Drills Turn on Dual Copper-Gold Targets in One of Canada's Biggest Mining Camps

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1. Disclosure for the quote from the Stewart Thomson article published on April 28, 2026

1. For the quoted article (published on April 28, 2026, GSP resources has paid Street Smart, an affiliate of Streetwise Reports, US$2,500.
2. Author Certification and Compensation: Stewart Thomson was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Thomson is a retired Canadian financial advisor who has passed the Canadian Securities Course as well as additional technical analysis courses that were mandated by his former employer and approved by Ontario regulatory bodies. For the past 15 years, he has been editing and writing numerous financial newsletters that have a strong focus on charts.  The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

2. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

GSP Resource Corp. (GSPR:TSX.V; GSRCF:OTCBB) announced that 2026 drilling has commenced at its combined Alwin-Mer properties in British Columbia's Highland Valley copper camp. The first phase of the 2026 program is targeting both porphyry copper potential at the Mer property and follow-up drilling at a gold discovery made at Alwin in late 2024. The company said the initial phase is expected to total between 1,200 and 1,500 meters of drilling.

"GSP has commenced 2026 drilling at a time of renewed exploration and development activity in the Highland Valley copper camp, with copper trading near record highs," president and chief executive officer Simon Dyakowski said. "Phase 1 pairs first-pass porphyry copper drilling at Mer with follow-up to our 2024 high-grade gold discovery at Alwin."

At the Alwin high-grade gold target, drilling is expected to follow up on results from stepout hole AM-24-06, which returned 5.04 grams per tonne gold and 1.01% copper over 7.90 meters, including 22.93 grams per tonne gold and 1.82% copper over 1.64 meters. The Alwin project hosts an inferred mineral resource of 1.46 million tonnes grading 1.08% copper, containing 34.6 million pounds of copper.

The company said the high-grade gold discovery in AM-24-06 occurs 40 meters below the current resource pit shell and presents an opportunity to augment existing open-pit and underground mineable copper resources with high-grade gold values. GSP stated that the occurrence of high-grade gold values below the projection of existing copper resources supports its interpretation that the contrasting mineralization styles are structurally and genetically linked.

As part of the first phase of 2026 drilling, the company plans to step out from AM-24-06 and test both laterally and vertically beyond the discovery intercept. Drill holes will also be extended to test additional modeled copper lodes in the structural footwall to the north.

At the Mer property, GSP plans to test a porphyry target defined through the compilation of historic drilling data and follow-up rock and soil sampling. The company reported that follow-up work outlined an approximately 175-by-120-meter copper anomaly that remains open to the northwest. Rock sampling at the historic Mer showing returned 12 samples grading between 0.14% and 1.02% copper, averaging 0.4% copper.

The Mer property comprises 185 hectares and is located approximately 1.5 kilometers northwest of the Alwin project. Historic exploration between 1965 and 1971 included geochemical and geophysical surveys, trenching, 16 percussion drill holes totaling 610 meters, and one 150-meter diamond drill hole. Historic drilling defined a 70-by-120-meter northeast-trending porphyry copper-molybdenum zone. The company noted that the mineralized zone remains open to the north and west.

Gold and Copper Markets Remain in Focus

According to a June 18 Reuters commentary by metals columnist Andy Home, investor interest in copper remained elevated despite a pullback from the record highs reached earlier in the year. Home wrote that "investors, both institutional and retail, continue to be drawn by copper's strategic exposure to both energy transition and artificial intelligence megatrends." He reported that money managers had rebuilt long positions on the CME copper contract from a March low of 35,802 contracts to 77,131 contracts at the start of June, while retail participation in smaller copper products remained strong. Home also noted that "there are very few bears left in the U.S. copper market" and that copper's investment narrative had "seeped into the public domain," with activity in retail-focused contracts suggesting that individual investors continued seeking exposure to the metal.

A June 19 article by Bart Bogacz discussed recent volatility in the gold market, noting that gold finished the week "close to US$4200 per ounce" after significant price swings. The article reported that easing inflation concerns following a diplomatic breakthrough in the Middle East had briefly helped push gold above US$4300 per ounce before prices retreated after the U.S. Federal Reserve held interest rates steady.

The article also referenced a June 10 report from State Street Investment Management that outlined several potential scenarios for the gold market. Under its base-case outlook, the firm assigned a 70% probability that gold would trade between US$4,750 and US$5,500 per ounce during the second half of the year. According to State Street, "strong structural demand combined with low ownership could support the physical market, as well as allocations in gold ETFs." The firm also noted that investor demand, central bank purchases, interest rates, oil prices, and currency movements remained important factors influencing the sector.

Also on June 19, Shad Marquitz of Excelsior Prosperity examined the broader precious metals sector and argued that different parts of the market had advanced over different timelines. Marquitz wrote that "there have been various waves of the PM bull market" and stated that "it really comes down to which aspect or subsector of the precious metals complex someone is talking about when they are discussing THE PM BULL MARKET."

In his analysis, Marquitz pointed to gold's long-term performance, writing that "Gold's last Major Low happened in December 2015 at US$1,045" and that the metal had risen to more than US$5,600 by January. He also noted that gold producers, silver producers, mining exchange-traded funds, developers, and explorers had participated in the sector's advance over different periods. According to Marquitz, "We've seen a textbook precious metals bull market play out for the last decade in the gold price."

Marquitz also discussed the sector's recent pullback, writing that "over the last few months, many of these same best-in-class gold producers have put in substantial corrections." He added that "this sector has clearly been in a cyclical bear market for the last few months," while noting that market participants were watching to see whether gold, silver, and precious metals equities could stabilize following the recent correction.

