silver

Posts, updates and videos about silver – updated automatically.

GR Silver Mining CEO Marcio Fonseca with David Morgan

Very interesting interview with Marcio Fonseca on GR Silver Mining’s consolidation of the Rosario mining district in Sinaloa, Mexico.

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Eloro: Gold in Peru, Polymetallic Prospect in Bolivia

Eloro (V.ELO) CEO Tom Larsen would have every right to be frustrated with South America. The company’s extremely promising La Victoria Gold/Silver Project in north central Peru has had to deal with 100 year rains and then community politics 3000 meters up in the Andes. Even with widespread community support, until a new President was elected in the community and a community vote to approve the surface rights was held, Eloro could not proceed with exploration. After being sidetracked for more than a year a new President was finally elected in early December.

“We hope to start work in late February,” said Larsen. “The thing was that we had to get the town to approve surface rights and that approval was controlled by the old President. Even with 90% of the community behind the project, and even with our award winning social responsibility programs, we still had to wait for a new President to be elected and a community vote. The new President was elected and we’re looking forward to the community vote happening and then we hope to commence the maiden drill program at San Markito.”

The frustrating thing about the community politics is that without activity on the property to report, the market had nothing to pay attention to. “No activity and the stock drifts,” said Larsen.

“We have a lot of technical depth,” said Larsen. “While we waited out the Peruvian situation, we were looking for a hedge. One place we looked was Bolivia. We saw New Pacific Metals with its Silver Sands project and Pan American and we asked ourselves, “Why are they in Bolivia?”

Larsen was alluding to the less than stellar reputation Bolivia has acquired over the years as a mining jurisdiction and as a politically volatile country. “Actual ownership of property is hard,” said Larsen. “The big companies mostly lease their land. But there is the San Cristobal open-pit silver, lead and zinc mine controlled by the Sumitomo Group, the San Vicente silver mine 95% controlled by Pan American Silver and the San Bartolome silver mine controlled by Argentum Investments, AB. So, you can certainly mine in Bolivia. Bolivia has become much more mining friendly.”

Eloro had one huge advantage in Bolivia, they were working with Dr. Osvaldo Arce, a Bolivian geologist who was familiar with and had worked on many of the country’s most prospective properties. He was looking for the opportunity to work with Eloro and made a list of potential projects. At the top of that list was the Iska Iska polymetallic epithermal project, in the Potosí Department, in southern Bolivia.

Dr. Arce had worked on Iska Iska in 2016 and knew the family who controlled the property. Eloro and Dr. Arce began working on the due diligence for the property in August 2019 and the company entered into a Letter of Intent to gain an option on the property which it announced October 8, 2019.

In that press release Eloro reported the results of its channel sampling work on the Iska Iska property. In that release Larsen states, “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.”

Along with surface channel samples, Eloro took samples from underground workings. The samples disclosed silver, gold, zinc, lead, copper and rare earths. “These were 3 meter channel samples,” said Larsen. “As well as very good silver and gold grades we saw 16% zinc and 16% lead. There was high quality mineralization in 40-50% of the samples taken.”

Based on the sampling and the geological mapping undertaken at Iska Iska, Eloro decided to go forward with the project and on January 9, 2020 announced the signing of the Definitive Option Agreement on the Iska Iska polymetallic epithermal project.

“The agreement gives us four years to do our due diligence but we should know what we have in two years,” said Larsen. “It is not going to be hard to outline the system.”

“We’re there for the size,” said Larsen. “There is mining on the property right now and we are allowing artisanal activity.”

“The samples we’ve taken to date cover less than 15% of the system,” said Larsen. “We’re looking to find 100 million plus tons.”

The terms of the option reflect the size issue: if Eloro can find the size it is looking for it can effectively control the property for a one time payment of $10 million. However, there is no royalty and Eloro pays no cash up front. The only up-front payment is 250,000 Eloro shares.

All of which is in line with Larsen’s commitment to keep the share structure of Eloro tight – there are only 38 million shares out – and add value with the drill.

