Goldplay Exploration Ltd. (TSXV: GPLY, FRANKFURT: 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 | True | Grade Ag (g/t) | Grade Pb % | Grade % |
T-002 | 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.
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SOURCE Goldplay Exploration Ltd
For further information: +1 (604) 202 3155, Email: info@goldplayexploration.com