On June 19, Chen Lin of the What's Chen Buying? What's Chen Selling? Newsletter wrote: "It seems the West is selling gold while the East, mostly China, is buying gold. Mideast is probably selling I would guess as they are opening the strait and anything can happen. That is putting pressure on gold. I see gold is range-bound during summer at best, if not retest the lows early this year." He added, "Silver has a chance to test 50. BUT in the long term, US revenue this year is 3.7 trillion, while the deficit is 1.8 trillion in 2026, and next year the deficit is projected to be 2.2 trillion. Any rise of the interest rate will accelerate the deficit. This is not sustainable, and there is no end in sight! That's why I am bullish on gold and silver for the long run!"

Permit Approval and Exploration Program Draw Third-Party Attention

¹In an April 28 report, technical analyst Stewart Thomson discussed GSP Resource Corp. following the company's receipt of a five-year multi-year area-based drilling permit for its Mer property in British Columbia's Highland Valley copper camp.

Thomson examined the company's technical chart and wrote that "The action of the weekly chart Stochastics (14,5,5 series) and MACD suggests GSP is poised to surge to resistance at CA$0.27-CA$0.29." He added that "A move above CA$0.27 appears likely, and that breakout would launch a rally at least as high as previous resistance at CA$0.44 and perhaps CA$0.56."

The analyst also discussed the broader exploration program at the Alwin-Mer properties. According to Thomson, exploration campaigns conducted during 2024 and 2025 "identified opportunities to expand existing mineral resources and resulted in the discovery of new potential porphyry and high-grade copper-gold-silver vein targets."

Reviewing results from the Alwin project, Thomson highlighted the "discovery of a new high-grade gold zone within drill hole AM-24-06 assaying 5.04 grams per tonne gold and 1.01% copper over 7.90 meters, including 22.93 g/t gold and 1.82% copper over 1.64 meters." He wrote that "the results point to the presence of a unique high-grade gold subset of mineralization at Alwin that is not yet well understood."

Thomson also discussed results from the company's 2025 geologic reconnaissance program, writing that "The soil results define an approximately 175-by-120-meter apparently northwest-trending copper anomaly extending northwest of the focus of historic drilling and trenching." He further noted that the company's geophysical work had identified "an untested deep conductive anomaly within the northern portion of the Alwin property." 

At the conclusion of the report, Thomson assigned GSP Resource a "Strong Speculative Buy" rating. He listed a short-term technical price target of CA$0.27, a medium-term technical price target of CA$0.44, and a long-term technical price target of CA$0.56.

An update came from Ron Struthers in the June 15 edition of the Struthers Report. Struthers assigned GSP Resource a Buy rating, and noted an entry price of CA$0.15 compared with a recent price of CA$0.13.

Discussing the company's exploration program, Struthers wrote that "GSP has commenced Phase 1 drilling at the combined Alwin-Mer properties in BC's Highland Valley Copper Camp." He noted that the 1,200- to 1,500-meter program was designed to test "two distinct targets in a single camp."

Struthers highlighted the company's follow-up drilling at Alwin, referencing the high-grade gold discovery in hole AM-24-06, which returned "5.04 g/t Au and 1.01% Cu over 7.90 m, including 22.93 g/t Au and 1.82% Cu over 1.64 m." He wrote that the discovery represented "an opportunity to augment the current 34.6 Mlb Cu inferred resource with a high-grade gold component."

Regarding the Mer property, Struthers noted that GSP planned to conduct "the first-ever drill test of a porphyry copper target" defined by 2025 soil and rock sampling. He described the target as "a 175 x 120 meter copper anomaly open to the northwest" located on a 185-hectare property approximately 1.5 kilometers from the Alwin Mine.

Commenting on the stock's previous performance, Struthers wrote, "The stock did very well with last year's drill results, and seeing the stock is back down, I expect it will bounce much higher." He added that "The $0.15 is resistance, a close above that would signal the next move up."

2026 Program Milestones and Targets

The current phase of drilling is planned as a 1,200- to 1,500-meter diamond drill program targeting both the Alwin gold zone and the Mer porphyry copper target.

At Alwin, the program is designed to follow up on the 2024 discovery in hole AM-24-06. The company plans to test the gold zone laterally and at depth beyond the original intercept and to evaluate additional modeled copper lodes in the structural footwall north of the discovery area. GSP stated that the gold mineralization is visually distinct from the broader copper zones and is associated with intense black chlorite-sericite alteration.

At Mer, the company intends to conduct the first modern drilling of the porphyry target since historical work was completed in the 1970s. Recent soil sampling defined a 175-by-120-meter copper anomaly that remains open to the northwest, while rock sampling returned values ranging from 0.14% to 1.02% copper. TerraSpec analysis identified paragonitic muscovite and magnesium-iron chlorite compositions that the company said are consistent with a higher-temperature proximal porphyry environment.

The Mer property is covered by a permit that allows an initial year-one diamond drilling program and provides for surface disturbance supporting potential expansion drilling during the following four years of the permit term. The company also noted that the property is accessible by existing logging roads crossing the proposed drill area.

According to the company's June 2026 corporate presentation, the Phase 1 program follows a series of milestones completed during the second quarter of 2026, including the granting of a five-year drill permit for Mer on April 22, announcement of the Phase 1 program on April 29, closing of a US$1.22 million financing in May, and the contracting of Western Exploration Diamond Drilling for the program.

Ownership and Share Structure²

Management and insiders hold approximately 22% of the company's issued and outstanding shares, representing about 12.6 million shares.

Richard Billingsley is identified by the company as a 10%+ shareholder and reporting insider.

As of June 2026, GSP Resource had 57.89 million shares outstanding and 78.22 million shares on a fully diluted basis. The company reported working capital of CA$1.3 million and a market capitalization of approximately CA$7.2 million.