“Between La Victoria in Peru and Iska Iska in Bolivia we’ll have a steady stream of news through 2020,” said Larsen. For junior explorers, news from two significant projects is exactly what the market is looking for.

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Goldplay Exploration Ltd. Announces Name Change to “GR Silver Mining Ltd.” and New Symbol “GRSL”

Goldplay Exploration Ltd. (TSXV: GPLYFRANKFURT: GPE, OTCQB: GLYXF) (“Goldplay” or the “Company”), is pleased to announce that it will be changing its name to “GR SILVER MINING LTD.” effective Monday, January 13, 2020, to emphasize its focus on more advanced stage silver mining projects in the Rosario Mining District, Mexico.

The common shares of the Company will commence trading under the new name on the TSX Venture Exchange with the new trading symbol “GRSL” at the opening of trading on January 13, 2020.

There is no change in the share capital of the Company, and shareholders are not required to exchange their existing share certificates for new certificates. The Company’s new CUSIP number is 36258E102 and its new ISIN number is CA36258E1025.

CEO Marcio Fonseca stated, “We believe the name change more accurately reflects the Company’s evolution and focus. In Q4 2019, we were an advanced exploration company expanding our NI 43-101 resource estimate with a large vision to consolidate/acquire key assets in the Rosario Mining District. Over the last month we have signed two LOIs and are conducting thorough due diligence on two past-producing silver-gold mines and sizeable adjacent exploration packages, comprising a wealth of data and infrastructure. We have seized the recent acquisition opportunities as part of our strategy to become the first company to consolidate the Rosario Mining District. The LOIs are non-binding with respect to most terms nor have definitive agreements yet been negotiated or signed for either transaction. Our mission is to continue creating shareholder value through discovery with low-cost, high-quality acquisitions. Our dedication to increasing the resource estimate at San Marcial remains strong as we move forward with the due diligence process”.

The name change will be accompanied by a new logo, which will be visible in the coming weeks on the website and other corporate material.

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.  READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY 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.

SOURCE Goldplay Exploration Ltd

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

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Goldplay Signs LOI to Acquire the Plomosas Silver Project from First Majestic Silver Corp.

Vancouver, BC – Goldplay Exploration Ltd. (TSXV: GPLY, FRANKFURT: GPE, OTCQB: GLYXF) (“Goldplay” or the “Company”), is pleased to announce that it has entered into a non-binding Letter of Intent (“LOI”) with First Majestic Silver Corp. (NYSE: AG, TSX: FR, FRANKFURT: FMV) (“First Majestic”), pursuant to which it proposes, through a wholly owned Mexican subsidiary, to acquire 100% of the issued and outstanding shares of First Majestic’s wholly owned Mexican subsidiary, Minera La Rastra S.A. de C.V. (“Minera La Rastra”). Minera La Rastra owns the past producing Plomosas Silver Project, including 8,514 ha of concessions with significant exploration potential in Sinaloa, Mexico (“Plomosas Project”), (Figure 1).

 

Figure 1 – Location Map Plomosas Silver Project – Rosario Mining District

Goldplay, V.GPLY

 

The definitive terms of the transaction are subject to negotiation and are expected to include: (i) a $100,000 cash payment to First Majestic; (ii) the grant of a 2% net smelter return (NSR) royalty to First Majestic on the Plomosas Project with half of the NSR (i.e., 1% NSR) being subject to a buy-back option for US$1,000,000; and (iii) the issuance to First Majestic of that number of common shares of Goldplay as is equal to 19.9% of the total issued common shares of Goldplay (calculated after giving effect to the issuance of such shares)(the “Purchase Shares”). It is anticipated that the Purchase Shares will be subject to a voluntary hold period such that 1/8th of the total number of Purchase Shares will be released from such voluntary hold period every 3 months after the date of closing. It is also expected that First Majestic will enter into a voting trust agreement with Goldplay pursuant to which it will agree to vote the Purchase Shares in favour of management’s recommendations on routine matters at any annual general or special meeting of shareholders for a period of two years after the closing. It is also a binding term of the LOI that, for a period of two years from the date of signing of the LOI, First Majestic will not, without the prior written consent of Goldplay, acquire such number of common shares of Goldplay that would result in it owning 20% or more of the issued shares of Goldplay at any time during such period.

