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Gespeg Resources Ltd. (GCR.V)

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  • Gespeg Starts Exploration Program at Lac Arsenault Gold Project
    GlobeNewswire

    Gespeg Starts Exploration Program at Lac Arsenault Gold Project

    Lac Arsenault Geology map Map of claims of Lac ArsenaultTHIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATESSASKATOON, Saskatchewan, Sept. 10, 2020 (GLOBE NEWSWIRE) -- GESPEG RESOURCES LTD. (TSX-V:GCR) (the “Company” or “Gespeg”), following a successful financing and completing data compilation, Gespeg is pleased to announce the start of exploration work program (the “Program”) on its 100% owned Lac Arsenault gold project in the heart of the Gaspé Peninsula of Quebec. Lac Arsenault project has been enlarged and is now composed of 39 claims covering 2,261 ha and situated south of the Grand Pabos fault.The Program includes a low-altitude high-resolution, helicopter-borne magnetic survey, soil sediment survey, trenching and detailed mapping of old and recent trenches.The Lac Arsenault property consists of a series of gold-bearing and polymetallic veins (Au-As-Pb-Zn-Cu- (Ag)), oriented NNE, subvertical up to nearly a hundred meters in length and decimetric to metric thickness. The most important veins are the Baker vein, the Mersereau vein, the L4W vein and the Marleau vein (see table 1, 2) and (figure 1 : Map of claims of Lac Arsenault): https://www.globenewswire.com/NewsRoom/AttachmentNg/893b626d-71df-4ac1-9b58-3714fdc654cdTable 1: Main gold veins of the Lac Arsenault property in channel samplingVeinExposed length (m)Variable width (m)Direction (°)Average grade Au (g/t)Average grade Ag (g/t) Baker450.1 to 1.210 to 4013.54453.94 Mersereau750.2 to 1.630 to 4010.35113.03 Marleau760.1 to 1.15 to 155.59- L4W840.1 to 3.0301.47- Greek110.5 to 3.0110 to 1350.65- Source: Unpublished report presented by Ressources Appalaches 2005. All data included in the above has been verified by Bernard-Olivier Martel, P. Geo, the Company's Director of Exploration, through researching and compiling all the reports available for historical data. The company has not re-assayed samples or drill hole intervals. (see press release Sept. 13, 2018) Table 2: Main gold veins of the Lac Arsenault property in drillingVeineDrill HoleFrom (m)To (m)Length *** (m)Au (g/t)Ag (g/t)Source BakerAM1114.9115.40.58.7591.88GM 32162 BakerA-221.322.71.410133.59GM 32162 BakerA-329.632.83.23.6312.28GM 32162 BakerA-621.3220.79.38116.56GM 32162 BakerA-731.536.14.63.4421.88GM 32162 BakerA-1367.467.70.39.6950.31GM 32162 BakerA-1214.815.50.711.8846.56GM 32162 BakerF05-0131.532.20.716.8596.2* BakerF05-0133.7340.33.7732.4* BakerF05-013434.550.5515.9115* BakerF05-0246.947.150.2514.95151* BakerF05-0356.756.90.211.9551.1* BakerF05-0546.747.50.84.6216* BakerF05-0744.0544.30.259.47358* BakerF05-0744.344.50.219.6525.7* BakerF05-0744.544.70.216.1565.6* BakerF05-28104104.50.57.4374.3* Marleau86-2489.991.51.610.728.2GM 45384 Marleau86-24A140.5140.80.38.522.19GM 45384 MersereauA-939.139.30.23.2515.31GM 32162 MersereauA-101213.21.11.6922.5GM 32162 MersereauA-198.59.81.243.7529.69GM 32162 Mersereau86-1419.9200.27.3134.38GM 45384 Mersereau86-262525.10.18.564.06GM 45384 MersereauF05-153434.40.45.3713.9* MersereauF05-1747.247.60.46.7445.2* MersereauF05-2425.125.60.54.835.3* *:Unpublished report presented by Ressources Appalaches in 2005. **:Technical data not available  ***:Drilled length All data included in the above has been verified by Bernard-Olivier Martel, P. Geo, the Company's Director of Exploration, through researching and compiling all the reports available for historical data. The company has not re-assayed samples or drill hole intervals. The mineralization was interpreted as mesothermal gold veins with mineralization contained in fault-fill veins placed in the grauwackes and siltstones of the Arsenault Formation, of middle Ordovician age.The veins are associated with sinistral, fragile-ductile, NNE-trending shear zones, which correspond to secondary structures of the Grand Pabos fault, an important dextral strike-slip fault in the south of the peninsula, located about 500 meters to the north of the property.The historical work carried out on the Lac Arsenault property leads to the following observations: * The Baker, Mersereau, L4W and Marleau mineralized veins are spatially associated with brittle-ductile shear zones (The orientation of the veins is geometrically compatible with sinistral shear zones oriented between N20 and N40, as found in along the veins in most of the trenches), * The mineralized veins are described as being shear veins or fault-fill veins associated more specifically with the N40 sinister shears, themselves satellite faults of the Grand Pabos fault. * The vein segments oriented at an angle of 45 degrees with respect to the sinistral shear zones NNE seem more favorable for the deposition of metals, * Some shear zones are clearly posterior to the veins and the hydrothermal event, * Extension quartz veins with comb textures oriented parallel to the Baker vein are folded by one of the N40 sinister shear zones suggesting that some of the N40 shears post-date the mineralized veins.The chronological relationships between the veins and the shear zones are important. It is therefore essential to undertake a structural study in order to properly characterize the deformation of the veins, the possible displacements, the orientation of the folds, in order to follow the mineralization in the future. As such, the Program was designed to include the following: * Clean existing trenches * Complete new trenches on areas that returned soil sample anomalies for As and Ag, targets for lateral extensions of known veins and targets for surface projections of veins cut from historic boreholes * Complete detailed structural mapping of historic and recent trenches. * A soil geochemical survey (horizon b) in order to define new targets anomalous in As and Ag * A low-altitude helicopter-borne magnetic survey aimed at identifying and interpreting new structures similar to known mineralized zones.About Gespeg Resources Inc.: Gespeg is an exploration company with a focus in strategic and energetic metals and underexplored regions “Gaspé, Chibougamau Québec”. With a dedicated management team, the Company’s goal is to create shareholder value through the discovery of new deposits.Bernard-Olivier Martel, P. Geo, the Company's Director of Exploration, is a qualified person (as such term is defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects) and has reviewed and approved the technical disclosure contained in this news release.GESPEG RESOURCES LTD.(signed) “Sylvain Laberge”Sylvain Laberge President and CEO 514.702.9841 slaberge@gespegcopper.comSome of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

