metal Minerals Ltd. to earn a 60% interest in the Company’s 100% owned Olivine Mountain property in the Similkameen Mining Division, British Columbia has terminated, and the Company has retained its 100% ownership interest in the Property. The Property is no longer subject to any earn-in right or other interest in favour of Full Metal. Full Metal was granted the option pursuant to a letter agreement dated February 24, 2020, as amended from time to time, which was accepted for filing by the TSX Venture Exchange on April 15, 2021. Full Metal completed the initial cash payment of $40,000 and issued 100,000 common shares of Full Metal to GSP, and made certain subsequent payments to GSP; however, Full Metal did not complete the cash payments, share issuances and exploration expenditures required to exercise the option, and all deadlines under the Option Agreement, as extended, have passed without the option being exercised. Full Metal has confirmed that it has abandoned the option. During the option period, Full Metal commissioned an independent technical report on the Property prepared in accordance with National Instrument 43-101, authored by A. Koffyberg, P.Geo, of Discovery Consultants, with an effective date of July 27, 2020. The 2020 Technical Report summarizes exploration completed on the Property, including the work carried out by GSP in 2018 and 2019, and recommends a two-phase follow-up exploration program. The 2020 Technical Report was filed under Full Metal’s issuer profile on SEDAR+ at www.sedarplus.ca. Simon Dyakowski, Chief Executive Officer of GSP, commented: “The return of a 100% interest in Olivine Mountain comes at no cost to the Company and adds a drill-ready copper-gold-PGE project back into our portfolio outright. Olivine Mountain has benefitted from modern airborne geophysics, an extensive soil geochemistry grid and a maiden diamond drill program, and hosts a large, underexplored land position within the prospective Tulameen ultramafic complex. We look forward to evaluating the recommended follow-up exploration program for the Property.” The Property comprises 29 contiguous mineral titles covering approximately 3,022 hectares in the Similkameen Mining Division, approximately 25 km west of Princeton, British Columbia, with year-round road access via the Coalmont Road and the Blakeburn forestry service road. The Property lies within the Late Triassic Tulameen ultramafic-mafic complex, an Alaskan-type zoned intrusion. The Tulameen district was historically North America’s most important producer of placer platinum in the late 1800s. The Property hosts several copper showings – the Asp, Asp 14, RC and Hop showings – with mineralization occurring as bornite and chalcopyrite hosted in gabbroic rocks. High-grade surface sampling: A select surface sample of a high-grade chalcopyrite stringer at the Hop showing assayed 23.0 g/t gold, 89.5 g/t silver and 7.49% copper, and a sample from the Asp 14 showing returned 4.74% copper. 2018 airborne geophysics: A 370 line-kilometre airborne survey outlined a magnetic anomaly of approximately 1,500 m x 900 m, with a superimposed stro...