 

Under the LOI, the parties have agreed to a binding exclusivity and non-solicitation period which will terminate on the earlier of 60 days from the date of signing of the LOI, the date of execution of a definitive agreement or the termination of the LOI. The parties are now moving forward with their respective due diligence reviews of each other during the 60 day period. The entering into of a definitive agreement will be subject to certain conditions such as each party being satisfied with its due diligence of the other, board approvals, any required governmental, regulatory and third party approvals and no material adverse event or change in respect of Minera La Rastra or Goldplay.

 

Goldplay’s CEO, Marcio Fonseca stated, “We are delighted to continue toward our corporate mission of becoming the first company ever to consolidate key assets in the Rosario Mining District. Goldplay is poised to secure an attractive resource stage expansion portfolio with excellent infrastructure for future project development. The extensive exploration data base combined with historical operational data, provide a wealth of technical information (geology, geochemistry, geophysics, drilling, Landsat/structural studies, historical metallurgical and operational data) on the Plomosas Project. The value of the extensive exploration database and potential upside of this asset cannot be understated, as it provides an opportunity for Goldplay to achieve new discoveries and delineate new resources in the Plomosas Project. Goldplay is focused on acquiring, at low cost, assets with good infrastructure and potential resources requiring a minimum of time and money to expand and advance to development. Our recent success expanding the resource at the San Marcial Silver-Gold Project has brought fundamental knowledge of the silver and gold mineralization in the Rosario Mining District. This knowledge will allow Goldplay to implement a cost-effective exploration program at the Plomosas Project in 2020 with the objective of future discoveries and resource delineation.”

 

The 8,514-ha land position of the Plomosas Project is strategically located within 5 km of Goldplay’s San Marcial Silver-Gold Project. It is located approximately 94 kilometres southeast of Mazatlan in southeast Sinaloa State, Mexico and is adjacent to the town of Rosario (Figure 1). The Plomosas Project includes infrastructure such as: a 60 km – 33 KV power line (connected to Mexican Regional Power grid), offices, shops, 120-man camp, infirmary, warehouses, foundations for processing plant, and other key infrastructure which can be fundamental for future project development (click here to view photos). The Plomosas Project also is entitled to a surface rights agreement, water use and surface exploration permits.

 

The Plomosas Project includes five shallow past producing underground mines – the Plomosas-La Cruz mine, San Juan mine, La Colorada mine, El Huarache mine, El Saltito mine – and 11 exploration targets (Figure 2). Grupo Mexico operated a 600 tpd crusher/mill/flotation processing circuit from 1986 until 2001. The processing plant feed was mainly sourced from the Plomosas-La Cruz historical underground mine, producing zinc and lead concentrates with silver-gold credits. Historic production reports by Grupo Mexico indicate that a total of 2.5 million tonnes of ore were extracted which averaged 190.5 grams per tonne (g/t) silver, 0.92 g/t gold, 2.02% zinc and 2.38% lead.

 

     Figure 2 –Plomosas Silver Project – Historical Ag Mines & Exploration Targets

Goldplay, V.GPLY

 

The Plomosas Project is historically known as a highly prospective area for silver, gold, lead and zinc mineralization. Key areas within the property boundaries of the Plomosas Project display many geological similarities with the San Marcial Silver-Gold Project. The geological settings at both projects demonstrate occurrences of low sulphidation epithermal quartz-galena-sphalerite veins/hydrothermal breccias and stockworks hosting high grade silver and gold mineralization. The (already discovered) mineralized trends indicate a geological setting related to at least seven major regional structures hosting not only mineralization at the San Marcial Silver-Gold Project but also at the Plomosas Project (Figure 3).

