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Goldplay Announces its 2019 Drilling Program at its San Marcial Project in Sinaloa, Mexico

Goldplay Exploration Ltd. (TSXV: GPLY, FRANKFURT: GPE, OTCQB: GLYXF) (“Goldplay” or the “Company”) is pleased to announce details of its 5,000 metre diamond core drilling program at the San Marcial Project (the “Project”) in the Rosario Mining District, Sinaloa, Mexico. The objective of the 2019 program will be three-fold: to expand the current NI 43-101 silver (“Ag”) resource by drilling the Faisanes target; to define a new gold (“Au”) resource at the Nava target;  and to investigate newly discovered zones along the Faisanes-Nava Corridor (Figure 1).

The drilling program will be comprised of two phases. During Phase I, approximately 5,000 metres of shallow drilling (250 m to 300 m) will be completed aiming to define shallow down dip and along strike continuity of mineralization already outlined by recently completed surface exploration and sampling programs. At the Faisanes target, the drilling will focus on wide intersections at surface located adjacent to the existing San Marcial resource area. It will investigate down dip and along strike extensions of high grade silver mineralization, including 56 m @ 196 g/t Ag (see News Release February 21, 2019), as well as mineralization recently identified in trenches along a strike length extending 600 m to the west of the San Marcial resource area (Figure 2). The 600 m long Faisanes target compares with the 500 m strike length of the San Marcial resource area, which represents an immediate opportunity for resource expansion.

At the Nava target, the recently discovered wide gold mineralization, 40 m @ 0.7 g/t Au (see News Release May 7, 2019), represents a low sulphidation epithermal system with a potential strike length of 500 m. The proposed shallow drilling program will investigate down dip and along strike continuity of the mineralization in the zone defined by Goldplay’s recent trenching (Figure 3), and later expand 400 m towards the western extension of the mineralized zone.

The Company anticipates drilling other highly prospective areas in the Faisanes-Nava Corridor where there is evidence of a favorable geological setting to host Au-Ag mineralized zones associated with old workings.

The Company is fully permitted to drill up to 69 drill holes and has obtained all land access and legal permits to carry out all exploration activities including drilling at the San Marcial Project. Subject to results of the Phase I drilling program described above, the company is anticipating further drilling in late 2019 and early 2020 with a Phase II drilling program. The Phase II will aim not only to expand the Au and Ag mineralization further down dip and along strike, but also to investigate eight exploration targets located along a 6 km trend outside of the 500 m long San Marcial resource area (Figure 4).

Goldplay President and CEO Marcio Fonseca commented, “Goldplay’s strategy for San Marcial is to achieve a material increase in the high-grade resources by drilling the new targets in the vicinity of the current resource over the next six months. The Company has built a robust and attractive high-grade silver, potentially open pit, project and the recent discovery of Au targets has transformed the San Marcial Project into a multi-commodity resource-development stage project. Our successful exploration program has enabled Goldplay to discover eight targets in a short period of time, making the San Marcial Project one of the most attractive projects in the Rosario Mining District. We look forward to moving forward with drilling and exploration with the goal of identifying significant tonnage of high-grade material which will continue to dramatically improve the attractiveness of the San Marcial Project.

The Company has engaged a drilling contractor to immediately commence drilling on the San Marcial property. This initial drilling program is expected to be for up to 5,000 meters at the newly discovered Faisanes and Nava targets. Subject to the approval of the TSX.V, the Company intends to issue common shares to the drilling contractor for the services provided in regard to this Phase I work program, with the number of shares and share price being determined at the market price at the time the work has been completed, in compliance with the policies of the TSX.V.

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 at the San Marcial Project, as well as a follow up exploration program in the 100% owned exploration portfolio. Goldplay is one largest concession holders in one of the most prolific mining districts in Mexico, controlling strategic concessions next to large gold and silver producers in Mexico.

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 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. 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.

SOURCE Goldplay Exploration Ltd

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

http://www.goldplayexploration.com/

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Jonathan Rubenstein and Derek White Appointed to Advisory Board

Goldplay Exploration Ltd. (TSXV: GPLY, FRANKFURT: GPE, OTCQB: GLYXF) (“Goldplay” or the “Company”) is pleased to announce the appointment of two highly regarded mining executives, Jonathan Rubenstein and Derek White, to the Company’s Advisory Board. The Company’s Advisory Board was created to bring in members with experience in business development, equity markets and the natural resource sector to advise the Company’s management and Board of Directors.

Jonathan Rubenstein

Mr. Rubenstein is Chairman of the Board of MAG Silver Corp. (TSX: MAG, NYSE A: MAG) and a professional director, currently also serving on the Boards of Roxgold Inc. (TSX: ROXG). Mr. Rubenstein’s career in the mining sector has included a wide range of functions for both junior and major mining companies, including managing public and private corporate activities, securities matters, and negotiating financings in Merger and Acquisitions transactions, totaling several billions of dollars in value. He has been directly involved with asset acquisitions, joint venture agreements, and other deals involving governments, regulators, banks, and local populations. He has played key roles on Special Committees, dealing with corporate, commercial and strategic matters, corporate planning and structuring, contract negotiation and management, litigation and arbitration, and regulatory compliance management. Mr. Rubenstein holds a Bachelor of Arts degree from Oakland University and a LL.B. from the University of British Columbia. He practiced law until 1994 and was a senior officer in several mining companies until late 2005. Mr. Rubenstein obtained his Accredited Director designation in 2011 and has also been a member of the Institute of Corporate Directors since 2011.

