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Eloro Resources Granted Option to Acquire the Iska Iska Polymetallic Property, Potosi Department, Southern Bolivia

Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro”, or the “Company”) is pleased to announce it has signed a Letter of Intent (the “Agreement”) with a private arm’s-length Bolivian-based corporation (the “Title Holder”), granting Eloro an option to acquire up to a 100% interest in the Iska Iska Polymetallic Property (“Iska Iska” or the “Property”), consisting of one mineral concession totalling 900 hectares. The Property is located in a world-class polymetallic mining district in the Potosi Department in the southern half of the Bolivian tin belt, which hosts the largest silver deposit in the world, the Cerro Rico de Potosi, and the polymetallic mining districts of Chorolque, Animas, Choroma, Siete Suyos, Chocaya and Tasna, situated in the same geological trend.

FIGURE 3FIGURE 2FIGURE 1

The Agreement

Under the terms of the Agreement, Eloro will conduct an exploration and development program on the Property during the four-year period following the signing of a definitive agreement (the “Definitive Agreement”), which is due on or before December 31, 2019. Within 30 days following the completion of the four year period the Title Holder will convey to Eloro’s, Bolivian subsidiary, a 100% interest in the Property upon Eloro paying the amount indicated in the table below, which amount is based on the number of mineral resource tonnes at Iska Iska in the “Inferred” and/or “Indicated” categories, as such terms are defined by National Instrument 43-101 (“NI 43-101”).

Number of Mineral Resource Tonnes at the Iska Iska
Polymetallic Property in the “Inferred” and/or “Indicated”
Categories as per NI 43-101.
Amount Payable
More than 300 million tonnesUS $10 million
More than 100 million tonnes but less than 300 million tonnesUS $5 million
More than 20 million tonnes but less than 100 million tonnesUS $3 million
Less than 20 million tonnesUS $1 million

Pursuant to the Agreement, Eloro has also agreed to issue to the Title Holder 250,000 common shares within 30 days of the signing of the Definitive Agreement and a further 250,000 common shares on or before the date which is two years from the signing of the Definitive Agreement, should Eloro elect to continue with the Iska Iska exploration program at that time.

Eloro and the Title Holder have agreed to proceed to the execution and delivery of a definitive agreement (“Definitive Agreement”) on or before December 31, 2019, incorporating the terms contained in the Agreement. The execution of the Definitive Agreement is subject to the satisfactory completion by Eloro of its ongoing due diligence investigation of the Property and also subject to the approval by the Boards of Directors of Eloro and the Title Holder, and the approval of the TSX Venture Exchange, as well as the laws of the Plurinational State of Bolivia.

The Iska Iska Polymetallic Property and Due Diligence Work Completed to Date

Iska Iska is a road accessible, royalty-free property, wholly-owned by the Title Holder and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi (see Figure 1). The Property can be classified as a polymetallic (Ag, Zn, Pb, Au, Cu, Bi, Sn, In) epithermal-porphyry complex, which overprints an early higher temperature xenothermal phase.

Geological mapping on the Property has revealed the spatial and temporal zonation of alteration and vein minerals in an area of about 5 square kilometres through the property area (Fig. 2). Alteration minerals include quartz, chlorite, pyrite, illite, sericite, and hematite.  The polymetallic mineralization occurs mainly as veins, subsidiary vein swarms, veinlets, stockworks, and disseminated, forming a subvertical vein system in both the stock, the volcanic and sedimentary rocks. Some of the veins are “rosary” type in shear zones and tension fractures, which locally form bonanza zones and stockworks in an extensive mineralized system. Veins are typically less than 50 cm wide and have orientations between N10º at 45ºE and dips ranging from 64º SE to vertical.

The identified metallic minerals are pyrite, galena, sphalerite, complex silver-rich phases, argentite electrum, native gold, chalcopyrite and cassiterite. Gangue minerals are quartz, kaolinite, arsenopyrite, pyrrhotite, marcasite, sericite, and siderite. The mineralization represents a multiple phase (telescoped) polymetallic system with at least two stages of mineralization; an early stage with high temperature minerals as cassiterite and bismuthinite, and a lower temperature with the silver, gold, zinc, lead and copper minerals.

In August 2019, Eloro performed preliminary evaluation work at Iska Iska that included geological mapping and sampling, whereby 42 channel samples were collected. All of the channel samples included altered wall rock with widths ranging between 1.20 to 5.55 m, averaging 2.90 m. Four underground workings were sampled, including the Huayra Kasa which has two branches, one bearing a W-NW direction and the second oriented in a North-South direction, with the latter appearing to be more enriched in gold. Additionally, the Santa Barbara, Porco and Mine 2 adits were sampled, together with two sectors on surface. Chemical assays were performed at the ALS Laboratory in both Oruro, Bolivia (preparation) and in Lima, Peru (analysis).

The results of the channel sampling program are detailed in Table 1, and are summarized below:

  • Silver. Anomalous silver values range between 35.5-694 g/t Ag (46% of channel samples).
  • Gold. Anomalous gold values range between 0.31-28.6 g/t Au (42% of channel samples).
  • Zinc. Anomalous zinc values range between 1.05-16.95% Zn (37% of channel samples).
  • Lead. Anomalous lead values range between 0.41- 16.95% Pb (49% of channel samples).
  • Copper. Anomalous copper values range between 0.1->1% (22% of channel samples).
  • Bismuth. Anomalous bismuth values range between 967-7,380 g/t Bi (22% of channel samples).
  • Indium. Anomalous indium values range between 10.35 – >500 g/t In (34% of channel samples).

It is significant to note that the due diligence and sampling program was performed only on approximately 15% of the total Property area.

FIGURE 1 – Iska Iska Property Location And Main Deposits In Bolivia
https://www.globenewswire.com/NewsRoom/AttachmentNg/e0b25196-9627-470a-b62e-26a4f08de467

International Mining Presence in the Department of Potosi, Bolivia

In addition to various state mining ventures, the main projects in the private/mixed mining sector in Bolivia include the San Cristobal open-pit silver, lead and zinc mine (owned by the Sumitomo Group), the San Vicente silver mine (95% owned by Pan American Silver) and the San Bartolome silver mine (owned by Argentum Investments, AB). As well, recent foreign investment and exploration in the Potosi mining district is currently being undertaken by New Pacific Metals Corp. at their flagship Silver Sand project and by Prophecy Development Corp. at its Pulacayo-Paca project.

Tom Larsen, Eloro CEO stated, “We are delighted to sign the Letter of Intent to acquire this exciting project in Bolivia, especially as this country is starting to be recognized as a “go-to” destination for foreign investment in the mineral resource sector. The results of our initial due diligence, supervised by Dr. Osvaldo Arce, P. Geo., are very positive and suggest the potential for a large polymetallic mineralized system in a similar geological setting to other major deposits in the belt. It is significant to note that this property has not been drilled to date. We look forward to finalizing the Definitive Agreement and advancing the exploration effort at Iska Iska.”