Figure 3 –Plomosas Silver Project – La Trinidad Concessions – San Marcial Ag-au Project

Goldplay, VGPLY

 

This announcement marks the second strategic LOI signed by the Company in the past three weeks. The news release dated December 17, 2019 announced the signing of an LOI with Mako Mining Corp. (“Mako”) which granted the Company the exclusive right to acquire 100% of the issued shares of Mako’s wholly owned subsidiary, Marlin Gold Mining Ltd. (“Marlin”), until December 20, 2020. Marlin owns, amongst other assets, Oro Gold de Mexico, S.A. de C.V., a Mexican company that owns the La Trinidad gold mine facilities, currently being decommissioned.

Goldplay will provide shareholders with updates on the status of these transactions when material information becomes available.

Goldplay has applied to the TSX Venture Exchange to change its name to reflect its focus on silver in the Rosario Mining District. The Company believes its proposed new name will reflect its evolution, the consolidation of advanced-stage assets in the Rosario Mining District, Sinaloa.  More details on the name change will be provided as soon as confirmation of its acceptability is received from the TSX Venture Exchange.

 

 

Qualified Person

The scientific and technical data contained in this news release 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.

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.  READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY 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

  1. Geo, President & CEO

Goldplay Exploration Ltd.

 

For Further Information:

Contact: +1 (604) 202 3155

Email: info@goldplayexploration.com

 

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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Goldplay Exploration Ltd. Issues Shares for Services

Goldplay Exploration Ltd. (TSXV: GPLYFRANKFURT: GPE, OTCQB: GLYXF) (“Goldplay” or the “Company”) announces that it has made its final issuance of shares to a drilling contractor engaged under the shares for services previously announced on May 16, 2019.  Under this issuance, the Company has issued 259,443 common shares at a deemed price of $0.185/share for services valued at $47,997. These shares are subject to a hold period expiring April 21, 2020, in accordance with applicable securities laws.

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.  READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY 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.

SOURCE Goldplay Exploration Ltd

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

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Eloro Resources Provides San Markito Silver/Gold Zone Update

Eloro Resources Ltd. (TSX-V: ELO; FSE: P2QM) (“Eloro” or the “Corporation”) is pleased to announce that community elections in Pallasca, Ancash Department, Peru have been completed where a new President was elected. Eloro looks forward to working with the new President and the community in order to implement its plan to bring employment and benefits to the community in connection with the exploration of the San Markito Silver/Gold Zone.

The La Victoria Gold/Silver Project in north central Peru is one of the largest concession packages in the Northern Peru Mineralized Belt, which hosts such stalwart operations as Yanacocha, owned by Newmont and Buenaventura; Lagunas Norte, owned by Barrick Gold and La Arena, owned by Pan American Silver.  The project totals approximately 89 square km in size and covers five districts in the Ancash Department, Peru.

The Huandoval District is where the Rufina Zone is located and is where Eloro’s 2017-2018 reconnaissance drilling project took place. The drill program returned drill results which included 0.62 g/t gold over 59.9m and 7.1 g/t over 3.4m as well as 0.68 g/t gold over 21.8m (see Eloro News Release dated March 11, 2019). The benefits that accrued to the local Huandoval community as well as the communities of Huacaschuque and Pallasca and the community goodwill which resulted were in large part responsible for the Company being awarded the Business of the Year for 2019. This award goes annually to “the Canadian or Peruvian organization that has shown great commitment to the development of Peruvian/Canadian relationships and a high degree of success in the areas of Management and Social Responsibility” (see Eloro News Release dated February 6, 2019).

The San Markito Gold/Silver Zone is located in the Pallasca District, and has been the subject of surface exploration for several years. Surface sampling returned silver and gold values of 994 g/t Ag with 0.35 g/t Au in a continuous diamond saw channel sample over 4.00m and 390 g/t Ag with 0.53 g/t Au over 1.53m. This further confirms previous sampling which returned values up to 2.27 g/t Au and up to 1,814 g/t Ag. The silver anomaly in the San Markito area extends over 1.5 km in strike length. As in the Rufina Sector, gold and arsenic are positively correlated; and San Markito adds a positive correlation between silver and lead.

Eloro CEO Mr. Tom Larsen, said, “We congratulate the new Pallasca community council and look forward to working with them in connection with our San Markito Zone exploration program. We believe Pallasca can benefit from the same degree of investment and community support as did the community of Huandoval during the Rufina Sector drill program, and in fact, as well as all five districts since area investment started in earnest in 2012.”

