Goldplay Exploration Ltd. (TSXV: GPLY, OTCQB: GLYXF – the “Company” or “Goldplay”) is pleased to announce additional results from sampling of the historical core drill holes, completed in 2010 (“historical core”), from the Company’s San Marcial Project in Mexico, with confirmation of attractive mineralized intervals down dip from the historic resource area and also along the mineralized trend. The results announced in this current release, together with the historical results below (from news release August 16th, 2018), reinforce open pit development potential at San Marcial:
- 93.0 meters (true width 68.0 meters) @ 104 gpt Ag or 165 gpt AgEq
- (including 10.0 meters @ 324 gpt Ag or 508 gpt AgEq)
- 57.0 meters (true width 46.0 meters) @ 122 gpt Ag or 270 gpt AgEq
- 42.0 meters (true width 39.6 meters) @ 80 gpt Ag or 153 gpt AgEq
- 35.0 meters (true width 32.0 meters) @ 38 gpt Ag or 64 gpt AgEq
- 19.2 meters (true width 12.6 meters) @ 130 gpt Ag or 144 gpt AgEq
- 12.0 meters (true width 12.0 meters) @ 419 gpt Ag or 467 gpt AgEq
- (including 6.0 m @ 939 gpt Ag or 1,012 gpt AgEq)
Goldplay President and CEO Marcio Fonseca commented, “The sampling of historic core at San Marcial continues to deliver positive results at shallow depth. The width and high-grade results in the mineralized zone not only indicate attractive potential for future open pit project development, but also encourage the Company to pursue deeper drilling to support underground potential. High grade and wide intersections from historical holes – such as SM-04 (57 meters @ 270 gpt AgEq) – near the surface, combined with the latest released results from sampling of historic core – including SM-10-11 (11.5 meters @ 160 gpt AgEq) – together with a new 3D Geological Model, continue to enhance the attractiveness of San Marcial for future open pit project development.”
The location of drill holes completed prior to the historical resource and the location of sampled drill holes SM-10-04 and SM-10-11 are illustrated as follows (Figures 1, 2 and 3).
Drill hole SM-10-11 (Figure 2) has confirmed near surface, wide mineralization in the furthest SE section of the historic resource area. This drill hole doubles the footprint of the mineralized zone on this section.
Drill hole SM-10-04 (Figure 3) intersected a zone near surface (21.9 meters @ 146 gpt AgEq) which, together with historic drill holes SM-08-08 (93 meters @ 165 gpt AgEq) and SM-11 (12.0 meters @ 467 gpt AgEq), confirm robust mineralized zone geometry in the center of the historic resource, with attractive topography for future open pit development. The following table highlights the most significant drill results (uncut) from SM-10-04 and SM-10-11 for this news release.
Note: all numbers are rounded.
AgEq (silver equivalent) is calculated from gpt data. AgEq g/t = Ag g/t + Au g/t x (Ag Price per oz/ Au price per oz) + (Pb grade x ((Pb price per lb./Ag price per oz) x 0.0685714 lbs. per Troy Ounce x 10000 g per %)) +(Zn grade x ((Zn price per lb./Ag price per oz) x 0.0685714 lbs. per Troy Ounce x 10000 g per %)). Ag price per oz (US$16.50), Au price per oz (US$1,250), Pb price per lb. (US$0.95) and Zn price per lb. (US$1.15) and 100% Metallurgical Recovery.
These results support silver-lead-zinc mineralization along the main fault hosted between upper and lower epiclastic volcanic units, but also in hydrothermal breccias, indicating a multi-phase mineralized event.
The Company is continuing the drill core sampling program, aiming to complete a resource estimation update during the December 2018 quarter. The continuous sampling from the historical core is providing valuable information to expand and connect mineralized zones previously modelled in the historic resource, as illustrated in Figure 4.
To view drill hole location map and longitudinal section from this news release, please click the following links:
Thorough QA/QC protocols are followed in all sampling programs and in assays completed by the Company. Goldplay’s management includes routine duplicates, blanks and standard samples in assay lots for all surface and drill hole samples. The samples are submitted directly to the SGS laboratory facilities in Durango, Mexico, for sample preparation and assaying. The assaying at SGS is by Fire Assay with AA finish, for Au (> 10 ppm gravimetric finish), Ag ICP-AES with 4 acid digestion (up to 100 ppm). For Ag results over 100 ppm an ICP-AES 4 acid digestion with detection limit from 100-1,000 g/t is completed at SGS laboratories in Vancouver, Canada. For samples with over limits of Zn and Pb (>10,000 ppm), an ICP-AES with Sodium Peroxide Fusion is performed, to improve recovery.
The Qualified Person under the NI 43-101 Standards of Disclosure for Mineral Projects for this news release is Marcio Fonseca, President and CEO of Goldplay, who has reviewed and approved its contents.
About Goldplay Exploration Ltd.
Goldplay owns a >250 sq. km exploration portfolio in the historical Rosario Mining District, Sinaloa, Mexico. Goldplay’s current exploration focus includes surface exploration and drilling, with a resource update to follow at the advanced-stage San Marcial Project and follow up exploration program at the El Habal Project.
The San Marcial land package consists of 1,250 ha, located south of the La Rastra and Plomosas historical mines and 20 km from the Company’s 100% owned El Habal Project in the Rosario Mining District, Sinaloa, Mexico. San Marcial is an attractive, near-surface high-grade silver, lead and zinc project for which a historical resource estimate has been previously disclosed.
San Marcial exhibits significant exploration upside supported by regional exploration programs completed by previous operators who identified 14 exploration targets similar to San Marcial within its 100% Goldplay-owned concessions. Some of these exploration targets consist of old shallow pits, caved shafts and historical underground workings in areas with extensive hydrothermal alteration, hosted by major regional structures.
The El Habal Project is a drilling stage project with an ongoing drill program. The oxidized gold mineralized zone outcrops along a series of rolling hills with evidence of historical shallow underground mining along a 6 km long prospective corridor. The El Habal Project is located near the historical gold-silver Rosario Mine which reportedly operated for over 250 years. Goldplay’s team has over 30 years of experience with senior roles in exploration, financing, and development in the mining industry, including over ten years of extensive exploration experience in the Rosario Mining District, leading to previous successful discoveries. A current NI 43-101 report on the El Habal Project is filed on SEDAR.
Disclaimer for Forward-Looking Information
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE GOLDPLAY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
Mr. Marcio Fonseca,
P. Geo, President & CEO
Goldplay Exploration Ltd.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.
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SOURCE Goldplay Exploration Ltd
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