TABLE 1 – Eloro Iska Iska Channel Sampling Results

Channel
Sample No.
Width
(m) 1
Au
g/t
Ag g/tZn %Pb %Cu g/tBi g/tIn g/tSn g/t 
HK-012.350.010.530.010.01171.0012.501.0844.9Granodiorite,  tr-1% py-aspy dissem
HK-024.100.361.390.510.44519.00123.004.7257.8Granodiorite,  1% py-aspy dissem
HK-033.102.5025.502.150.63569.00967.009.76107.5Granodiorite, brecciated 3% py dissem
HK-043.600.8510.501.990.28439.0052.5026.3071.7Granodiorite, py, gal, sph 3mm veinlets
HK-053.100.041.680.320.04187.006.516.7467Dacite, minor py, sph veinlets
HK-062.600.0746.103.010.77541.0040.80>50077.6Dacite, abundant dissem sulphides, massive sulphide veinlets.
HK-073.200.35204.004.814.13479.0030.70384.00131Dacite,  4 veinlets 1cm wide; massive sulphides, 30cm breccia
HK-083.700.0275.101.401.35219.0040.40101.5065.6Sandstone brecciated; py, aspy, gal, sph veinlets
HK-093.300.02266.005.758.24127.5071.0046.40215Sandstone brecciated, 3-5cm gal, sph, py veins
HK-102.700.01570.0010.609.721510.0073.00>500250Sandstone brecciated, abundant sph, gal, py, aspy veinlets
HK-112.40<0.011.670.690.1583.8023.709.6836.6Granodiorite, tr-1% fine sulph dissem.
HK-123.15<0.013.781.290.80105.501.945.6781.4Dacite, local fine dissem sulphides, sph, gal; 5 veinlets
HK-132.25<0.013.100.390.15111.001.259.5568.8Dacite, local fine dissem sulphides
HK-142.900.0413.600.380.43171.504.122.8252.1Granodiorite fine disseminated py
HK-152.50<0.011.821.050.03104.501.812.0766.8Dacite, boxworks FeOx, 3cm sph, py veinlets
HK-162.15<0.010.850.080.01148.002.020.9938.7Granodiorite 1% fine dissem sulphides
HK-173.00<0.015.990.310.25130.003.061.83102.5Dacite 1% fine dissem sulphides
HK-183.850.03362.009.239.53327.0066.8023.00>500Dacite carbonaceous, 5mm sph, gal veinlets, abundant sulphides dissem
HK-193.000.0337.701.511.33435.0044.108.95>500Mine front-end, granodiorite cpy, py, gn, sph veinlets & dissem
HK-202.9515.507.580.250.07617.005860.001.0423.4N-S gallery, brecciated granodiorite 1 cm 3 gn veins, 1-2% dissem py
HK-213.350.342.600.510.07150.00100.503.9525Sandstone FeOx stockwork-sulphides
HK-222.909.1073.703.801.70750.001230.00323.0065.5Sandstone networkpy, boxwork FeOx, massive aspy, 3% dissem sulphides
HK-232.9012.3557.401.861.44191.001200.0019.3542Sandstone  2-5cm  abundant veins gn-sph
HK-242.560.033.030.010.21423.0036.707.09185Granodiorite 10 py veinlets, 1% fine dissem sulphides
HK-252.550.3226.900.011.16401.00162.5028.50>500Mine front-end granodiorite fine dissem sulphides
HK-262.552.71295.000.020.48>100003160.0024.10>500Qtz Sandstone py-aspy veinlets, 10cm massive sulphide veins
HK-271.251.6155.700.010.11>10000503.004.78>500Similar to former channel sample, abund py, pyrrh, cpy, calcoc
HK-283.351.65321.000.000.352920.001850.0016.85>500Qtz sandstone, euhedral crystalspy, po, fine dissem sulphides
HK-291.960.6068.700.010.01>100001500.0010.35>500Qtz sandstone massive sulph vns, py-aspy intergrowths,-veinlets
HK-302.100.011.720.010.00129.006.310.50127.50Qtz sandstone with 3% dissem sulphides, sporadic coarse py dissem
HK-312.302.60288.000.010.421430.002850.0010.60>500Qtz sandstone oxidized-bleached, stockwork FeOx
HK-324.600.022.900.020.011375.0021.400.8375.40Granodiorite oxidized micaceous, 5 mm FeOx veinlets
HK-335.550.114.060.020.171025.0018.355.2140.40Similar to former channel sample
HK-342.100.021.610.000.0147.4017.700.6959.00Granodiorite brecciated, specularite matrix, dacite clasts
HK-352.300.010.550.000.0120.206.170.5843.60Similar to former channel sample
HK-361.602.148.990.010.72166.50646.005.8430.90Granodiorite brecciated, massive sulphide vein
HK-371.800.081.430.010.07112.508.973.8890.00Granodiorite, FeOx veinlets
HK-381.2028.6061.600.010.413140.007380.004.3717.00Massive sulphide vein 30 cm, py, po, cpy in altered granodiorite
HK-395.300.151.150.000.01137.5042.101.1365.50Granodiorite brecciated w/sulphidic matrix
HK-403.162.1868.903.753.75539.00334.005.44311.00Qtz Sandstone massive sulphides cpy, py, gn, sph, dissem, veinlets
HK-412.150.1973.401.081.08348.00428.0032.20171.50Similar to former channel sample, though includes stockwork py
HK-422.700.01694.0016.9516.95644.0037.00>500181.50Sandstone brecciated, abundant sph, gn, py, aspy vnlts

1. Reported channel sample widths are approximately 90% of true widths.
2. Abbreviations py=pyrite, gn=galena, sph=sphalerite, dissem=disseminated, aspy=arsenopyrite, qtz=quartz, FeOx=iron oxide, po=pyrrhotite, tr=trace, mm=millimetre, cm=centimetre

FIGURE 2 – Preliminary Interpretation of Iska Iska Geology and Mineral System (see Figure 3 for location map).
https://www.globenewswire.com/NewsRoom/AttachmentNg/f67b745c-e94a-4c20-84b2-a03493ae3151

FIGURE 3 – Underground Channel Sampling Iska Iska Property (Huayra Kasa Adit)
https://www.globenewswire.com/NewsRoom/AttachmentNg/f0dfd6fc-084b-4c0f-8faf-154a2678d827

Qualified Person

Dr. Osvaldo Arce, P. Geo., an expert on Bolivian geology and a Qualified Person in the context of NI 43-101 supervised the due diligence work completed at Iska Iska by Eloro. Dr. Bill Pearson, P.Geo., a Qualified Person in the context of National Instrument 43-101 has reviewed and approved the technical content of this news release. Chemical assays were performed at the ALS Laboratory in both Oruro, Bolivia (preparation) and in Lima, Peru (analysis). ALS Laboratory employs an industry standard QA/QC program.  Eloro Resources will utilize an independent QA/QC program including blanks, duplicates and external standards for its planned exploration program at Iska Iska.

Quality Assurance Quality Control Procedures and Protocol Employed by Eloro Resources Ltd.

The integrity of a resource database is fundamental to Eloro’s success in securing debt or equity finance for a new mining project. The validity and quality of data can only be guaranteed when appropriate sampling and assaying protocols have been implemented. Eloro has implemented Quality Assurance/Quality Control (QA/QC) programs in its projects applied during all phases of sampling programmes. QA/QC programmes are carefully designed and implemented at all stages of exploration and development where sampling of material is undertaken. Furthermore, QA/QC programs will require review prior to, and during, each sampling programme with modifications made where necessary based on numerous factors such as sample type, size, and the proposed sample processing and treatment methods.

Eloro acknowledges that QA/QC is required to ensure all chemical data generated over the course of a sampling programme during the overall exploration. The key areas subject to QA/QC auditing prior to mineral resource estimation will be project-specific protocols and available sample data from QA/QC sampling and analysis.

Project-specific protocols, often in the form of Standard Operations Procedures (“SOPs”), will be in place before any sampling commences. SOPs should outline the procedures and operating practices to be implemented during the sampling programmes, from the initial set up of the drill rig through to the analysis of QA/QC data upon receipt of the sampling results. SOPs help to ensure that a culture of QA/QC is established throughout sampling programmes, and also aid in identifying areas of risk within a procedure where errors could occur.

Three essential stages which are applicable to all projects are the following:

  • It will be standard practice to include the right mix of QA/QC materials in every batch of samples submitted to a laboratory.
  • The geologist/technician initiating the analysis will critically review the results of all QA/QC samples within a sample batch as soon as the results are received from the laboratory. This will be undertaken prior to the associated data being included within the resource database, and used to update any resource models.
  • Action must be taken when QA/QC results fall outside of predetermined acceptable limits.

QA/QC materials inserted into sample streams will be used to assess the three fundamental aspects (precision, accuracy, identification of errors) of QA/QC. Best practice QA/QC programmes will include a combination of the following QA/QC materials:

Primary Standards (or Standards, Certified Reference Materials (“CRMs”)

Material with a known metal content and specific chemical characteristics similar to the mineralisation being sampled, will be utilised to evaluate bias within a sample dataset. These can be externally sourced commercial standards (CRMs) or company ‘in house’ standards (which require a specific QA/QC analytical testing programme). For example Eloro has reviewed projects in the past where in order of 10 different standards were used with some standards being only inserted into the sample stream 2 or 3 times, therefore not providing a large enough population for meaningful assessment.