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 (EHR Resources Ltd. – owns the remaining 18% interest), located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver Corp.’s La Arena Gold Mine. La Victoria 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. In Quebec, Eloro owns a 100% interest in the Delta-Eastmain Project some 100 km south of Goldcorp’s Eleonore Mine, which encompasses some 96 claim units covering approximately 86 square km.

For further information please contact Jorge Estepa, Vice-President of Eloro Resources Ltd. 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 Corporation’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 Corporation. 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.

Jim Steel MBA, P.Geo. is the Qualified Person under NI 43-101 and has reviewed and approved the technical content of this news release.

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Gold/Silver Shorts

gold, silver, short positions

I am always interested in how the real world in precious metals intersects with the “paper” world.

Looking at the number of days of world production to cover the large traders’ short positions gives you a bit of a sense of the disconnect between production and paper.

It also offers the opportunity to consider the relative short positions in gold and silver.

Imagine what would happen in the event of a significant precious metals rally. There would be a rush to the exits on the short side of the market which, of course, would create significant buying and price appreciation. However, the short position in gold could be cleared relatively quickly which would tend to slow the price appreciation of gold. On the silver side, even though the dollar amounts are a tenth (at best) those of gold, the short exposure is more significant relative to production. That would suggest that a silver rally could go on much longer than a gold rally.

h/t Andrew Higgens at Linked-In

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Goldplay Exploration: Deep Silver Veins in Mexico

Marcio Fonseca wears two hats, ten years of investment banking with Macquarie Bank, but trained as an exploration/project/resource geologist. His company, Goldplay (V.GPLY) uses his investment banking know-how to finance what is clearly his real passion, the discovery of high-grade mineral deposits.

I spoke to him about Goldplay’s most recent news where it reported the results of four holes drilled at its  San Marcial Project, Sinaloa, Mexico. The holes were drilled in a 300-meter section within a six-kilometre mineralized corridor. Goldplay has already reported a 43-101 compliant resource of 47 million silver ounces equivalent at the western end of the property. But now Fonseca and his team wanted to not only expand the resource down dip but along strike but also delineate new gold and silver discoveries approximately 1.5 km to the east to support the concept that the San Marcial has a geological setting for the discovery of high-grade mineral deposits.

“This is the first ever drilling program in the Nava area,” said Fonseca. “Until now we have only had surface samples but these were very positive.”

Goldplay drilled two sections three hundred meters apart. There had been previous artisanal activity in the area which provided a guide to Goldplay. Goldplay encountered the veins it was looking for, trenched the area, and hit a 24m interval grading 2.11 g/t gold.

“We were confident that there was a high concentration of metal,” Fonseca said. “The artisanal miners really only scratched the surface.”

Goldplay did more than scratch the surface. They trenched and reported the results. They found significant gold mineralization at two locations along the corridor. That suggested veins.

“We wanted to see if the veins go deep,” said Fonseca. “If they were consistent and if they were high grade.”

In the November 25 news release, Fonseca states, “We are pleased to report the mineralized intercepts, including high-grade silver, in the maiden drill program at San Marcial’s Nava Target. Goldplay’s 2019 field studies mark the first time in approximately ten years that any type of exploration has been carried out at the project. The encouraging results warrant further exploration, advancing the Company’s objective of resource expansion of San Marcial.”

Completely accurate but it misses the real excitement of the reported results.

“In hole 19-02 we’ve found a vein carrying a lot of silver,” Fonseca said on the phone. A lot being one kilogram per ton. Now, it is a short interval, less than 20 centimetres. But that makes sense as the hole was drilled at an angle to catch the other veins.

Interestingly, the veins at Nava are pretty much vertical. If a company wanted to drill a “marketing hole” it would be a fairly easy job to drill, more or less, straight down and try and track the vein. Great headlines but not a lot of information about the geological structure of what looks to be a rich deposit.