Derek White

Derek White is President & CEO of Ascot Resources Ltd. (TSX-V: AOT) and has over 30 years of experience in the mining and metals industry. He holds a degree in Geological Engineering from the University of British Columbia and is also a Chartered Professional Accountant. Prior to joining Ascot Resources Ltd., Mr. White was the Principal of Traxys Capital Partners LLP, a private equity firm specializing in the mining and minerals sectors. Mr. White was President and CEO of KGHM International Ltd. from 2012 to 2015, and also held the positions of Executive Vice President, Business Development and Chief Financial Officer of Quadra FNX Mining Ltd. from 2004 to 2012. Mr. White has held executive positions with International Vision Direct Ltd., BHP-Billiton Plc, Billiton International Metals BV and Impala Platinum Ltd., in Vancouver, Toronto, London, The Hague, and Johannesburg. Mr. White is also an ICSA Accredited Director.

Both Mr. Rubenstein and Mr. White commented “We are very excited to become involved with Marcio and his team on Goldplay’s current projects in Mexico, and to further the Company’s vision to become a consolidator of the multi-million ounce historic Rosario Mining District in Mexico“.

Goldplay President and CEO Marcio Fonseca commented “Goldplay is thrilled to have Mr. Rubenstein and Mr. White join our Advisory Board. Both individuals are highly respected executives in the resource industry bringing invaluable experience in the sector, public markets and corporate development, to accelerate Goldplay’s growth”

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 at the San Marcial Project, becoming an emerging consolidator in a multi-million ounce historic mining district in Mexico. Goldplay is one largest concession holders in one of the most prolific mining districts in Mexico, controlling strategic concessions next to large gold and silver producers in Mexico.

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 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. 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.

SOURCE Goldplay Exploration Ltd

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

http://www.goldplayexploration.com/

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Surface Channel Sampling at Nava Zone Returns Wide Gold Intersection 40 m at 0.7 g/t Au Including 6.0 m @1.9 g/t Au

Goldplay Exploration Ltd. (TSXV: GPLY, FRANKFURT: GPE, OTCQB: GLYXF) (“Goldplay” or the “Company”) is pleased to announce wide gold intersections in the Company’s first two surface trenches sampled to confirm the continuity and geometry of the low sulphidation epithermal gold mineralization that returned previously up to 10 g/t Au from channel sampling in underground tunnels at the Nava Zone discovery (see News Release dated 16 April 2019).

The Nava gold (Au) discovery is located approximately 1.5 kilometres to the west (Figure 1) of the San Marcial NI 43-101 silver resource (see News Release dated 7 February 2019), supporting an attractive mineralized corridor for discoveries and potential resource expansion within the San Marcial Project. The Nava discovery is a zone with pervasive hydrothermal alteration (silicification + hematite), at least 500 meters long x 100 m wide, hosting banded quartz veining and stockwork mineralization.

Wide zones (up to 1.5 g/t Au) of oxide material were encountered in both trenches, as characterized by a 13 m interval averaging 1.17 g/t Au in SMtr-003 (Table 1). Locally, there are high grade 1 m intervals supporting an attractive low sulphidation epithermal system. Some of the assayed 1m intervals have returned up to 3.14 g/t Au in SMtr-002 and 4.28 g/t Au in SMtr-003 – this latter result falling within a 4 m interval at 2.41 g/t Au.

The continuity of gold mineralization supported by continuous channel sample results allied with favorable geological setting indicates high exploration potential for gold over a wide area in the Nava zone measuring 600 m along strike and 40 m wide (Figure 2). This is demonstrated by SMtr-003, where the entire 40 m length of the trench averaged 0.70 g/t Au (Figure 3).

Goldplay President and CEO Marcio Fonseca commented, “The Nava Zone, located to the west of the San Marcial resource, is shaping up to be a potentially significant low sulphidation epithermal gold target. Geological mapping and geochemical data indicate evidence of gold mineralization at the upper portion of a large low sulphidation epithermal system, opening opportunities for upcoming drilling to delineate future areas for resource definition. In addition , the presence of high-grade individual results in wide mineralized zone and presence of visible gold as recently announced from channel sampling in historical tunnels at Nava, encourages the Company to continue exploration at Nava.

Although still in the early stages of discovery, the Nava Zone has the potential to make the San Marcial Project a true multi-commodity project, adding opportunity to expand resource to the already defined high grade silver NI 43.101 resource. The strike length of the current NI.43,101 resource zone is 500 m, hosting 36 million ounces of Ageq (“Indicated”) and 11 million ounces of Ageq ( Inferred), ( San Marcial Project, Resource Estimation and Technical Report, February 07, 2019, Todd Mcccraken, P.Geo, Marcelo Filipov, P.Geo ). The Company has been successful due to exploration potential at the San Marcial Project to materially increase the resource in a short period of time and it is continuing surface exploration program along the remainder of the 1.5 km mineralized corridor west of the NI 43.101 resource area connecting Faisanes and Nava Zones (“Faisanes-Nava corridor”). Recent surface exploration results have provided field evidence that support there is a continuous structural mineralized trend of a total strike length of at least 4.0 km, including the current NI 43.101 resource area , Faisanes– Nava Corridor and recently defined exploration targets to the east of the current NI 43.101 resource area”.