Blank Samples

Samples containing no detectable trace of the key mineral(s) identified within the resource will be inserted into sample streams to identify the presence of any contamination introduced at the laboratory or in sample preparation. Alternatively, quantities of material suitable for use as blanks will be purchased commercially. Blank samples allow the QP to monitor the cleanliness of the sample preparation equipment (on site or at the laboratory) and calibration of analytical equipment.

Duplicates

‘Field’ duplicate samples will be formed from splitting the original sample interval into equal portions and submitting both samples for analysis (pulp duplicates should be taken by the laboratory of choice during sample preparation). A drawback with following pre-determined duplication (i.e. every 20 samples) is that it can lead to many repeats of background (waste) material.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru and Quebec. Eloro owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. The Property consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. The Property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.

For further information please contact either Thomas G. Larsen, President and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

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Goldplay Exploration Ltd. Announces $2.5M Brokered Private Placement

Goldplay Exploration Ltd. (TSXV: GPLYFRANKFURT: GPE, OTCQB: GLYXF) (“Goldplay” or the “Company”) announces that it has engaged Pollitt & Co Inc. (the “Agent“) to sell, by way of a private placement on a “best efforts” basis, up to 12,500,000 common shares of the Company (the “Shares“) at a price of $0.20 per Share (the “Issue Price“) for gross proceeds of up to $2,500,000 (the “Offering“), subject to receipt of all applicable regulatory approvals.

In addition, the Company has granted the Agent an option to increase the size of the Offering by up to 20% of the number of Shares. This option will be exercisable at any time up to seventy-two (72) hours prior to the closing of the Offering, on the same terms and conditions under the Offering.

In connection with the Offering, the Agent will be entitled to a cash fee in an amount equal to up to 6% of the gross proceeds of the Offering. In addition, the Company will issue to the Agent non-transferable common shares purchase warrants (the “Agent’s Warrants“) which will entitle the holder thereof to acquire such aggregate number of common shares of the Company (the “Agent’s Warrant Shares“) as is equal to up to 6% of the number of Shares sold under the Offering. Each Agent’s Warrant will be exercisable for one Agent’s Warrant Share for three years at a price of $0.25/share.

The Company intends to use the net proceeds of the Offering for exploration work on the Company’s San Marcial property in Mexico and for working capital and general corporate purposes. All securities issued in connection with the Offering will be subject to a four month hold period from the date of issue in accordance with applicable securities laws. The Offering is subject to approval of the TSX Venture Exchange.

The Offering is currently expected to close on or about October 30, 2019, or such other date or dates as the Company and the Agent may agree.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.

About Goldplay Exploration Ltd.

Goldplay has successfully consolidated a district-sized portfolio, owning >250 sq. km of mineral concessions in the historic Rosario gold-silver Mining District in the state of Sinaloa, Mexico. Its flagship project, San Marcial, consists of a 1,250 ha land package located south of the La Rastra and Plomosas historic mines. San Marcial is a near-surface, high-grade silver, lead, and zinc open pit amenable project for which a NI 43-101 resource estimate was completed by Goldplay in early 2019. Additionally, high-grade gold was drilled in July 2019 at San Marcial, opening up the potential for further gold success. Goldplay’s 100% owned El Habal precious metals project is located 20 km west of the San Marcial Project. It comprises 3,700 hectares and is located 75 km southeast of the modern coastal port of Mazatlán, and 10 km on a paved road from the historic mining town of Rosario, Sinaloa, Mexico.

Goldplay’s current focus includes expanding its NI 43-101 resource estimate at the San Marcial project, which contains 36Moz Ag Eq (indicated) + 11Moz Ag Eq (Inferred), by defining new high-grade gold and silver targets along the project’s 6 km mineralized trend. Goldplay is the first company to perform exploration work at San Marcial in over 10 years. It is a low-risk development stage project, fully exploration permitted and supported by the local communities to carry out all proposed exploration activities. Only 500 m of the 6 km trend has been drilled to date, highlighting the significant potential for further discoveries. The Company has identified 8 high-priority targets along the 6 km trend and is currently drilling two high-priority targets at Faisanes and Nava. Some of these exploration targets consist of old shallow pits, caved shafts and historic shallow underground workings in areas with extensive hydrothermal alteration, hosted by major regional structures in a felsic volcanic environment. Mapping and sampling by Goldplay have revealed evidence of dacite-rhyolite dome structures in a highly prospective geological environment for additional high-grade gold and silver discoveries.

The El Habal Project is a drill-stage project. Its oxidized gold mineralized zone outcrops along a series of rolling hills with evidence of historic shallow underground mining along a 6 km-long prospective corridor. The El Habal Project is located near the historic gold-silver Rosario Mine which 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.

The NI 43-101 reports for each of the San Marcial and El Habal Projects are available 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.

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.

SOURCE Goldplay Exploration Ltd

For further information: +1 (604) 202 3155, Email: info@goldplayexploration.com

Related Links

http://www.goldplayexploration.com/

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Goldplay Channel Sampling Program Reports High-Grade Silver Results at San Marcial Project Including 0.6 m @ 587 g/t Ag

Goldplay Exploration Ltd. (TSXV: GPLYFRANKFURT: GPE, OTCQB: GLYXF) (“Goldplay” or the “Company”) is pleased to announce that encouraging results in both silver (Ag) and gold (Au) have been received from the San Marcial Project, in Sinaloa State, Mexico.

  • Channel sampling results include 0.6 m @ 587 g/t Ag and anomalous Au
  • Surface channel samples taken along the access road at the Faisanes Target
  • Drilling continues at the Faisanes and Nava Targets
  • Results support the Company’s theory that a high-grade precious metals system extension exists outside the San Marcial NI 43-101 resource (News Release dated 7 February, 2019)

Surface exploration and channel sampling at Faisanes have revealed additional high-grade silver and gold anomalies (Figure 1). Channel sampling consisted of saw-cutting along the road walls and road surface near the SM-19-01 discovery drill hole (News Release dated 30 July, 2019), which returned a 1 m intercept of 204.6 g/t gold. The channel sampling was augmented by systematic geological and structural mapping along the road.

The high-grade silver and anomalous gold samples are located on the NW edge of the existing resource area and as such are interpreted as potential extensions of the breccia-hosted silver mineralization. Additional investigations are underway to understand the links between these anomalous silver and gold zones and the high-grade gold result recently reported in SM-19-01 (Figure 2). The following table outlines the latest channel sample results:

Table 1:   San Marcial Trench SMtr-001 Extensions: Best assay results

Type

Location

From (m)

To (m)

Sample

Grade Ag

Grade Au

Length (m)

(g/t)

(g/t)

Channel

Extension Trench SMtr-001

1.0

11.0

10.0

98

0.06

including

8.0

10.0

2.0

132

0.15

Channel

Road Surface

0.0

0.6

0.6

587

*

Road Surface

0.6

1.6

1.0

214

*

Road Surface

1.6

2.7

1.1

42

*

Channel

Nth extension – creek

1.0

2.0

1.0

41

0.26

All numbers are rounded. Insufficient information is known of the orientation and controls of these latest intervals to determine true thickness. As a result, the thickness represented here is actual sample thickness. Mineralized zones are calculated allowing for maximum 1 m of internal waste. High-grade interval uses 80 g/t Ag cut-off grade and low-grade interval uses 30 g/t Ag cut-off grade. * Below detection limit

Goldplay President and CEO Marcio Fonseca commented, “Over recent months, our exploration activities to expand current NI 43-101 silver resources at San Marcial have succeeded in delineating new high-grade silver and gold targets. Additionally, we have recently discovered new, high-grade silver zones peripheral to the resource area. These silver and gold results support our theory of a high-grade mineralized system hosted in geological structures (faults) on the NW edge outside of the resource area. We expect to further explore these geological structures hosting high-grade mineralization, targeting the definition of additional resources at the Faisanes target.”

CURRENT DRILL PROGRAM

The Company is currently executing its maiden drill program at San Marcial, focusing on the Faisanes and Nava targets. To date, one drill hole has been completed at Faisanes and three drill holes have been completed at Nava. Additional holes at both targets will be completed in this current drill program.