“These results make me more confident that there is an epithermal system there,” said Fonseca. “Hole 19-05 was drilled directly beneath artisanal workings. This was not an actual mine, but the artisanal miners were scratching the veins.”

“We think we are on the upper level,” said Fonseca, referring to indications of a low sulphidation epithermal system at Nava. “At the top, there is predominantly gold, then gold/silver, then silver, and a little evidence of the presence of zinc and lead, opening up the potential for expansion of mineralized zone down dip

The drilling itself was relatively shallow. At most 200 meters in length but, because of the angle, no more than 100 meters from surface.

Fonseca, said he would have loved to drill deeper and longer to see if the two systems Goldplay identified linked up at depth.  However, paying attention to the costs and to the actual story is very important at this stage.

A series of productive veins, beginning near surface, with good to excellent grades very strongly suggests a chance for resource expansion along the mineralized corridor on new targets. The veins themselves, in both target zones, are relatively close together which means that a pit design need not be huge to get to the mineralized material.

There is still plenty of work to do and Goldplay raised 3 million dollars in an oversubscribed private placement of only common shares . However, Fonseca has managed to keep the number of Goldplay shares outstanding to around 80 million, bringing in new blue chip investors such as well-known resource funds

As the work progresses on the San Marcial Project there is every chance that Goldplay will add a second drill rig and continue not only surface drilling but initiate underground development in the resource area for an underground drilling program.  This will substantially expand the existent high-grade silver, 43-101 compliant, resource not along strike through shallow drill holes but also down dip on continuity of high-grade intersections defined in the resource area ( > 1kg/t Ag).

 

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Goldplay Grants Stock Options

Goldplay Exploration Ltd. (TSXV: GPLY, OTCQB: GLYXF) (“Goldplay” or the “Company”), is pleased to announce that the Company has granted 1,370,000 stock options to directors, officers, and consultants of the company at an exercise price of $0.185 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 TSX Venture Exchange policies.

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

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Goldplay Reports Results from First Drill Program at Nava Target, Including >1,000 g/t Ag

Goldplay Exploration Ltd. (TSXV: GPLY, FRANKFURT: GPE, OTCQB: GLYXF) (“Goldplay” or the “Company”) is pleased to announce its maiden drilling results at the Nava Gold Target (“Nava”) within the Company’s San Marcial Project (“San Marcial”), Sinaloa, Mexico. The drill program tested the new epithermal-style vein system encountered in the Company’s 2019 surface exploration near the west end of the 1.5 km long San Marcial mineralized corridor (Figure 1). Four diamond drill holes were completed, two in each of the main vein prospects exposed by artisanal workings (Figure 2). Assay results from the Nava diamond drill program are shown in Table 1.

  Table 1: Assay results from Nava Target drill holes

Drill Hole

From (m)

To (m)

Sample
Length (m)

Au Grade

(g/t)

Ag Grade

(g/t)

SM-19-02

138.00

139.00

1.00

0.05

354

including

138.00

138.15

0.15

0.20

1377

 

179.00

181.00

2.00

0.02

18

including

179.90

180.35

0.45

0.21

196

SM-19-03

   

NA

 

SM-19-05

16.10

20.20

4.10

0.38

3

 

22.05

23.00

0.95

2.35

1

 

29.75

33.50

3.75

0.50

4

 

45.05

47.35

2.30

0.42

1

including

47.25

47.35

0.10

8.94

5

 

62.90

63.90

1.00

0.74

1

SM-19-06

6.55

7.50

0.95

1.22

10

 

86.15

86.30

0.15

0.48

5

 

87.30

87.50

0.20

0.47

1

      

All numbers are rounded. Mineralized zones are calculated using minimum width of 0.1 m, allowing for maximum 1 m of internal waste, using cut-off grades of 0.2 g/t Au to define the broad, mineralized zone. True widths can not be confidently estimated at this point. NA = No samples above 0.2 g/t Au cut-off.

Goldplay President and CEO Marcio Fonseca commented“We are pleased to report the mineralized intercepts, including high grade silver, in the maiden drill program at San Marcial’s Nava Target. Goldplay’s 2019 field studies mark the first time in approximately ten years that any type of exploration has been carried out at the project. The encouraging results warrant further exploration, advancing the Company’s objective of resource expansion of San Marcial.”

