GSP Resource Corp. has regained a 100% ownership interest in the Olivine Mountain copper-gold-platinum group element project in British Columbia after Full Metal Minerals Ltd. abandoned its earn-in option for the property at no cost to GSP.

The termination leaves the property free of any remaining earn-in rights. Full Metal originally secured the option under a February 2020 agreement, completing an initial cash payment of $40,000 and issuing 100,000 common shares. However, the option lapsed after all extension deadlines passed without Full Metal completing the required subsequent cash payments, share issuances, and exploration expenditures.

The property covers 29 contiguous mineral titles spanning approximately 3,022 hectares in the Similkameen Mining Division, roughly 25 kilometres west of Princeton. Previous exploration on the ground includes a 370 line-kilometre airborne geophysical survey and an extensive soil geochemistry program comprising about 1,750 samples collected on a 3-kilometre grid.

During a 2019 maiden diamond drill program, the company completed seven holes totalling 1,200 metres to test geochemical and geophysical targets. That work included drill hole DDH-5, which intersected 7.8 metres grading 0.27% copper, 1.12 grams per tonne silver, and 0.17 grams per tonne gold from a depth of 129.2 metres.

In addition to Olivine Mountain, GSP holds a 100% interest in the past-producing Alwin Mine copper-silver-gold property and the Mer claims in British Columbia's Highland Valley Copper Camp.

“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,” said Simon Dyakowski, Chief Executive Officer. “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.”

— Simon Dyakowski, Chief Executive Officer

Read the full announcement: GSP Resource Corp. Retains 100% Interest In Olivine Mountain Copper-Gold-PGE Project