Phase I drilling at San Marcial brought immediate success with drill hole SM-19-01 intersecting a very high-grade gold interval of 1 m at 204.6 g/t Au at Faisanes on the NW edge of the Resource (Figure 1). This high-grade gold intercept has been followed up with detailed geological and geochemical modelling of the target. Findings from the latest mapping and sampling, including geological/structural evidence of additional structures hosting mineralization, strongly support further drilling along the 600 metres of strike length at Faisanes in the Phase I drilling program.

The Company is currently drilling at the Nava target located 1.5 km west of the San Marcial resource area and approximately 1 km west of the Faisanes discovery. A 500 metre-long gold mineralized zone has been defined on surface at Nava. For further details, see News Release dated 10 July, 2019. Drilling at Nava will comprise four shallow drill holes testing continuity of mineralization discovered by surface trenching across shallow artisanal workings. Laboratory analyses for Nava drill holes are pending.

Qualified Person

The scientific and technical data contained in this news release related to the San Marcial Project was reviewed and/or prepared under the supervision of Marcio Fonseca, P.Geo., a non-independent qualified person to Goldplay Exploration Ltd. who is responsible to ensure that the geological information contained in this news release is accurate and who acts as “qualified person” under the National Instrument 43-101 Standards of Disclosure of Mineral Projects.

Quality Assurance Program and Quality Control Procedures (“QA/QC”)

Goldplay has implemented QA/QC procedures which include insertion of blank and standard samples in all sample lots sent to SGS de México, S.A. de C.V laboratory facilities in Durango, Mexico, for sample preparation and assaying. For every sample with results above Ag >100 ppm (over limits), these samples are submitted directly by SGS de Mexico to SGS Canada Inc in Burnaby, BC. The analytical methods are 4-acid Digest and Inductively Coupled Plasma Optical Emission Spectrometry with Lead Fusion Fire Assay with gravimetric finish for silver above over limits. For gold assays the analytical methods are Lead Fusion and Atomic Absorption Spectrometry Lead Fusion Fire Assay and gravimetric finish for gold above over limits.

About Goldplay Exploration Ltd.

Goldplay has successfully consolidated a district-sized portfolio, owning >250 sq. km of mineral concessions in the historic Rosario gold-silver Mining District in the state of Sinaloa, Mexico. Its flagship project, San Marcial, consists of a 1,250 ha land package located south of the La Rastra and Plomosas historic mines. San Marcial is a near-surface, high-grade silver, lead, and zinc open pit amenable project for which a NI 43-101 resource estimate was completed by Goldplay in early 2019. Additionally, high-grade gold was drilled in July 2019 at San Marcial, opening up the potential for further gold success. Goldplay’s 100% owned El Habal precious metals project is located 20 km west of the San Marcial Project. It comprises 3,700 hectares and is located 75 km southeast of the modern coastal port of Mazatlán, and 10 km on a paved road from the historic mining town of Rosario, Sinaloa, Mexico.

Goldplay’s current focus includes expanding its NI 43-101 resource estimate at the San Marcial project, which contains 36Moz Ag Eq (indicated) + 11Moz Ag Eq (Inferred), by defining new high-grade gold and silver targets along the project’s 6 km mineralized trend. Goldplay is the first company to perform exploration work at San Marcial in over 10 years. It is a low-risk development stage project, fully exploration permitted and supported by the local communities to carry out all proposed exploration activities. Only 500 m of the 6 km trend has been drilled to date, highlighting the significant potential for further discoveries. The Company has identified 8 high-priority targets along the 6 km trend and is currently drilling two high-priority targets at Faisanes and Nava. Some of these exploration targets consist of old shallow pits, caved shafts and historic shallow underground workings in areas with extensive hydrothermal alteration, hosted by major regional structures in a felsic volcanic environment. Mapping and sampling by Goldplay have revealed evidence of dacite-rhyolite dome structures in a highly prospective geological environment for additional high-grade gold and silver discoveries.

The El Habal Project is a drill-stage project. Its oxidized gold mineralized zone outcrops along a series of rolling hills with evidence of historic shallow underground mining along a 6 km-long prospective corridor. The El Habal Project is located near the historic gold-silver Rosario Mine which 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.

The NI 43-101 reports for each of the San Marcial and El Habal Projects are available 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.                                                                   

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.

SOURCE Goldplay Exploration Ltd

For further information: +1 (604) 202 3155, Email: info@goldplayexploration.com

Related Links

http://www.goldplayexploration.com/

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Goldplay Exploration Ltd. Issues Shares for Services

Goldplay Exploration Ltd. (TSXV: GPLYFRANKFURT: GPE, OTCQB: GLYXF) (“Goldplay” or the “Company“) announces that it will make its first issuance of shares to a contractor it engaged under the shares for services drilling contract previously announced on May 16, 2019.  Under this issuance, the Company will issue 824,376 common shares at a deemed price of $0.20/share for services valued at $164,875.24.  These shares are subject to a hold period expiring January 21, 2020, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

About Goldplay Exploration Ltd.

Goldplay has successfully consolidated a district-sized portfolio, owning >250 sq. km of mineral concessions in the historic Rosario gold-silver Mining District in the state of Sinaloa, Mexico. Its flagship project, San Marcial, consists of a 1,250 Ha land package located south of the La Rastra and Plomosas historic mines. San Marcial is a near-surface, high-grade silver, lead, and zinc open pit amenable project for which a NI 43-101 resource estimate was completed by Goldplay in early 2019. Additionally, bonanza-grade gold was drilled in July 2019 at San Marcial, opening up the potential for further gold success. Goldplay’s 100% owned El Habal precious metals project is located 20 km west of the San Marcial Project. It comprises 3,700 hectares and is located 75 km southeast of the modern coastal port of Mazatlán, and 10 km on a paved road from the historic mining town of Rosario, Sinaloa, Mexico.

Goldplay’s current focus includes expanding its NI 43-101 resource estimate at the San Marcial project, which contains 36Moz Ag Eq (indicated) + 11Moz Ag Eq (Inferred), by defining new high-grade gold and silver targets along the project’s 6 km mineralized trend. Goldplay is the first company to perform exploration work at San Marcial in over 10 years. It is a low-risk development stage project, fully exploration permitted and supported by the local communities to carry out all proposed exploration activities. Only 500 m of the 6 km trend has been drilled to date, highlighting the significant potential for further discoveries. The Company has identified 8 high-priority targets along the 6 km trend and is currently drilling two high-priority targets at Faisanes and Nava. Some of these exploration targets consist of old shallow pits, caved shafts and historic shallow underground workings in areas with extensive hydrothermal alteration, hosted by major regional structures in a felsic volcanic environment. Mapping and sampling by Goldplay have revealed evidence of dacite-rhyolite dome structures in a highly prospective geological environment for additional high-grade gold and silver discoveries.

The El Habal Project is a drill-stage project. Its oxidized gold mineralized zone outcrops along a series of rolling hills with evidence of historic shallow underground mining along a 6 km-long prospective corridor. The El Habal Project is located near the historic gold-silver Rosario Mine which 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.

The NI 43-101 reports for each of the San Marcial and El Habal Projects are available 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.

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.

SOURCE Goldplay Exploration Ltd

For further information: +1 (604) 202 3155, Email: info@goldplayexploration.com

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High Grade Silver Results, Including 6 Metres at 232 g/t Ag, Enhance San Marcial Project

 Goldplay Exploration Ltd. (TSXV: GPLYFRANKFURT: GPE, OTCQB: GLYXF) (“Goldplay” or the “Company”) is pleased to announce that additional high-grade silver (Ag) has been encountered in a re-opened old adit, or tunnel, at the Faisanes target (Figure 1) on the edge of the NI 43-101 silver resource area at the Company’s San Marcial Project (“San Marcial”), Sinaloa, Mexico, as announced in February this year (see News Release dated 7 February 2019).

Channel sampling along the walls of the historical tunnel, originally opened by artisanal miners, returned a high-grade silver zone containing 6 m at 232 g/t Ag (Table 1). The interval ended in high-grade material at the deepest sampled point within the tunnel. The Company is reviewing plans to extend the tunnel beyond this high-grade interval. The high-grade silver zone is within a broader zone of 11 m at 155 g/t Ag which commences at the opening of the shallow tunnel.