  • GlobeNewswire

    Gespeg Announces Closing of $1,000,000 Private Placement

    THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATESSASKATOON, Saskatchewan, Aug. 27, 2020 (GLOBE NEWSWIRE) -- GESPEG RESOURCES LTD. (TSX-V:GCR) (the “Company” or “Gespeg”), is pleased to announce, pursuant to its news release dated July 31, 2020, that it has closed its non-brokered private placement for aggregate gross proceeds of $1,000,000 (the “Offering”) with a lead order from Palisades Goldcorp Ltd., a strategic institutional investor. In connection with the Offering, Gespeg issued an aggregate of 20,000,000 units (the “Units”), at $0.05 per Unit. Each Unit consists of one common share of the Company and one transferrable common share purchase warrant (each, a “Warrant”). The Warrants are exercisable for a period of 36 months from closing at an exercise price of $0.075 per Warrant.Finders fees of $48,680 in cash will be paid and 973,600 non-transferable compensation warrants (each, a “Compensation Warrant”) will be issued in connection with the Offering. The Compensation Warrants are exercisable for a period of 36 months from closing at an exercise price of $0.075 per Compensation Warrant.Gespeg intends to use the proceeds of the placement for the purposes of continuing work on its prospective copper and gold properties in the Gaspe Peninsula and Chibougamau region of Quebec, as well as for working capital.The Offering was conducted under available exemptions from the prospectus requirements of applicable securities legislation and is subject to all necessary regulatory approvals, including acceptance from the TSX Venture Exchange. All securities issued pursuant to the Offering are subject to a statutory hold period expiring on December 28, 2020.Certain directors and officers of the Company (the “Interested Parties”) participated in the Offering, which participation constituted a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The issuance to the Insiders is exempt from both the formal valuation and the minority shareholder approval requirements of MI 61-101 in connection with the Offering because neither the fair market value of the securities issued, nor the consideration for the securities, exceeds 25% of the Company’s market capitalization as calculated in accordance with MI 61-101.None of the securities issued in the Offering have been, or will be, registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.All references to currency in this news release are to Canadian currency.About Palisades Goldcorp Ltd.Palisades Goldcorp Ltd. is a new Canadian resource focused merchant bank. Palisades’ management team has a positive record of accomplishments and the support of many notable industry financiers. Palisade’s management believes that the junior resource sector is on the cusp of a major bull market move and is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.About Gespeg Resources Inc.: Gespeg is an exploration company with a focus in strategic and energetic metals and underexplored regions “Gaspé, Chibougamau Québec”. With a dedicated management team, the Company’s goal is to create shareholder value through the discovery of new deposits..GESPEG RESOURCES LTD.(signed) “Sylvain Laberge” Sylvain Laberge President and CEO 514.702.9841 slaberge@gespegcopper.com Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties, including Palisades Goldcorp Ltd. Further, forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law. Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

