Goldplay Exploration Ltd. (TSXV: GPLY, FRANKFURT: GPE, OTCQB: GLYXF) (“Goldplay” or the “Company”) is pleased to announce that a broad high grade gold (Au) zone has been encountered, on surface, at the Nava Target, 300 m along strike, west of the original gold bearing Nava trenches at the San Marcial Project, Sinaloa, Mexico, as recently announced (see News Release dated 16 April 2019).
High grade gold results of up to 10 g/t Au from previous channel sampling in shallow historical underground tunnels at the Nava discovery have been followed up by high grade gold in surface channel sampling along strike, up to 9 g/t Au, suggesting the possibility of a significant expansion to the size of the Nava Target and defining an immediate drilling target.
The Nava gold discovery is located approximately 1.5 kilometres to the west (Figure 1) of the San Marcial NI 43-101 resource (see News Release dated 7 February 2019), supporting an attractive gold-silver mineralized corridor for discoveries and potential resource expansion within the San Marcial Project. The Nava discovery is a wide zone with pervasive hydrothermal alteration (silicification + hematite), at least 500 meters long x 100 m wide (Figure 2), hosting banded quartz veining and stockwork mineralization.
A broad 42 m (31 m true thickness) wide gold mineralized zone was intersected in the latest surface channel sampling program at trench SMtr-020 – including 24 m at 2.1 g/t Au, 5 m at 4.0 g/t Au and an additional 5m zone at 3.5 g/t Au (Table 1). Figure 3 displays the continuity and consistency of gold grades, up to 9 g/t Au, within the main 24 m interval of the channel and a lower grade halo immediately on the footwall of the mineralize zone.
The discovery of this new gold mineralized channel opens up the possibility of connecting the mineralized zone previously discovered at SMtr-003 with SMtr-020 with still significant exploration potential for discovery of new gold mineralization along the strike in the Nava target.
Goldplay President and CEO Marcio Fonseca commented, “A high grade gold zone containing 24 m at 2.11 g/t Au, has provided the Company with encouragement that the Nava target could host a significant body of gold mineralization in a low sulphidation epithermal system. Located west of the previous Nava trenches, it opens up a large unexplored area between the trenches and along strike for additional exploration potential for new discoveries in the San Marcial Project. The drilling program in progress will test below these two Nava target areas for depth continuity and additional understanding of the mineralized system.”
Table 1 Nava Zone – Gold results from Trench SMtr-020
Trench | From (m) | To (m) | Sample Length (m) | True Thickness (m) | Grade Au (g/t) | Cut-off grade Au (g/t) |
SMtr-020 | 7.0 | 8.0 | 1.0 | * | 0.4 | 0.1 |
12.0 | 16.0 | 4.0 | * | 0.2 | 0.1 | |
20.0 | 28.0 | 8.0 | * | 0.2 | 0.1 | |
49.0 | 102.0 | 53.0 | * | Not sampled | ||
and | 124.0 | 148.0 | 24.0 | 17.7 | 2.1 | 0.1 |
including | 124.0 | 129.0 | 5.0 | 3.7 | 4.0 | 2.0 |
and | 132.0 | 133.0 | 1.0 | 0.8 | 5.5 | 2.0 |
and | 143.0 | 148.0 | 5.0 | 3.7 | 3.5 | 2.0 |
148.0 | 166.0 | 18.0 | 13.3 | 0.2 | 0.1 |
Channel lengths are measured along each trench commencing at the northern end. True thickness from 120m to end of trench estimated based on interpreted orientation of host geology. 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 to define the broad, mineralized zone and 0.5g/t for the wide gold intersection of 24 m @ 2.1 g/t Au
The Nava Zone consists of a set of NE trending gold mineralized epithermal quartz veins, as well as a zone of intense stockwork. The veins are interpreted to be in a low sulphidation regime and hosted within a porphyritic dacite and a lapilli tuff unit, in proximity to the contact between lapilli tuff and porphyritic dacite package (Figure 4). The most recent geological exploration in the San Marcial project are supporting the interpretation of possible dacitic dome-style mineralization in a typical low sulfidation epithermal system. The Nava Zone has no previous drilling.
As recently reported (see News Release dated 16 May 2019), Goldplay is progressing diamond drilling program at its San Marcial Project, including not only drilling in the vicinities of the resource area, aiming resource expansion, but also in the new discovered exploration targets. The company has planned two shallow diamond drill holes at Nava (Figure 2) to test, firstly below the high grade SMtr-020 trench and, secondly, to test depth extensions below the eastern zone which consists of mineralized trenches SMtr-002 and SMtr-003, and underground tunnels with grades previously reported up to 10 g/t Au.
Figure 4 shows a cross section of the first proposed drill hole at Nava and the interpreted extension of the mineralization below the SMtr-020 high grade gold trench, which Goldplay will drill test at a vertical depth of approximately 150 m.
The Company has placed a high priority on exploration activities at Nava following this gold discovery supported by 500 m strike length of gold mineralization associated with a pervasive alteration and intensive stockwork system. This defines a potential open pit target for future drilling and resource definition.
Geological mapping and additional surface channel sampling will be carried out to also test for extensions of the mineralization along strike to the ENE and WSW. The main objective is to define potential links with other targets to the north of Nava (3), such as Chachalaca (9) and Micuines (8) (Figure 5), which defines an exploration corridor of at least 2.5 km along the strike. The Company continues to advance surface exploration at other targets at the San Marcial Project as identified by soil and rock sampling in the exploration program completed in the first half of 2019.
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, a subsidiary of SGS Canada Inc, for sample preparation and assaying.
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. 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 regional exploration programs completed by previous operators who identified 14 exploration targets 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, with field and sampling evidence of 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.
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SOURCE Goldplay Exploration Ltd
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