Table 1 Nava Zone – Gold results from Trenches SMtr-002 and SMtr-003

Trench

From (m)

To (m)

True Thickness
(m)

Grade Au
(g/t)

Cut-off grade
Au (g/t)

SMtr-002

24.0

41.0

17.0

0.49

0.2

including

26.0

30.0

4.0

1.07

0.5

44.0

56.0

12.0

0.62

0.2

Including

49.0

50.0

1.0

3.14

1.0

and

55.0

56.0

1.0

1.26

1.0

SMtr-003

0.0

40.0

40.0

0.70

0.2

0.0

13.0

13.0

1.17

0.2

including

5.0

13.0

8.0

1.62

0.5

including

7.0

13.0

6.0

1.91

1.0

34.0

38.0

4.0

2.41

0.5

including

34.0

37.0

3.0

3.03

1.0

Channel lengths are measured along each trench commencing at the southern end. Channel thickness is estimated to approximate true thickness as the orientation of the mineralization is perpendicular to the trenches and sub-vertical. All numbers are rounded. Mineralized zones are calculated allowing for maximum 1 m of internal waste, using the stated cut-off grades.

The Nava Zone consists of a set of NE trending mineralized quartz veins, as well as a zone of intense stockwork (Figure 2). The veins are interpreted to be in a low sulphidation regime and hosted within a porphyritic dacite and an andesitic tuff unit, in proximity to the contact with an underlying dacite-rhyolite volcanic package (Figure 4). The geological setting supports presence of Dacite domes in a typical low sulfidation epithermal system. The Nava Zone has no previous drilling.

The Company has placed a high priority on exploration activities in the Nava Zone following this  gold discovery supported by 600 m strike length and wide  width of gold mineralization allied with a  pervasive alteration & intensive stockwork system. This  defines potential open pit target for future drilling & resource definition.

Geological mapping and additional channel sampling will be carried out to also test for extensions of the mineralization along strike to the NE and SW. This exploration program will  also include the stockwork zone located 300m to the west of the tunnels (Figure 2). It is anticipated that the current activities will lead to a preliminary drilling program to test the depth continuity of the gold mineralization at Nava.

The Company continues to advance surface exploration at other targets at the San Marcial Project as identified by soil and rock sampling (News Release dated 18 January 2019). These targets, including Faisanes, which is adjacent to the NI 43 101 Mineral Resource, representing immediate opportunity for additional resource expansion. Goldplay has already received drilling permits to advance a significant drilling program in 2019 and fully authorized by local communities (“Ejido”) to carry out all exploration activities in the San Marcial Project.

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.

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 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 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. 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.

SOURCE Goldplay Exploration Ltd

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

http://www.goldplayexploration.com/

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Newmont-Goldcorp suspends Penasquito Mine in Mexico

Production at the Penasquito Mine, which produced more than a 500,000 ounces of gold and 25 million ounces of silver in a single year has been suspended dues to water concerns.

When you are looking at a potential mine it is not enough that there is a resource in the ground, you have to be aware of the infrastructure and the other resources required to extract and process the ore. In the case of the open pit at Penasquito, in 2017, it took 7.9 billion gallons of water operate the mine. Three times the original estimate.

read more at SRSrocco Report 

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Bayhorse Silver Q&A

  1. What is the relationship between Mineral Solutions and Bayhorse Silver?

Currently, we operate under a letter agreement that establishes a working relationship. This gives us the ability to do longer-term planning for the concentrate we produce. We work very closely with Mineral Solutions and provide them with the material they need to optimize and expand their process. Very much a win/win

  1. Does the Mineral Solutions process work with lower grade material?

Yes, it does. But like any process, there must be a cost/benefit analysis done to see whether it is cost effective at lower grades. It is the same as producing concentrates for smelters. The higher the concentrate grade, the lower the cost per ounce. We conduct a cost benefit analysis on everything we do. Rick Low, our CFO, has substantial practical experience, as the past CFO of a producing mining company. He runs the numbers on everything to ensure we are not deluding ourselves on the costs.

  1. How much money does Bayhorse save by processing locally rather than sending material to overseas smelters?

For a start, we save shipping. We have been quoted US$4,000 per 20 foot container load to ship to smelters in China. The maximum container weight is 20 ton. We were proposing direct shipping grade of approximate 150-200 ounces a ton, so the gross ounces shipped would have been 3,000 to 4,000 ounces per container load. Shipping cost per ounce between $1.00 to $1.34 per ounce. By comparison, Coeur D’Alene Idaho is approximately 370 miles and 8 hours (going at 50 mph average). A far cry from shipping to China, over 6,000 miles away and, assuming a timely shipment, two to three weeks for delivery at a minimum.

Then we have the refining charge, that is between $1.00 and $2.00 per ounce. At the top end including shipping, that would be as much as $3.34 per ounce.

But what really kills you is “the payout”. We were quoted payouts from a low as 76% to up to 81%, (including VAT) depending on the grade per ton. Smelters run up the Jolly Roger when they see a miner looking to sell/process/refine precious metals. The smelters can hold you to ransom. At the current spot price of Silver, $15.00, a payout of 76% is $11.40. 81% is $12.15.

So you get paid, say, $11.40 and you have to cover shipping and refining of $3.34, you would be lucky to break even . Of course, as the spot price silver goes up, the picture gets rosier, but shareholders want now, not tomorrow, and we want to operate profitably, not at a loss.

