GSP Resource Corp. (GSPR:TSX.V; GSRCF:OTCBB) put out a press release on the 8th of September that was at the very least poorly worded and confusing. They announced the start of a drill program at their Alwin copper mine adjacent to Teck's Highland Valley Mine. When I read the press release I got into contact with the company to clarify what I thought they were doing.
In the press release GSPR stated, "The Phase 1 program will consist of a minimum of 1,000 meters of diamond drilling. . . " And I get about as excited at a press release talking about a 1000 meter drill program as do my readers. That is to say not at all. But management did clarify the release. The 1000 meters is just the start of Phase 1 and there will be a Phase 2 based on the results of the first program. The entire drill program is financed with money in the bank and they have $500,000 in cash beyond that. There will be more drilling.
With copper breaking out above the $3 level after a 50% advance in six months from the March 19th low at $2.08 investors should be looking for low priced lottery tickets on copper. GSPR has a tiny 16 million shares and at today's price has a total market cap of about $5 million USD.
GSPR is going to drill a lot more than 1000 meters in this year. They will hit copper. The copper/silver/gold structure mined at the Highland Valley Mine runs right into the Alwin property. They are a natural buyout candidate for Teck.
Copper has had a great run since March, it is probably due a correction but GSP Resources is a cheap lottery ticket on both copper and the stupidity of the Federal Reserve in destroying the U.S. dollar.
GSP Resources is an advertiser. I have bought shares in the latest PP and naturally that makes me biased. Please take responsibility for your own due diligence.
GSPR-V $0.46 Sept 11, 2020
GSRCF OTCBB 16.1 million shares
GSP Resources website
Bob Moriarty founded 321gold.com, with his late wife, Barbara Moriarty, more than 16 years ago. They later added 321energy.com to cover oil, natural gas, gasoline, coal, solar, wind and nuclear energy. Both sites feature articles, editorial opinions, pricing figures and updates on current events affecting both sectors. Previously, Moriarty was a Marine F-4B and O-1 pilot with more than 832 missions in Vietnam. He holds 14 international aviation records.[NLINSERT]
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