The high-grade silver in tunnel T-002 provides depth continuity, and correlates well with high-grade results in trench SMtr-001, which included 15 m at 472 g/t Ag within a broader zone of 56 m at 196 g/t Ag (Figure 2). Individual channel samples within the SMtr-001 trench reached as high as 1 m at 1,685 g/t Ag and 1m at 1,228 g/t Ag (see News Release dated 21 February 2019). The highest grade in tunnel T-002 is 1 m at 353 g/t Ag, providing continuity of the high grades at depth. This also correlates with silver grades up to 248 g/t Ag in drill hole SM-19-01. The drill hole, tunnel and surface trench are all located within the Faisanes target – a potential extension of the breccia-hosted silver mineralization in the adjacent resource area.

Goldplay President and CEO Marcio Fonseca commented“Over recent months, our exploration activities to expand existing NI 43-101 silver resources at San Marcial have succeeded in delineating new high-grade gold targets, but we have also been able to discover new silver zones peripheral to the resource area. These latest high-grade silver results, including 6m at 232 g/t Ag, from a re-opened historical adit at the Faisanes target, on the NW edge of the resource area provide lateral and depth continuity to the high-grade silver results reported from our nearby surface trench SMtr-001, which returned 56m at 196 g/t Ag. We expect to test this target further in our current drilling program, which already has identified bonanza-grade gold (1m at 204.6 g/t Au) in the adjacent SM-19-01.”

Table 1:   San Marcial Tunnel T-002: Best assay results

Tunnel

From (m)

To (m)

Sample
Length (m)

True 
Thickness (m)

Grade Ag

 (g/t)

Grade Pb

%

Grade 
Zn

%

T-002
including

0.0

11.0

11.0

9.5

155

0.14

0.56

5.0

11.0

6.0

5.2

232

0.19

0.62

Channel lengths are measured starting from the opening of the tunnel. All numbers are rounded. Mineralized zones are calculated allowing for maximum 1 m of internal waste. High grade interval uses 80 g/t Ag cut-off grade and low-grade interval uses 30 g/t Ag cut-off grade.

The potential of the Faisanes target area, to the NW of the San Marcial resource area, is demonstrated in Figures 2 and 3, which show the three dimensional relationship between the high grade silver mineralisation encountered in tunnel T-002 as well as in trench SMtr-001, and the recently reported high grade gold in SM-19-01. Further drilling of this target is planned in the Company’s current drilling program, to test the potential to expand the existing resource.

CURRENT DRILL PROGRAM

The Company is executing its San Marcial resource expansion strategy with its initial drill program at Faisanes and at Nava.

Phase I drilling at San Marcial brought immediate success with drill hole SM-19-01 intersecting a very high-grade gold interval of 1 m at 204.6 g/t Au at the Faisanes target on the western edge of the Resource (Figure 1). This high-grade gold intercept has been followed up with detailed geological and geochemical modelling. Findings from these newest studies strongly support further drilling along 600 metres of strike length at Faisanes in the Phase I drilling program. The discovery of a high-grade gold mineralized zone, associated with high grade silver and base metals (Pb-Zn), opens the exploration at San Marcial. The Company anticipates completing approximately 3 additional core drill holes at Faisanes during the current program to follow up on SM-19-01.

Drill hole SM-19-02, testing the Nava gold target 150 m beneath the broad gold interval in trench SMtr-020 that returned 24 m at 2.1 g/t Au (including 5 m @4.0 g/t Au), is now complete and SM-19-03 is currently underway, testing an easterly extension of the Nava target. The Nava target is located 1.5 km west of the San Marcial resource area and approximately 1 km west of the Faisanes discovery. A 500 m-long gold mineralized zone has been defined at Nava. For further details, see News Release dated 10 July, 2019. Logging and sampling of SM-19-02 is now complete with laboratory analyses pending.

Qualified Person

The scientific and technical data contained in this news release related to the San Marcial Project was reviewed and/or prepared under the supervision of Marcio Fonseca, P.Geo., a non-independent qualified person to Goldplay Exploration Ltd. who is responsible to ensure that the geological information contained in this news release is accurate and who acts as “qualified person” under the National Instrument 43-101 Standards of Disclosure of Mineral Projects.

Quality Assurance Program and Quality Control Procedures (“QA/QC”)

Goldplay has implemented QA/QC procedures which include insertion of blank and standard samples in all sample lots sent to SGS de México, S.A. de C.V laboratory facilities in Durango, Mexico, for sample preparation and assaying. For every sample with results above Ag >100 ppm (over limits), these samples are submitted directly by SGS de Mexico to SGS Canada Inc in Burnaby, BC. The analytical methods are 4-acid Digest and Inductively Coupled Plasma Optical Emission Spectrometry with Lead Fusion Fire Assay with gravimetric finish for silver above over limits. For gold assays the analytical methods are Lead Fusion and Atomic Absorption Spectrometry Lead Fusion Fire Assay and gravimetric finish for gold above over limits.

About Goldplay Exploration Ltd.

Goldplay has successfully consolidated a district-sized portfolio, owning >250 sq. km of mineral concessions in the historic Rosario gold-silver Mining District in the state of Sinaloa, Mexico. Its flagship project, San Marcial, consists of a 1,250 ha land package located south of the La Rastra and Plomosas historic mines. San Marcial is a near-surface, high-grade silver, lead, and zinc open pit amenable project for which a NI 43-101 resource estimate was completed by Goldplay in early 2019. Additionally, bonanza-grade gold was drilled in July 2019 at San Marcial, opening up the potential for further gold success. Goldplay’s 100% owned El Habal precious metals project is located 20 km west of the San Marcial Project. It comprises 3,700 hectares and is located 75 km southeast of the modern coastal port of Mazatlán, and 10 km on a paved road from the historic mining town of Rosario, Sinaloa, Mexico.

Goldplay’s current focus includes expanding its NI 43-101 resource estimate at the San Marcial project, which contains 36Moz Ag Eq (indicated) + 11Moz Ag Eq (Inferred), by defining new high-grade gold and silver targets along the project’s 6 km mineralized trend. Goldplay is the first company to perform exploration work at San Marcial in over 10 years. It is a low-risk development stage project, fully exploration permitted and supported by the local communities to carry out all proposed exploration activities. Only 500 m of the 6 km trend has been drilled to date, highlighting the significant potential for further discoveries. The Company has identified 8 high-priority targets along the 6 km trend and is currently drilling two high-priority targets at Faisanes and Nava. Some of these exploration targets consist of old shallow pits, caved shafts and historic shallow underground workings in areas with extensive hydrothermal alteration, hosted by major regional structures in a felsic volcanic environment. Mapping and sampling by Goldplay have revealed evidence of dacite-rhyolite dome structures in a highly prospective geological environment for additional high-grade gold and silver discoveries.

The El Habal Project is a drill-stage project. Its oxidized gold mineralized zone outcrops along a series of rolling hills with evidence of historic shallow underground mining along a 6 km-long prospective corridor. The El Habal Project is located near the historic gold-silver Rosario Mine which 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.

The NI 43-101 reports for each of the San Marcial and El Habal Projects are available 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.

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.

SOURCE Goldplay Exploration Ltd

For further information: +1 (604) 202 3155, Email: info@goldplayexploration.com

Related Links

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Dog Days Of Summer

The junior exploration business in Canada follows a fairly predictable pattern: deploy drills as early in spring as the local climate allows, drill through the summer, begin reporting drill results in mid to late August and continue through until November.

Right now there are dozens of companies waiting for first results.

But this year is a little different.

With gold over $1500 USD and silver hitting $17.25 we look to be at the beginning of a significant precious metals rally. The first in nearly a decade. (We have already past the prices of the run-up in 2016.)

In a rally, good drill results will be multiplied as people look for a reason to buy exploration companies.

Typically the sequence in a rally is for the metals to increase in price, then the senior producers, then middle tier companies and, finally, after the rally has established itself, the junior explorers come into their own. But where the metal price is, at best, a 3x profit if you get the timing exactly right, junior explorer and developer shares can run 5-to 20x.