Mineral Solutions gives us the capacity to process and refine a few hours down the road at a reasonable fixed price per ton.

  1. Can you give us a timeline on how soon Bayhorse will be able to ship a significant quantity of silver concentrate to Mineral Solutions?

We are already shipping silver concentrate to Mineral Solutions. We will be shipping in greater quantities when we’ve installed additional gravity concentration equipment and when Mineral Solutions has increased its leaching capacity which they are doing right now.

  1. Do you have buyers for your .9999 grade silver? If so, how much can you sell?

Yes. As we produce refined .9999 fine silver, selling it is probably our easiest task. We can sell all we produce, to any mint, or even retailers, or individuals, in bar form. Bulk sales are of course easier for us.

As an example, Liberty Refiners, which is in a Joint Venture with Mineral Solutions, supplies the Sunshine Mint, also located in the Silver Valley of Idaho, with refined silver and gold. Even in this depressed precious metals market, Sunshine mints approximately 1 million ounces a week of refined silver. They source the silver from many refiners, including Liberty, and deliver minted  silver and gold blanks to entities such as the US Mint, and the Canadian Mint. They also do custom minting. If Sunshine buys our silver, that would be at spot, as they do not have to pay for shipping and insurance on any silver they purchase from us, because Liberty Refiners is located so close. Just like popping down to the corner store, so to speak.

  1. We understand that there are other metals contained in the Bayhorse Silver deposit. Can Mineral Solutions recover those metals?

They can, but that requires additional processes that have yet to be set up. Silver can be removed from the concentrate and refined quickly and efficiently. The next set up will be copper, that is the next easiest to separate. After that, once again, the cost/benefit analysis comes into play.

  1. How do you see things playing out over the next few months?

The precious metals market has been in a prolonged slump for over four years. Every little uptick that has occurred has been met with optimism, has been dashed to pieces, as the downturn has gone on. Every prognosticator says it will get better, and silver cannot stay at 85:1 with gold, but they aren’t miners. We have to deal with the real world as it is.

Low prices are the cure for low prices. Bayhorse has been bargain hunting for months to identify a property that will help us add greater value to the Company. We have found such a property in Brandywine, at what we believe is a bargain price.

With Brandywine we have added a gold and silver project with substantial exploration data, along with historic mining data. Brandywine balances our existing Bayhorse Silver Mine. It is easy to get to, and compared to many other company’s projects, relatively inexpensive to explore and support and, because it is in Canada, it is eligible for flow through funds.

So, we will raise flow through funds to explore Brandywine and we’ll keep mining, concentrating and shipping silver material from the Bayhorse.

 

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Goldplay Discovers New Gold Zone At San Marcial In Low

Goldplay Exploration Ltd. (TSXV: GPLY, FRANKFURT: GPE, OTCQB: GLYXF) (“Goldplay” or the “Company”) is pleased to announce that as a result of its ongoing surface exploration at the San Marcial Project, initial channel  samples indicate a new gold (Au) discovery the Nava Target. The new gold discovery is located approximately 1.5 kilometres to the west of the San Marcial silver NI 43 101 resource (see News Release dated 7 February 2019), within an area currently showing an extensive hydrothermal altered zone, 500 meters long x 100 m wide, hosting low sulphidation intensive quartz veining and stockwork mineralization..

Recent and historical artisanal tunnels in the Nava Zone were channel sampled by Goldplay, with assay results up to 10 grams per tonne (g/t) Au received from a set of sub-parallel quartz low sulphidation epithermal veins. Visible gold has been observed in panned quartz vein samples from some of the channel samples in the Nava Zone (Figure 1). The Nava Zone is one of the priority targets that was identified by Goldplay earlier this year (see News Release dated 18 January 2019) and is located at the western extent of the Faisanes-Nava structural trend (“Faisanes – Nava Corridor”) which leads from the San Marcial silver resource (Figure 2).

The Nava Zone consists of a prominent hill with historical artisanal workings, including numerous shallow pits. In addition to the pits, three old tunnels, that follow a series of sub parallel NE-SW trending quartz veins, were re-opened (Figure 3). Two of the tunnels have been worked recently by artisanal miners, extracting gold-rich quartz vein material. These two of the tunnels are on the west side of the hill (T-003 and T-004), located approximately 30 m apart, with evidence of not only quartz veining but also stockwork systems between them. The third tunnel (T-005) is on the east side of the hill approximately 160 m away, along the NE strike of the veins, with evidence of connection with T-004. Shallow pits are scattered in the area between the tunnels, demonstrating potential for definition of wide mineralized zones on surface.

Goldplay President and CEO Marcio Fonseca commented, “Over the past months Goldplay has actively explored the 1,250 ha of the San Marcial concession with soil, rock chip and channel sampling, identifying and testing targets that will add value to the San Marcial silver resource, by expanding or discovering new mineralized zones. High grade gold results with visible (panned) gold from epithermal quartz veins within artisanal tunnels in the Nava Zone provide encouragement for a gold mineralized low sulphidation epithermal system, just 1.5 km west of the high-grade hydrothermal breccia-hosted silver resource. The new Nava Zone gold discovery suggests that the San Marcial Project has potential to be a significant multi-commodity play, with proven occurrence of gold and silver mineralization together with series of old artisanal mine workings on the Faisanes – Nava Corridor. We are focused on additional sampling and trenching at Nava to define the extent and geometry of the gold mineralization, on surface, and identify targets to follow up with drilling.”