  • GlobeNewswire

    Gespeg Announces a $1,000,000 Private Placement With a Lead Order From Palisade Goldcorp

    THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATESSASKATOON, Saskatchewan, July 31, 2020 (GLOBE NEWSWIRE) -- GESPEG RESOURCES LTD. (TSX-V:GCR) (the “Company” or “Gespeg”), announces a non-brokered private placement of up to 20,000,000 units (the “Units”), at $0.05 per Unit for gross proceeds of up to $1,000,000 (the “Offering”) with a lead order from Palisades Goldcorp Ltd.  The Units will consist of one common share of the Company and one common share purchase warrant (each whole warrant, a “Warrant”).  The Warrants are exercisable for a period of 36 months from closing at an exercise price of $0.075.About Palisades GoldcorpPalisades Goldcorp is Canada's new resource focused merchant bank. Palisades' management team has a demonstrated track record of making money and is backed by many of the industry's most notable financiers. With junior resource equities valued at generational lows, management believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.Gespeg intends to use proceeds for purposes of the placement to continue work on its prospective copper and gold properties in the Gaspe Peninsula and Chibougamau region of Quebec, as well as for working capital.The Offering will be conducted under available exemptions from the prospectus requirements of applicable securities legislation and participation in the Offering will be available to existing shareholders in qualifying jurisdictions in Canada in accordance with BC Instrument 45-534 and Regulation 45-513 in Quebec (the “Existing Shareholder Exemption”). The Company has set July 31, 2020 as the record date for the purpose of determining shareholders entitled to participate in the Offering in reliance on the Existing Shareholder Exemption. Qualifying shareholders who wish to participate in the Offering should contact the Company at the contact information set forth below no later than July 24, 2019. If the Offering is over-subscribed for, Units will be allocated pro-rata amongst all subscribers. All subscription materials must be provided to the Company no later than July 31, 2020.  The Company may close the Offering in several tranches during the Offering, the first of which the Company intends to close no later than July 31, 2019.  In addition to conducting the Offering pursuant to the Existing Shareholder Exemption, the Offering will also be conducted pursuant to other available prospectus exemptions. Insiders may participate in the Offering.In addition to the Existing Security Holder Exemption and other available prospectus exemptions, a portion or all of the Offering may be completed pursuant to Multilateral CSA Notice 45-318 – Prospectus Exemption for Certain Distributions through an Investment Dealer (“CSA 45-318”) and the corresponding blanket orders and rules implementing CSA 45-318 in the participating jurisdictions in respect thereof (collectively with CSA 45-318, the “Investment Dealer Exemption”). As at the date hereof, the Investment Dealer Exemption is available in each of Alberta, British Columbia, Saskatchewan, Manitoba and New Brunswick. Pursuant to CSA 45-318, each subscriber relying on the Investment Dealer Exemption must obtain advice regarding the suitability of the investment from a registered investment dealer. There is no material fact or material change of the Company that has not been generally disclosed.All securities issued pursuant to the Offering will be subject to a statutory hold period expiring four months and one day after closing of the Offering. Completion of the Offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the TSX Venture Exchange (the “TSX-V”).None of the securities issued in the Offering will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.The aggregate acquisition cost to a subscriber under the Existing Security Holder Exemption cannot exceed $15,000, unless that subscriber has obtained advice regarding the suitability of the investment and, if the subscriber is resident in a jurisdiction of Canada, such advice is obtained from a person that is registered as an investment dealer in the subscriber's jurisdiction.About Gespeg Resources Inc.: Gespeg is an exploration company with a focus in strategic and energetic metals and underexplored regions “Gaspé, Chibougamau Québec”.  With a dedicated management team, the Company’s goal is to create shareholder value through the discovery of new deposits.GESPEG RESOURCES LTD. (signed) “Sylvain Laberge”                Sylvain Laberge President and CEO 514.702.9841 slaberge@gespegcopper.comSome of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.