I’ve written a very short book on the performance of junior resource shares in a rally.

Gold $3000 | Silver $60 is available to pre-order at Amazon and will be delivered August 16th.

I wrote the book for my wife who wanted me to explain in simple terms why investing in junior exploration and development companies during a rally makes sense. After reading a couple of drafts, she’s convinced and she is a very tough sell.

So enjoy the last few days of summer and get ready for a wild ride in gold and silver juniors. Results are on their way. A few good “intervals” and we could be seeing the 5x and 10x moves which make the junior market the most exciting in the world.

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Goldplay’s Gold Mineralization Potential Continues to Grow at San Marcial

Goldplay Exploration Ltd. (TSXV: GPLYFRANKFURT: GPE, OTCQB: GLYXF) (“Goldplay” or the “Company”) is pleased to announce the continued growth in gold discovery potential at the Company’s San Marcial Project, Sinaloa, Mexico, with an update of the most recent surface results and newly discovered gold-silver exploration drill targets.

While the project is known for its silver NI 43-101 resource estimate (“Resource”) News Release dated 07 February, 2019, recent gold-focused exploration on targets peripheral to the Resource has yielded significant gold results from the Nava, Faisanes, Chachalaca and Guacamayo targets.

Goldplay’s highlights to date from targets peripheral to the Resource indicate a broad distribution of gold and silver over approximately 6 km of mineralized trend, from the Limoncillos target to the Micuines target (Figure 1). The following is a summary of recent results at these targets:

  • Nava – Sampling of artisanal tunnels identified visible gold from panning of low sulphidation quartz vein chip samples and channel sample results of up to 0.4 m* (0.4m) at 10.0 g/t Au1Trench channel sampling (SMtr-020) returned intervals up to 24 m (17.7 m) at 2.1 g/t Au, including 5.0 m (3.7m) at 4.0 g/t Au2. Both zones are currently being drilled to test continuity of the gold mineralization up to 150 meters beneath surface.
  • Chachalaca Micuines – Recent rock chip sample results identified on surface gold mineralization in a system similar to Nava with returns of up to 1.1 g/t Au. Historical rock chip samples at this target reported 1.0 m (0.9 m) at 13.3 g/t Au, 1.0 m (0.85m) at 7.9 g/t Au including six other samples rock chip samples averaging 1.0 m in length and grades ranging from 1.0 to 5.0 g/t Au. A trench/channel exploration program is currently underway to verify these encouraging gold results and obtain new sampling data, for the purpose of delineating new drill targets.
  • Guacamayo – a recent trench interval (SMtr-022) returned a wide zone of high-grade silver (Ag) as well as anomalous gold – 24 m at 219 g/t Ag and 0.25 g/t Au, including 1 m at 305 g/t Ag and 2.01 g/t Au3Approximately 100 m to the SW of SMtr-022, trench SMtr-019 intersected 5 m at 0.6 g/t Au. Goldplay is currently assessing the location of planned drill targets on this target.
  • Gold Discovery in the Resource Area – Recent assays of drill holes identified new gold mineralization outside of the Resource defining attractive new gold targets. Individual drill-core results included 1.5 m (1.0 m) at 2.5 g/t Au (SM-10-21), 12.3 m (8.4 mat 0.7 g/t Au (SM-20) and 47.0 m (12 m) at 0.2 g/t Au (SM-10-09)4 (Figure 2).
  • Faisanes – Drill hole SM-19-01 intersected 1 m (0.9 m) @ 204.6 g/t Au, immediately adjacent to the western edge of the Resource5. This represents a new gold mineralized zone outside of the Resource.

_____________________________

(*) – True Thickness

1 See News Release dated 16 April 2019

2 See News Release dated 10 July 2019

3 See News Release dated 22 May 2019

4 See News Release dated 18 September 2018

Goldplay President and CEO Marcio Fonseca commented“A year ago, our data indicated high-grade silver, lead and zinc at San Marcial. We have now added high-grade gold over multiple target areas covering approximately 6 km of trend prospective for gold and silver mineralization. Our current exploration program includes our Phase 1 drill program as well as continued surface exploration of new target areas with gold and silver potential. Drilling at Navais now underway with further holes planned for both Nava and Faisanes to expand on our recent successful gold discoveries. We continue to encounter new gold and silver mineralized zones, encouraging us to pursue additional exploration in the San Marcial Project. As of today, we have covered only half of the concession with a modern exploration program, opening up potential for additional discoveries”.

CURRENT DRILL PROGRAM

The Company is executing its San Marcial resource expansion strategy with its initial drill program at Faisanes and at Nava.

Phase I drilling at San Marcial brought immediate success with drill hole SM-19-01 intersecting a very high-grade gold interval of 1 m at 204.6 g/t Au at the Faisanes target on the western edge of the Resource (Figure 1). This high-grade gold intercept has been followed up with detailed geological and geochemical modelling. Findings from these newest studies strongly support further drilling along 600 meters of strike length at Faisanes in the Phase I drilling program. The discovery of a high-grade gold mineralized zone, associated with high grade silver and base metals (Pb-Zn), opens the exploration at San Marcial. The Company anticipates completing approximately 3 additional core drill holes at Faisanes during the current program to follow up on SM-19-01.

Drill hole SM-19-02 is currently underway testing the Nava gold target 150 meters beneath the broad gold interval in trench SMtr-020 that returned 24 m at 2.1 g/t Au (including 5 m @4.0 g/t Au). The Nava target is located 1.5 km west of the San Marcial resource area and approximately 1 km west of the Faisanes discovery. A 500 m-long gold mineralized zone has been defined at Nava. For further details, see News Release dated 10 July, 2019.

Additionally, the Company is actively focused on surface exploration along the 6 km long, NW-SE trending corridor between the Micuines and Limoncillo targets (Figure 1), including prospecting for discoveries of new high-grade Au-Ag zones. Any new gold and silver targets identified will be considered for drill testing during the current program.

GEOLOGY

Gold and silver mineralization are widespread at the GuacamayoResource and Faisanes targets (Figure 1) and is stratigraphically associated with a felsic volcanic sequence in the footwall below the San Marcial Fault. It is also associated with breccia-hosted silver mineralization of the NI 43-101 resource. The felsic volcanic sequence consists of dacitic (to rhyolitic) composition intercalated lapilli tuffs, flow banded and fine grained dacites (Figure 2). This association has been interpreted to be part of a dacitic dome structure.

Sulphides can be locally disseminated or massive within the volcanics, however narrow veins, that may incorporate quartz and/or carbonate, can also be sulphide rich. The veins may be discrete veins in places but may also appear form stockworks or breccias, locally. At Guacamayo, Resource and Faisanes, gold and silver appear to be closely associated with sulphide mineralization.

The recently discovered gold mineralization is typically defined by broad low-grade zones with locally higher-grade results, as shown by the recent exceptional drill result from SM-19-01 of 1 m at 204.6 g/t Au. To support this, the San Marcial drilling database contains 148 core assays above 0.2 g/t Au, however only nine of these are > 1.0 g/t Au. The majority (126) are in the range 0.2 to 0.5 g/t Au. Likewise, the Guacamayo surface sampling data base to date contains 35 samples > 0.2 g/t Au, however only two of these samples are > 1.0 g/t Au (maximum 2.0 g/t), with the majority (29) in the range 0.2 to 0.5 g/t Au. This represents evidence of a broad and continuous gold and silver mineralized system with opportunities for new discoveries with cost effective surface exploration and definition of drill targets to delineate high grade ore shoots.

Qualified Person

The scientific and technical data contained in this news release related to the San Marcial Project was reviewed and/or prepared under the supervision of Marcio Fonseca, P.Geo., a non-independent qualified person to Goldplay Exploration Ltd. who is responsible to ensure that the geological information contained in this news release is accurate and who acts as “qualified person” under the National Instrument 43-101 Standards of Disclosure of Mineral Projects.