The Nava Zone consists of a set of NE trending mineralized quartz veins, as well as a recently discovered new zone of intense stockwork and associated alteration located approximately 300m to the west (Figure 3). The veins are interpreted to be in a low sulphidation regime and hosted within a porphyritic dacite and an andesitic tuff unit, in proximity to the contact with an underlying epiclastic volcanic package (Figure 4). The Nava Zone has no previous drilling.

Results range from 1.04 g/t up to 10.0 g/t Au from channel sampling across quartz vein material in the tunnels (Table 1 and Figure 4).

Channel samples from the Nava tunnels were collected with a rock saw, typically perpendicular to the strike of the major structures/veins being tested. The samples were sent to the SGS de México, S.A. de C.V laboratory facilities in Durango, Mexico where they were analyzed for gold using fire assay, and multi-elements (including silver) using ICP. Results from the other elements analyzed in the laboratory process are currently being reviewed.

Follow up Exploration

The Company has placed a high priority on exploration activities in the Nava Zone following this recent new gold discovery. Current exploration activities include surface trenching to expose the mineralized veins as well as local quartz stockwork material (Figure 5), particularly in the main hill area in between trenches T-003 and T-004 on the west, and T-005 on the east side. This area has numerous historical surface pits. Geological mapping and additional channel sampling will be carried out to also test for extensions of the mineralization along strike to the NE and SW. This current exploration also includes the stockwork zone located 300m to the west of the tunnels (Figure 3). It is anticipated that the current activities will lead to definition of drill targets to test the depth continuity of the gold mineralization at Nava.

The Company continues to advance surface exploration at other targets on the San Marcial Project as identified by soil and rock sampling (News Release dated 18 January 2019). These targets, including Faisanes, are yet to be drilled and are located in the vicinity of the NI 43 101  Mineral Resource. Goldplay has already received drilling permits to advance a significant drilling program in 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, 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.

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 exploration focus includes surface exploration and drilling, to expand resources 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 project for which a NI 43-101 resource estimate was completed by Goldplay in early 2019.

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. 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.

SOURCE Goldplay Exploration Ltd

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

 

 

 

 

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Mineralogy Studies Show Free Gold, Free Silver, Sulphide Gold and Silver, and Alloy Gold and Silver at the La Victoria Gold Silver Project, Ancash, Peru

Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“ELO” or the “Corporation”) is pleased to announce results of detailed mineral determination studies from representative rock samples collected from three mineralized sectors at the La Victoria Gold/Silver Project. The studies confirm free gold, free silver, sulphide gold and silver, and alloy gold and silver occur in a complex suite of sulphide mineralization at La Victoria, as suggested from drill data (see Press Release March 10, 2019).

A total of eighteen samples from Rufina, San Markito and Victoria sectors were studied using a variety of methods including; Polarizing and Scanning Electron Microscopy, Electron Microprobe analysis, X-ray Diffraction, Synchrotron X-ray Fluorescence (SXRF) and SXR Absorption Near Edge Structure.The samples were sent to the Department of Earth Sciences at Western University, London, Ontario, Canada. Studies were overseen by Department Director Dr. Neil Banerjee, and included in a Master’s Thesis by Ms. Kelsey Rozon.

As Ms. Rozon notes (2018, p83), “La Victoria also has some common minerals with nearby high-sulphidation epithermal deposits found at La Arena, Lagunas Norte, and Shahuindo including: arsenopyrite, chalcopyrite, covellite, enargite, pyrite and silica with alunite-dickite. Additional minerals that La Victoria has in common with nearby gold-bearing deposits include galena, jarosite, pyrophyllite, scorodite, sericite, sphalerite, and tetrahedrite.”

Rozon (2018, pp78-81) notes the positions of the samples used in these studies relative to an overprinting of a porphyry copper intrusion marked by the intensity and style of mineralization and alteration. Most of the data comes from the Rufina sector, for which a porphyry copper intrusive is evidenced in the core logs with pyrite and chalcopyrite and sporadic covellite. Rozon notes four separate positions to which the samples belong, including “marginal to a copper porphyry but below the lithocap [at both shallow and deep crustal levels]”; “upper portion of a porphyry copper core zone at a shallow crustal level”; and “upper portion of a porphyry copper deposit.”

Based on these insights, Eloro  is going to return to the core storage unit to study the diamond drill core for the types of alteration noted in Rozon (2018) in the context of the mapping works completed by Dr. Osvaldo Arce in 2016 (see News Release October 19, 2016).

Study Results

The Rufina sector samples showed sulphide veins to overprint at least two episodes of quartz veining in a source rock of quartz monzonite. Microscopic gold occurred with the sulphide veins near arsenopyrite and chalcopyrite (Rozon, 2019, p39). Electron microprobe testing revealed a variety of minerals, including electrum (a mix of gold and silver) found in scorodite (a hydrous iron arsenate from the oxidation of arsenopyrite). X-Ray Fluorescence (SXRF) analysis showed the presence of gold with common base metals and common crustal metals. The gold is dispersed in both arsenopyrite and scorodite.