Highlights at the Nava Gold Target include:

  • In 2019, a series of surface trenches identified gold (Au) mineralized zones including intervals up to 24 m at 2.11 g/t Au (see News Release 10 July 2019). The recent drill results confirm the presence of a continuous, well-defined mineralized zone down dip and along strike;
  • In 2019, the Company completed extensive (25 m x 25 m) soil and rock sample grids, with multi-element, portable XRF assaying on priority exploration areas, defining new drill targets. At Nava, XRF results for pathfinder elements such as lead, zinc and arsenic demonstrate positive correlation to the recently discovered mineralized gold trend with additional anomalous zones still to be drill tested (Figure 2);
  • Presence of narrow banded, colloform texture quartz veining, stockwork and breccias within the Company’s recent drilling correlated with surface and adit sampling results, (Figures 3 and 4), supporting the presence of a continuous low sulphidation epithermal system, with opportunities for additional exploration along strike and down dip.

About Nava

Nava is located 1.5 km west of the San Marcial resource area (Figure 1) and approximately 1 km west of the Faisanes drill discovery containing 1 m at 204.6 g/t Au (see News Release 30 July 2019). Phase I drilling at the Nava Target was designed to test the lithological and structural controls of the interpreted low sulphidation epithermal gold system, as well as the distribution of mineralization in the vicinity of encouraging gold results from surface exploration earlier in the year, including a channel sample of 24 m at 2.11 g/t Au. The host rocks are similar to the suite of volcanic rocks hosting the San Marcial silver deposit however, the mineralization is decidedly different, being predominantly gold.

Goldplay’s exploration of the Nava Gold Target focused on two hills with evidence of small-scale artisanal mining activity and exposed quartz veins that returned visible gold in panned samples. Recent surface exploration and drilling results support the continuity of the mineralized system down dip and along strike, in addition to recent evidence of narrow high-grade Ag-Au mineralization (Figures 3 and 4).

GEOLOGY

Goldplay commenced systematic exploration at the Nava Gold Target less than 12 months ago. Results indicated the target had strong potential for the discovery of a low sulphidation epithermal system. Recent drill results also indicate the presence of narrow high-grade (>1,000 g/t Ag) veins.

The main lithologies at Nava include: dacitic lapilli tuff, lithic lapilli tuff and lesser diorite dykes intruding the volcanic package (Figures 3 and 4). Circular features are present, occasionally hosting volcanic breccias.

The presence of artisanal workings (consisting of surface pits and two shallow horizontal shafts) on top of two adjacent hills, drew initial attention to the target area. Additionally, panning of quartz vein material returned small specks of visible gold.

The main controls on mineralization at Nava appear to be sub parallel (ENE-WSW-trending) sets of quartz veinlets, tending to stockworks in places and locally breccias, in a low sulphidation epithermal system. Encouragingly, the mineralization was found not to be confined to quartz veins but also in the wall rock, resulting in broad mineralized zones.

The two drilled cross sections are shown in Figures 3 and 4 (below) and display localized intervals of quartz veining, stockwork and also brecciation, within the four drill holes. Gold mineralization is sporadic across these two cross sections.

Table 2: Nava Drill Hole Collar Location Details

Drill Hole

Target

East

(mE)

North
(mN)

Dip

Azimuth

Final Depth

(m)

SM-19-02

Nava

448,987

2,545,615

-50˚

350˚

293.5

SM-19-03

Nava

449,334

2,545,700

-50˚

340˚

150.0

SM-19-05

Nava

449,275

2,545,791

-50˚

160˚

65.0

SM-19-06

Nava

448,987

2,545,796

-48˚

200˚

100.0

 

The Company’s maiden drill program at the San Marcial Project is currently being completed with additional drilling at the Faisanes and Guacamayo targets, testing for potential NW and SE extensions, respectively, to the San Marcial resource area.

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 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 AgEq (indicated) + 11Moz AgEq (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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