Mr. Simon Dyakowski reports

GSP RESOURCE ADVANCES GEOLOGICAL MODELLING OF ALWIN MINE COPPER-SILVER-GOLD PROJECT IN PREPARATION FOR 2024 EXPANSION DRILLING

GSP Resource Corp. has provided an update related to continuing advancement of the Alwin mine copper-silver-gold project. New modelling has, for the first time, enabled 3-D visualization of the shear vein system that hosts high-grade copper at Alwin and represents a significant leap in the company's ability to drive expansion and discover new zones of high-grade copper mineralization.

The Apex Geoscience Ltd. resource modelling team has made significant progress in the geologic model development for the Alwin project. To date, Apex has georeferenced, in 3-D space, a total of 70 historic underground level plans and cross-sections and digitally captured these data comprising detailed underground mapping completed during mining operations between 1968 and 1979. The modelling program has yielded over 18,000 mineralized polygons, 1,200 fault traces, and 300 structural strike and dip measurements.

Anticipated workflow is progressing rapidly as follows:

• 3-D georeferencing of historical geological plans and sections (complete);
• Digitization of mineralized polygons, fault traces and point structure (complete);
• Implicit 3-D modelling of shear vein lodes and fault planes (in progress);
• Validation of 3-D underground development and mined stope volumes (in progress);
• Handoff of finalized geological, mineralization and mine depletion models to Apex geostatistical and resource estimation team (planned);
• Exploration block modelling, conceptual pit shell and stope optimization (planned).

The Apex team has now progressed to the domaining phase of the 3-D modelling exercise by assigning individual mineralized lode codes to the underground mapping strings and mineralized drill intercepts leading to the development of a series of structurally informed implicit modelled wire frames. Refinement of the implicit model is currently under way, in parallel with analogous development of associated fault planes and the development of a mined stope and development depletion model.

GSP reports that historic digital data capture and geological modelling completed to date have, for the first time, enabled 3-D visualization of a well-developed en echelon shear vein system host to high-grade copper Alwin mine. The current interpretation indicates the presence of a subvertical east-west-trending parent shear zone, within which steeply south-dipping tension veins have developed. The intersection of these features has produced steeply southeast-plunging continuity of mineralization.

The Apex team is continuing to refine its interpretation of the geologic and structural model for the Alwin mine; however, the information currently available points to the prevalence of predictable shear-hosted vein geometries, which are expected to be readily targetable using structural geological principles.

This information represents a significant leap in the company's ability to develop high-conviction drill targets with meaningful potential to drive expansion and discover new zones of high-grade copper mineralization.

This work will build on the recent drilling campaign executed by GSP in late 2023, which returned significant high-grade mineralization, including drill hole AM23-01 intersected 2.42 per cent copper, 47 grams per tonne silver and 0.57 gram per tonne gold over 12.8 metres (3.14 per cent copper equivalent), including 5.7 metres averaging 5.21 per cent copper, 103 grams per tonne silver and 1.22 grams per tonne gold (6.77 per cent copper equivalent) (see GSP Resource's news release dated Feb. 20, 2024).

Simon Dyakowski, president and chief executive officer of GSP, commented: "With the copper price recently achieving all-time highs above $5 (U.S.) per pound, GSP is rapidly advancing geologic and structural modelling of decades of historic exploration data related to a compelling and underexplored brownfield high-grade copper project. This important work under way prepares the project for resource modelling and expansion drilling to build on GSP's recent drilling in the shallow high-grade copper-silver gold system."

About the Alwin mine project

The Alwin mine copper-silver-gold property is approximately 575.72 hectares and is located on the semi-arid, interior plateau in south-central British Columbia. The historic underground mine was developed over 500 metres long by 200 metres wide by 300 metres deep. Production took place between 1916 to 1981 from five major subvertical high-grade copper mineralization zones totalling 233,100 tonnes that milled 3,786 tonnes of copper, 2,729 kilograms of silver and 46.2 kilograms of gold. The average diluted head grade was 1.5 per cent copper.

The Alwin property is adjacent with the western boundary of Teck Corp.'s Highland Valley mine, the largest open-pit porphyry copper-molybdenum mine in Western Canada. Alteration and mineralization of the Highland Valley hydrothermal system extend westward from the Highland Valley mine onto the Alwin property (see GSP's news release dated Jan. 30, 2020).

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Kristopher J. Raffle, PGeo (British Columbia), principal and consultant of Apex Geoscience of Edmonton, Alta., a consultant to the company and a qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Raffle has verified the data disclosed, including a review of the sampling, analytical and test data underlying the information and opinions contained herein.

Mineralization hosted on nearby properties is not necessarily indicative of mineralization that may be hosted on the Alwin property.

About GSP Resource Corp.

GSP Resource is a mineral exploration and development company focused on projects located in southwestern British Columbia. The company has an option to acquire a 100-per-cent interest and title to the Alwin mine copper-gold-silver property in the Kamloops mining division as well as an option to acquire 100-per-cent interest and title to the Olivine Mountain property in the Similkameen mining division, of which it has granted an option to earn a 60-per-cent interest to a third party.

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