The San Markito samples were selected and analysed to compare different intrusive phases. Granites and related intrusives were seen with phyllic alteration and advanced argillic alteration in quartz veins with small sulphide veins appearing as a cross-cutting stage. The electron microprobe revealed roughly the same suite of minerals as the Rufina samples, but that silver was in the mineral argentite, which was present as individual grains and within the nearby minerals scorodite and arsenopyrite.  Enargite, a classic indicator mineral for epithermal gold mineralization, was also noted in the samples.

The Victoria sector samples included four with quartz veins, two with sulphide veins, and two granite/monzogranite samples. Veins were seen with phyllic and advanced argillic alteration, indicating potential copper porphyry synergies. Gold was found in the sulphide veins, granular in character, and associated with arsenopyrite and chalcopyrite. The electron microprobe revealed a wide suite of gold and silver bearing minerals including; native gold, argentite, acanthite, argentojarosite, titanite, and tetrahedrite. Free gold is present within arsenopyrite and associated in proximity to other minor minerals. Rozon notes (2018, p52) that “the free gold is granular and microscopic, while the electrum is granular, fibrous, and microscopic”. An analysis of the gold/silver rations in electrum gave values of between 2 gold: 1 silver to 16 gold: 1 silver. The analysis notes the presence of maldonite, an alloy of gold and bismuth analogous to electrum, the alloy of gold and silver. The SXRF data confirmed that gold is associated with arsenopyrite and scorodite as in other samples.

The Synchrotron X-Ray Near-Edge Absorption study was completed on several samples where free gold had been identified in other tests in order to show the valence state of gold. If the gold has zero valence, it is native gold. Samples showed this to be conclusively the case at the Rufina and Victoria South Sectors; San Markito was not tested.

These studies demonstrate the occurrence of free gold and free silver in addition to sulphide hosted gold and silver as well as lesser amounts of alloyed gold and silver in mineralization at La Victoria.

Eloro CEO Mr. Tom Larsen noted, “These studies clearly reveal the variety of gold and silver at La Victoria and where it is located, including evidence for a copper porphyry. It is especially exciting to see free gold and free silver at La Victoria as well as the alloys with very high gold to silver contents. We are now going to take several specific high-gold and high-silver samples and complete grind size and liberation testing. Now that we know how the gold and silver occur in these samples, we can look at optimizing a recovery process.”

Eloro SVP Mining Mr. Jim Steel MBA P.Geo., said, “Other than minor occurrences of electrum and maldonite gold and silver do not occur in solid solution. We are cautiously optimistic that the pitted and fractured nature of the arsenopyrite and scorodite will allow the gold to be liberated at a coarse grind.”

Also, Dr. Bill Pearson, P.Geo. has stepped down from the position of President of Eloro Resources Ltd. The Corporation thanks Dr. Pearson and wishes him well.

Qualified Person

Jim Steel MBA P.Geo., a Qualified Person in the context of National Instrument 43-101, has read and approved the technical content of this News Release.

Cited Reference

Rozon, K. 2018. Geochemical Analysis of a Low-Sulphidation Epithermal Deposit on the La Victoria Property in the Ancash Department of the Republic of Peru. Unpublished Master’s Thesis, The Department of Earth Sciences, University of Western Ontario, London, Ontario, pp39-83.

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 (EHR Resources Ltd 18%) 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, with largely the same mineralogy in similar stratigraphy. 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 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.

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Eloro Resources Intersects 0.62 g/t Gold over 59.9m in Reanalysis of 2017-2018 La Victoria Drilling Results

Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro” or the “Company”) is pleased to announce drill results from the La Victoria Project diamond drill program that arise from a detailed in-house scientific analysis of the La Victoria Gold/Silver Project (“La Victoria”), upon which a two-phase diamond drilling project was recently completed.  The reanalysis was done as part of an internal QA/QC audit from 4,216m in 12 diamond drill holes. The audit is being done by Jim Steel, MBA, P.Geo., who is assuming the role of Eloro Senior VP Mining and Qualified Person (“QP”) for continued works on the La Victoria project and Mr. Alex Horvath, P.Eng., a QP in resource modelling and development who will assume the role of Chief Technical Advisor while continuing to serve as a Director for Eloro.

The Company believes that the results herein described are sufficiently compelling so as to consider additional exploration on the La Victoria project. To that end, the Company is proceeding with an internal resource modelling exercise of the reinterpreted data.

Results of Data Reanalysis

The highest grade sample taken from the La Victoria project assayed 63.8 g/t gold, 57.7 g/t silver, and 0.77% copper, with >1% arsenic (see News Release August 12, 2015). Hand samples showed a preponderance of arsenopyrite, which could be the source of the gold. A complete statistical analysis was done on the drill results and a stronger correlation was found between gold and arsenic than was found between gold and silver. No correlation was found between gold and iron or sulphur, which suggests pyrite is not mineralized with gold.

Plotting anomalous arsenopyrite ranges in the drill hole assay data shows that there are at least three principal mineralized bands at the Rufina West target that correlate between drill holes, having been confirmed by holes in both east and west directions. Data suggests a subvertical orientation to the zones, similar to the structural orientation of mineralized fractures seen in surface mapping and sampling on the Rufina West sector (see News Release April 4, 2018). Mineralization is dominantly found in hydrothermal breccias at La Victoria, as in the nearby Shahuindo Gold Deposit, owned by Pan American Silver Corp., where a similar arsenic/gold relationship defines part of the suite of mineralization.