Quality Assurance Program and Quality Control Procedures (“QA/QC”)

Goldplay has implemented QA/QC procedures which include insertion of blank and standard samples in all sample lots sent to SGS de México, S.A. de C.V laboratory facilities in Durango, Mexico, for sample preparation and assaying. For every sample with results above Ag >100 ppm (over limits), these samples are submitted directly by SGS de Mexico to SGS Canada Inc in Burnaby, BC. The analytical methods are 4-acid Digest and Inductively Coupled Plasma Optical Emission Spectrometry with Lead Fusion Fire Assay with gravimetric finish for silver above over limits. For gold assays the analytical methods are Lead Fusion and Atomic Absorption Spectrometry Lead Fusion Fire Assay and gravimetric finish for gold above over limits.

The Company is pleased to announce that the Company has granted 710,000 stock options to directors, officers, and consultants of the company at an exercise price of $0.21 cents per option for a term of five years. Such options have been granted pursuant to the company’s 10-per-cent rolling stock option plan and are in accordance with policies within the TSX Venture Exchange.

The Company wishes to correct typographical errors contained in its July 30, 2019 news release. The correct disclosure should read as follows:

Drill Hole

From (m)

To (m)

Sample

Length (m)

True

Thickness

(m)

Grade Au

(g/t)

Grade Ag

 (g/t)

Grade

Pb

%

Grade

Zn

%

SM 19-01

47.4

51.4

4.0

Not sampled

SM 19-01

67.5

105.0

37.5

32.5

0.01

5

0.6

0.2

including

86.3

89.1

2.8

2.4

0.01

8

5.9

0.4

including

86.3

87.0

0.7

0.6

0.02

6

4.0

0.5

including

88.6

89.1

0.55

0.5

0.13

23

25

0.9

About Goldplay Exploration Ltd.

Goldplay has successfully consolidated a district-sized portfolio, owning >250 sq. km of mineral concessions in the historic Rosario gold-silver Mining District in the state of Sinaloa, Mexico. Its flagship project, San Marcial, consists of a 1,250 ha land package located south of the La Rastra and Plomosas historic mines. San Marcial is a near-surface, high-grade silver, lead, and zinc open pit amenable project for which a NI 43-101 resource estimate was completed by Goldplay in early 2019. Additionally, bonanza-grade gold was drilled in July 2019 at San Marcial, opening up the potential for further gold success. Goldplay’s 100% owned El Habal precious metals project is located 20 km west of the San Marcial Project. It comprises 3,700 hectares and is located 75 km southeast of the modern coastal port of Mazatlán, and 10 km on a paved road from the historic mining town of Rosario, Sinaloa, Mexico.

Goldplay’s current focus includes expanding its NI 43-101 resource estimate at the San Marcial project, which contains 36Moz Ag Eq (indicated) + 11Moz Ag Eq (Inferred), by defining new high-grade gold and silver targets along the project’s 6 km mineralized trend. Goldplay is the first company to perform exploration work at San Marcial in over 10 years. It is a low-risk development stage project, fully exploration permitted and supported by the local communities to carry out all proposed exploration activities. Only 500 m of the 6 km trend has been drilled to date, highlighting the significant potential for further discoveries. The Company has identified 8 high-priority targets along the 6 km trend and is currently drilling two high-priority targets at Faisanes and Nava. Some of these exploration targets consist of old shallow pits, caved shafts and historic shallow underground workings in areas with extensive hydrothermal alteration, hosted by major regional structures in a felsic volcanic environment. Mapping and sampling by Goldplay have revealed evidence of dacite-rhyolite dome structures in a highly prospective geological environment for additional high-grade gold and silver discoveries.

The El Habal Project is a drill-stage project. Its oxidized gold mineralized zone outcrops along a series of rolling hills with evidence of historic shallow underground mining along a 6 km-long prospective corridor. The El Habal Project is located near the historic gold-silver Rosario Mine which 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.

The NI 43-101 reports for each of the San Marcial and El Habal Projects are available 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. 

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.

SOURCE Goldplay Exploration Ltd

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Bonanza Gold Grade all part of Goldplay’s San Marcial Story

Any exploration company CEO would be pleased to report a headline number of 204.6 grams per ton gold. For Goldplay (V.GPLY) CEO Marcio Fonseca, that is just the beginning. The drill result reported in the July 30 press release is part of a much larger story.

Fonseca is quoted in the press release as saying, “The high-grade gold-silver intercept is highly significant as it supports the Company’s goal of expanding the San Marcial resource.  It is the first time in approximately 10 years that any type of exploration work has been carried out on the project. One year ago, our data indicated high-grade silver, lead and zinc at San Marcial. Today, we have added high-grade gold.  We are committed to continue systematic exploration and drill programs at San Marcial.”

“What we found in this hole,” said Fonseca in a phone interview, “Is one meter of high-grade gold. That meter was part of a much wider interval. It is not a vein, it is part of a disseminated and massive sulfide hosted in volcanic rocks.”

In fact, Goldplay found the high-grade Au-Ag disseminated sulfide mineralization was surrounded by similar host rock within a  five meters wide zone. The drill hole itself was drilled under the discovery trench which was reported in February. This trench showed high silver values, up to 472 grams per ton silver, and the intention with the diamond drill hole was to look down-dip from that trench, but attractive geology drove management to continue drilling.

“This is an area a short distance away from our maiden resource,” said Fonseca. “There are older workings, some dating back to the 1800’s, along what we believe is an approximately 600 meter-long Faisanes target zone.”

V.GPLY, Goldplay Exploration, gold, silver, Mexico

“These old workings are very shallow. A ten-meter tunnel or a five-meter shaft,” said Fonseca. “Our concession has never been worked by a large gold-silver mining company.”

Goldplay is actively studying the geology of its target area. To do that this first hole only went down 75 meters below the surface, although it was 280 meters long. “As we were drilling,” said Fonseca. “We started seeing more and more sulphides.”

Fonseca, with his training as a professional geologist and his decades of experience in large mining companies and as an investment banker focussed on mining, is taking a very methodical, strategic approach to the exploration of the San Marcial Project aiming at more discoveries.

“Right now, we have the drill at our other target, the Nava, where we recently discovered 24 m @ 2.0 g/t, which is 1.5 km west of the San Marcial resource area and approximately 1 km west of the Faisanes discovery,” said Fonseca. “We are doing surface work in the Faisanes zone and we want to determine if the mineralization is continuous over the 600 meters.”

Working on these two targets while already having a 43-101 compliant high-grade silver resource  (47 Moz Ag Eq), with potential to be an open-pit project, is all part of Goldplay’s strategy of showing the market that it can extend the resources at the San Marcial project.

“Our concession is 6 kilometres long and we have only explored about half of it,” said Fonseca. “We have the silver and now we are discovering a lot of gold.”

The drilling in the Nava zone is expected to be completed soon and then the drill will be brought back to the Faisanes zone. There Goldplay will drill an additional three holes each some distance away from the initial discovery hole reported today.

“This is not a narrow vein story,” said Fonseca. “It is not a traditional story at all. What we are looking at is mineralization which is widespread, shallow, pitable and likely attractive as a low-cost development story.”

The market reacted to Goldplay’s announcement with V.GPLY up $0.045 to $0.22 on the discovery news. However, a bonanza grade discovery likely has another effect in the market. It draws attention to the company and the company’s strategy. Strategically, this means that Goldplay will have an eager and growing audience for what is anticipated to be a continuous news flow as the results from the drilling and trench programs are reported.

“Larger players might be taking a closer look at the San Marcial story,” said Fonseca.

Asked about the public market’s interest, Fonseca allowed, “I’m getting more calls.”

 

 

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Goldplay’s First Drill Hole Intersects 204.6 g/t Gold at San Marcial

Goldplay Exploration Ltd. (TSXV: GPLYFRANKFURT: GPE, OTCQB: GLYXF) (“Goldplay” or the “Company”) is pleased to announce a high-grade gold intersection from its first core drill hole at the San Marcial Project (“San Marcial”), Sinaloa, Mexico.

Drill highlights at the Faisanes target (“Faisanes”) include:

  • Drill hole SM 19-01 intersected 1 m @ 204.6 g/t Au, defining a new gold mineralized zone close to surface, immediately adjacent to the western edge of the San Marcial NI 43-101 resource* (“resource area”).
  • 32 m wide hydrothermal breccia hosting a series of high-grade Pb-Zn-Ag massive sulphide veins.
  • Discovery of high-grade Au-Ag shallow mineralization beneath old workings.
  • Drilling at Faisanes is following up a recent surface channel sample that returned 56 m @ 196 g/t Ag.

