Goldplay Exploration Ltd. (TSXV: GPLY, OTCQB: GLYXF – the “Company” or “Goldplay”) is pleased to announce additional results from sampling of the historical core drill holes completed in 2010, on the Company’s San Marcial Project in Mexico. The core sampling program continues to successfully identify an attractive, wide, near surface high-grade mineralized zone hosted in hydrothermal breccias close to major geological structures.
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A 0.5 m intercept from SM-10-06 returned an excellent result of 2,384 gpt AgEq, within a wider 46.0 m silver mineralized zone. Other highlights of the sampling from drill holes SM-10-06 and SM-10-21 include:
- SM-10-06, 46.0 meters @ 129 gpt AgEq
Including 7.5 meters @ 379 gpt AgEq
Including 1.5 meters @ 1,079 gpt AgEq
- SM-10-21, 17.5 meters @ 239 gpt AgEq
The following table summarizes the most significant drill results (uncut) from SM-10-06 and SM-10-21 for this news release.
Hole No. | From (m) | To (m) | Interval (m) | True Width (m) | Ag g/t | Pb % | Zn % | AgEq* g/t |
SM-10-06 | 148.7 | 194.7 | 46.0 | 46.0 | 89 | 0.3 | 0.5 | 129 |
Including | 154.5 | 162.0 | 7.5 | 7.5 | 334 | 0.4 | 0.6 | 379 |
Including | 158.5 | 161.0 | 1.5 | 1.5 | 989 | 1.2 | 0.9 | 1079 |
Including | 160.5 | 161.0 | 0.5 | 0.5 | 2,180 | 3.3 | 1.5 | 2,384 |
SM-10-21 | 24.6 | 42.5 | 17.5 | 17.5 | 89 | 0.3 | 0.5 | 239 |
Note: all numbers are rounded. |
AgEq (silver equivalent) is calculated from gpt data. AgEq g/t = Ag g/t + Au g/t x (Ag Price per oz/ Au price per oz) + (Pb grade x ((Pb price per lb./Ag price per oz) x 0.0685714 lbs. per Troy Ounce x 10000 g per %)) +(Zn grade x ((Zn price per lb./Ag price per oz) x 0.0685714 lbs. per Troy Ounce x 10000 g per %)). Ag price per oz (US$16.50), Au price per oz (US$1250/oz), Pb price per lb. (US$0.95) and Zn price per lb. (US$1.15) and 100% Metallurgical Recovery.
Goldplay President and CEO Marcio Fonseca commented, “Goldplay’s systematic sampling of 22 existing core drill holes (previously only partially sampled) is confirming the upside potential for resource expansion, while delineating mineralized zones wide enough to support a high-grade bulk mineable open pit target at the San Marcial Project. The sampling program is progressing with pending results expected to lead to an updated resource estimation by the December quarter of 2018.
The location of drill holes completed prior to the historical resource and the location of sampled drill holes SM-10-06 and SM-10-21 are illustrated as follows (Figure 1).
The sampling of SM-10-06 and SM-10-21 has confirmed the continuity of high grade silver mineralization with anomalous values for lead and zinc. The mineralization is not only close to major structures but also in a wide and continuous hydrothermal breccia unit. In anticipation of a new resource estimate in the December quarter 2018, the company is advancing the geological/ geochemical and structural modelling of the mineralized zones with the objective of defining additional targets for down dip and along strike drilling upon receipt of drilling permits.
QA/QC Protocols
Thorough QA/QC protocols are followed in all sampling programs and in assays completed by the Company. Goldplay’s management includes routine duplicates, blanks and standard samples in assay lots for all surface and drill hole samples. The samples are submitted directly to the SGS laboratory facilities in Durango, Mexico, for sample preparation and assaying. The assaying at SGS is by Fire Assay with AA finish, for Au (> 10 ppm gravimetric finish), Ag ICP-AES with 4 acid digestion (up to 100 ppm). For Ag results over 100 ppm an ICP-AES 4 acid digestion with detection limit from 100-1,000 g/t is completed at SGS laboratories in Vancouver, Canada. For samples with over limits of Zn and Pb (>10,000 ppm), an ICP-AES with Sodium Peroxide Fusion is performed, to improve recovery.
The Qualified Person under the NI 43-101 Standards of Disclosure for Mineral Projects for this news release is Marcio Fonseca, President and CEO of Goldplay, who has reviewed and approved its contents.
To view drill hole location map and longitudinal section from this news release, please click the following link:
Historical Drill Holes Location Map San Marcial
Longitudinal Section San Marcial
About Goldplay Exploration Ltd.
Goldplay owns a >250 sq. km exploration portfolio in the historical Rosario Mining District, Sinaloa, Mexico. Goldplay’s current exploration focus includes surface exploration and drilling, with a resource update to follow at the advanced-stage San Marcial Project and follow up exploration program at the El Habal Project.
The San Marcial land package consists of 1,250 ha, located south of the La Rastra and Plomosas historical mines and 20 km from the Company’s 100% owned El Habal Project in the Rosario Mining District, Sinaloa, Mexico. San Marcial is an attractive, near-surface high-grade silver, lead and zinc project for which a historical resource estimate has been previously disclosed.
San Marcial exhibits significant exploration upside supported by regional exploration programs completed by previous operators who identified 14 exploration targets similar to San Marcial within its 100% Goldplay-owned concessions. Some of these exploration targets consist of old shallow pits, caved shafts and historical underground workings in areas with extensive hydrothermal alteration, hosted by major regional structures.
The El Habal Project is a drilling stage project with an ongoing drill program. The oxidized gold mineralized zone outcrops along a series of rolling hills with evidence of historical shallow underground mining along a 6 km long prospective corridor. The El Habal Project is located near the historical gold-silver Rosario Mine which reportedly operated for over 250 years. Goldplay’s team has over 30 years of experience with senior roles in exploration, financing, and development in the mining industry, including over ten years of extensive exploration experience in the Rosario Mining District, leading to previous successful discoveries. A current NI 43-101 report on the El Habal Project is filed on SEDAR.
Disclaimer for Forward-Looking Information
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE GOLDPLAY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
Mr. Marcio Fonseca,
P. Geo, President & CEO
Goldplay Exploration Ltd.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.
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SOURCE Goldplay Exploration Ltd
For further information: +1 (604) 202 31 55, Email: info@goldplayexploration.com, Website: www.goldplayexploration.com, 999 West Hastings Street, Suite 900, Vancouver, British Columbia V6C 2W2