Strongly anomalous arsenopyrite values correlate with enhanced gold values over a 109m vertical range, from approximately 3136m to approximately 3245m in the drill results. This is the same elevation range as the surface samples collected in 2015 and 2016 from the Rufina West mapping and sampling programs. Integration of these data suggest that this range is the primary mineralized zone (“boiling zone”), characteristic of epithermal gold deposits and targeted in the drill program.

The following tables of intersections are based on defined ranges of arsenopyrite content and show the elevations of each intersection, in bold if found within the target zone of 3136m to 3245m. The lower grade intersections further demonstrate the strong arsenopyrite-gold association and provide important data for vectoring into high grade zones. Data concerning drill holes are found in the original news releases, referenced in the tables.

Hole NoAu (g/t)From (m)To (m)Interval (m)Elevations (m)Originally Reported
ERU-010.5422.536.013.53312m-3321mNews Release 16 Jan 2018
ERU-010.3585.091.06.03197m-3201mNews Release 16 Jan 2018
ERU-020.1465.670.44.83284m-3287mNews Release 16 Jan 2018
ERU-020.62162.1222.059.93167m-3213mNews Release 16 Jan 2018

The 59.9m intersection in hole ERU-02 contains two adjacent high-arsenopyrite intervals.

Hole NoAu (g/t)From (m)To (m)Interval (m)Elevations (m)Originally Reported
ERU-030.6861.683.321.83235m-3250mNews Release 16 Jan 2018
ERU-030.5189.595.56.03264m-3269mNews Release 16 Jan 2018
ERU-041.60145.6152.67.03182m-3187mNews Release 16 Jan 2018
ERU-05Note 1 

ERU-03 was drilled to the east into an area with no knowledge of surface mineralization. It tested a geophysical anomaly which was explained by the same arsenopyrite/gold relationship within the same elevation range as seen in the western drill holes.

Note 1: ERU-05 was a short exploration hole drilled to test the same geophysical conductor as were ERU-01 and ERU-02. The only intersection was 0.25 g/t over 2.0m from 141.0m to 143.0m downhole.

Hole NoAu (g/t)From (m)To (m)Interval (m)Elevations (m)Originally Reported
ERU-060.16253.0256.74.03046m-3048mNews Release 6 Jun 2018
ERU-070.342.05.73.73362m-3364mNews Release 6 Jun 2018
ERU-070.2151.259.78.53320m-3326mNews Release 6 Jun 2018
ERU-070.2986.789.42.73298m-3299mNews Release 6 Jun 2018
ERU-070.35135.7140.75.03258m-3261mNews Release 6 Jun 2018
ERU-070.24235.2239.74.53182m-3185mNews Release 6 Jun 2018
ERU-070.40270.7275.76.03155m-3158mNews Release 6 Jun 2018

ERU-06 was drilled across the main body of Rufina surface mineralization and collared within the target stratigraphy. The interval noted corresponds vertically to a surface sample of 46.4 g/t gold over 0.3m taken in 2011 and a surface value of 20.4 g/t gold over 0.4m taken in 2010. Other than this interval there were several point values of elevated arsenopyrite with gold above 0.5 g/t.

ERU-07 and ERU-08 were reconnaissance exploration holes, drilled significantly stratigraphically higher than the other holes and directed into interbedded sediments and intrusives. The arsenopyrite/gold relationship was seen in several intersections in ERU-07 and with ERU-08 showing point values of gold above 0.2 g/t with higher calculated arsenopyrite values.

Hole NoAu (g/t)From (m)To (m)Interval (m)Elevations (m)Originally Reported
ERU-09A0.33149.8160.811.03171m-3179mNews Release 6 Jun 2018
ERU-09A0.41171.0173.82.83161m-3163mNews Release 6 Jun 2018
ERU-09A0.70208.8211.85.03132m-3133mNews Release 6 Jun 2018
ERU-09A0.34241.3244.33.03107m-3109mNews Release 6 Jun 2018
ERU-100.5399.0110.011.03188m-3195mNews Release 18 Aug 2018
ERU-100.33336.0339.03.03012m-3014mNews Release 18 Aug 2018
ERU-100.31366.0369.33.02989m-2992mNews Release 18 Aug 2018
ERU-110.5173.389.616.33150m-3160mNews Release 18 Aug 2018
ERU-120.31154.9161.76.83073m-3075mNews Release 18 Aug 2018

Eloro CEO Mr. Tom Larsen said, “It is very encouraging to see that the drill results show a continuous block of mineralization with gold values that may stand up to a block modelling exercise. Our reconnaissance drilling showed conclusively that there is a lot of potential at the La Victoria Gold/Silver Project. We are now going to step back and evaluate next steps while preparing for the San Markito target drill program.”

Eloro’s SVP Mining, Mr. Jim Steel, added, “We now know that one of the styles of gold mineralization is with arsenopyrite in discrete veins and that the greatest concentrations of gold are in three separate areas at Rufina. We will now go back through the sample database and select several representative gold-bearing units for initial metallurgical assessment, not just at Rufina but at all mineralized sectors that show high gold values.”

Qualified Person

Jim Steel, MBA, P.Geo., a Qualified Person in the context of National Instrument 43-101, has read and approved the technical content of this News Release.

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 Corp.’s La Arena Gold Mine and Shahuindo 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.

For further information please contact Thomas Larsen, Chairman and CEO of Eloro Resources Ltd. or 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.