THE STRATEGY

Phase I drilling at Faisanes is currently testing the continuity and dip of a newly discovered mineralized system identified by recent surface channel sampling. This system contains a wide, high-grade Ag-Pb-Zn-Au mineralized zone, of which channel sample results returned up to 56 m @ 196g/t Ag including 15 m @ 472 g/t Ag (news release 21 February 2019). The Company is actively focused on surface and drilling exploration along the 600 m long Faisanes zone (Figure 01), including prospecting for discoveries of new high-grade Au-Ag zones.

Goldplay President and CEO Marcio Fonseca commented“The high-grade gold-silver intercept is highly significant as it supports the Company’s goal of expanding the San Marcial resource.  It is the first time in approximately 10 years that any type of exploration work has been carried out on the project. One year ago, our data indicated high-grade silver, lead and zinc at San Marcial. Today, we have added high-grade gold.  We are committed to continue systematic exploration and drill programs at San Marcial”.

DRILLING THE NAVA TARGET AS WELL

The Nava target (“Nava”) is located 1.5 km west of the San Marcial resource area and approximately 1 km west of the Faisanes discovery, where recent surface sampling reported continuous gold mineralization and visible gold, notably:

  • 24 m @ 2.1 g/t Au including 5 m @ 4.0 g/t Au

500 m long gold mineralized zone has been defined at Nava. For further details, see news release 10 July 2019.

The Company is executing its San Marcial resource expansion strategy with its drill programs at Faisanes and at Nava.

GEOLOGY

Faisanes comprises an extension along-strike of the silver-lead-zinc mineralization defined in the resource area. Gold-silver low sulphidation epithermal mineralization at Faisanes is hosted in hydrothermal breccia and lapilli tuff intercalated with flow-banded dacite. The first drill results have identified a 32 m wide hydrothermal breccia zone hosting multiple intersections of high-grade Pb-Zn-Ag mineralization. In addition to the breccia, a sulphide-rich lapilli tuff hosting a high-grade gold-silver zone has been defined in a 1m interval within a larger 4 m interval of the same rock type and sulphide dissemination that returned much lower grades in the 0.1 to 0.2 g/t range.

The first drill hole (SM 19-01) was drilled 75 meters below surface, confirming mineralization previously identified by trenching (Trench 01) and shallow old workings.

SM 19-01 discovered a new Ag-Pb-Zn breccia hosted mineralization close to the resource area as well as the new Au-Ag zones. The following table summarizes the most significant drill assay results (uncut, undiluted) from SM 19-01.

Table 1 Assay results from SM 19-01

Drill Hole

From (m)

To (m)

Sample 
Length (m)

True 
Thickness 
(m)

Grade Au 
(g/t)

Grade Ag

 (g/t)

Grade 
Pb

%

Grade 
Zn

%

SM 19-01

46.65

47.4

0.75

0.6

0.01

248

0.17

0.08

47.4

51.4

53.0

Not 
sampled

51.4

58.5

7.1

6.1

0.05

69.3

0.2

0.4

SM 19-01

67.5

105

37.5

32.5

0.01

5

0.6

0.2

including

86.3

89.1

2.8

2.4

0.01

8

59

4

New Discovery – High-Grade Au- Ag Disseminated Sulphide-Veinlets – Lapilli Tuff

SM 19-01

126

127

1.0

0.9

204.6

155

0.03

0.07

SM 19-01

136

138

2.0

1.7

0.03

18

0.3

0.6

165

177

12.0

10.4

0.01

8

0.2

0.4

All numbers are rounded. Mineralized zones are calculated allowing for maximum 2 m of internal waste, using cut-off grades of 0.1 g/t Au, 30 g/t Ag, 0.2% Pb and 0.2 % Zn to define the broad, mineralized zone.

The hydrothermal breccia hosts a series of massive sulphide (galena-sphalerite) intersections in veins/stockworks (Figure 02), trends NW to SE, and dips approximately 70 degrees. It hosts a high-grade, massive base metal mineralization, 2.8 m @ 59 % Pb and 4% Zn warrants testing of similar surface targets identified within the exploration concession.

The high-grade gold results (Figure 03), have been followed up with detailed geological and geochemical modelling. The sum of this work strongly supports Goldplay’s plans to conduct further drilling along strike on Faisanes.

The discovery of a high-grade precious (Au-Ag) and base metals (Pb-Zn) mineralized zone opens the exploration at San Marcial and confirms a highly prospective geological environment for additional gold and silver discoveries. The Company anticipates completing approximately 3 additional core drill holes at Faisanes in Q3/19 to follow up on SM 19-01.

Qualified Person

The scientific and technical data contained in this news release related to the San Marcial Project was reviewed and/or prepared under the supervision of Marcio Fonseca, P.Geo., a non-independent qualified person to Goldplay Exploration Ltd. who is responsible to ensure that the geological information contained in this news release is accurate and who acts as “qualified person” under the National Instrument 43-101 Standards of Disclosure of Mineral Projects.

Quality Assurance Program and Quality Control Procedures (“QA/QC”)

Goldplay has implemented QA/QC procedures which include insertion of blank and standard samples in all sample lots sent to SGS de México, S.A. de C.V laboratory facilities in Durango, Mexico, for sample preparation and assaying. For every sample with results above Ag >100 ppm (over limits), these samples are submitted directly by SGS de Mexico to SGS Canada Inc at Burnaby, BC. The analytical methods are , 4-acid Digest and Inductively Coupled Plasma Optical Emission Spectrometry with Lead Fusion Fire Assay  with gravimetric finish for silver above over limits. For gold assays the analytical methods are Lead Fusion and Atomic Absorption Spectrometry Lead Fusion Fire Assay and gravimetric finish for gold above over limits.

About Goldplay Exploration Ltd.

Goldplay owns a >250 sq. km exploration portfolio in the historical Rosario Au-Ag Mining District, Sinaloa, Mexico. Goldplay’s current focus includes resource expansion and exploration aiming new gold and silver discoveries at the San Marcial Project, as well as a 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 open pit project for which a NI 43-101 resource estimate was completed by Goldplay in early 2019. The NI 43-101 has defined a high-grade potential open pittable Ag project, attractive for future development. It is a low risk resource development stage project, fully permitted for all exploration activities and with support and authorization by local communities to carry out all necessary work on the project.

San Marcial exhibits significant exploration upside supported by recent regional exploration program completed by Goldplay, increasing the knowledge of the extension of the mineralized system from 500 meters to 6 km by delineation of additional 8 targets for future drilling. 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 in a felsic volcanic environment, with field and sampling evidence dacite-rhyolite dome structures in a highly prospective geological environment for gold and silver discoveries.

The El Habal Project is a drilling stage project. 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.

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.

*click here for a link to the report of the March 2019 NI 43-101 resource update

SOURCE Goldplay Exploration Ltd

For further information: +1 (604) 202 3155, Email: info@goldplayexploration.com

Related Links

http://www.goldplayexploration.com/

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Sprott on Silver

“Silver, in particular, has the potential to outperform gold significantly. For example, in the wake of the global financial crisis, the gold-to-silver ratio plummeted from 80:1 bottoming at 32:1, with the silver price topping out at ~$50/ounce. Recently the ratio hit a record 93:1, while the price is sitting at around $16/ounce. Yesterday, the ratio stood at 89:1 as shown in Figure 2.

This leaves significant room for silver to run. The annual silver market is only about $15 billion of value, and it does not take much to move silver’s price. Silver demand is already making a stealth comeback with the U.S. mint reporting a 43% increase in silver coin sales year-to-date as of June 30 and with ETFs gathering steam. If this investor interest continues, it will definitely push the silver price higher. (Sprott)

Sprott has always been bullish on precious metals and Eric Sprott himself has been instrumental in funding a wide variety of gold and silver plays. It is interesting that Sprott media sees silver as outperforming gold in the mid-term.

 

 

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