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Goldplay Announces Positive Metallurgical Recoveries from Initial Test Work at San Marcial

Goldplay Exploration Ltd. (TSXV: GPLY, FRANKFURT: GPE, OTCQB: GLYXF) (“Goldplay” or the “Company”) is pleased to announce initial metallurgical results from test work on the San Marcial Project in Sinaloa, Mexico. Unoptimized results demonstrate that the high-grade silver mineralization at San Marcial is amenable to standard cyanidation processing with recoveries ranging from 82% to 92% silver.

The metallurgical test program was planned using sample comminution and processing criteria similar to standard operations which use a CCD-Merrill Crowe processing facility. The metallurgical test was carried out with 146 kg of drill core sample material, comprised of Breccia and Stockwork mineralization from the recently announced resource area (see News Release dated 7 February 2019). The samples also represent oxide, transition and sulphide zones distributed along the 500 m length of the resource, as well as down dip. Based on the high recoveries and amenability for a standard CCD–Merrill Crowe processing flowsheet, the Company has planned further metallurgical test work in 2019.

Goldplay President and CEO Marcio Fonseca commented, “These excellent metallurgical results represent another milestone completed at the San Marcial Silver Project, increasing the significance of this deposit as an emerging high grade potential open pit development with a standard leaching metallurgical flow sheet. The preliminary 96 hour bottle roll test work, encourage the company to pursue further metallurgical test work in 2019 with the objective to obtain more detailed information to support future engineering studies and further optimize the results”.

This initial metallurgical test work was completed by Base Metallurgical Laboratories (“Basemet”) in Kamloops, BC, Canada, with the following program:

  • 74 drill core samples selected at a wide range of locations inside the mineralized zone, at different elevations and coordinates, representing the oxide, transition and sulphide mineralized material, with a total of 146 kg, were delivered to Basemet.
  • Each group of samples was composited according to its location in the oxide, transition and sulphide zone, respectively, with test work carried out individually for each composite zone sample.
  • Comminution, mineralogy and preliminary leach tests were completed for all three composite samples.
  • Flotation optimization tests to investigate the production of a lead and zinc concentrate and settling tests have not been completed.
  • Optimized leach tests are currently ongoing.

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.

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 NI 43-101 resource estimate has recently been disclosed (see News Release dated 7 February 2019).

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. 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.

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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Q&A on Bayhorse First Silver Pour

The 37 ounce historic first pour is the first of many. What is in the pipeline right now and what can shareholders expect over the next few months?

Mineral Solutions is currently identifying the right particle size of the rock to get maximum recovery of the silver. They also want to do a combination of flotation and gravity work to get the highest concentrate grade to process through to refining, to achieve at least 98% plus recovery.

As we determine the exact grind particle size, we will change the configuration of the crushing grinding circuit to suit. Getting it right the first time is the difference between making it or breaking it, and many mines have had costly overruns by not getting this stage right. Just as we have had lots of very talented people get the mining right, we have extremely talented people doing the processing/refining stage. Better to be patient. This will not be done overnight.

We are looking to do a vertical integration of all the stages through to the final refining .9999 fine, or four nines. For comparison, LBMA good delivery bars are +/- 1,000 ounces and are only .999 fine, or three nines.

Due to the nuclear winter in the markets this past eight months that starved everyone of working capital, including Bayhorse, we did not get to the high-grade zones until late September. Which is why we are late getting all this work done. Mines take money before they make money.

Going forward,  Apex Geoscience will conduct the geological mapping and decide what we will mine first. While that is happening, we will put a new working drift into the Big Dog zone to enable bulk mining from two working faces, the Goldilocks and the Big Dog zones.

At the same time, subject to financing, of course, we will complete rearranging the primary and secondary crushing circuits, to speed them up and reduce identified bottlenecks. By the time that is finished, Minerals should have finished their work, and we should be well underway mining, processing and refining.

Does the Mineral Solution process allow the recovery of other metals in the Bayhorse Rock. What are those metals?

The Bayhorse mineralization is a polymetallic deposit, mainly Tetrahedrite, that is copper/silver, but also carries lead, zinc, and antimony as the minor metals. One of the problems with any refining process, is how to separate these minerals cost effectively. For Bayhorse mineralization, silver and copper are the primary metals and to refine them the rest have to be suppressed in the concentration stage.

This is why so many small mines have problems getting their concentrate to market. Smelters and refiners have almost disappeared in North America, with most now offshore. Every smelter has a primary metal that they process. For example, the Trail smelter primarily does zinc, with lead and silver. It does not do copper. Others do copper, silver, and gold, but not lead, zinc, and antimony. So, they either won’t take the ore, or charge an arm and a leg to the mine to get rid of what they call, “deleterious metals” that interfere with their recovery process.

So, we will probably get copper along with the silver, and try to defray the cost of getting rid of the lead, zinc, and antimony that will cause problems in the refining stage.

In terms of mining, have you identified a reasonable quantity of high-grade rock? What sorts of grades are you looking at and how much of that rock have you identified?

While we have identified what we believe is a reasonable quantity of high grade, we are leaving it up to Apex Geoscience to determine the tonnage and what the mining grades will be and guide the miners to get the most out of the mine. If you have a one-foot thick zone of 300 ounces a ton, you cannot mine that narrow, so it will have to be averaged over the actual mining width, that could be four or five feet, so that brings the average grade down. Mind you, the ore-sorter takes care of a lot of that waste, but waste still has to be mined to get the good stuff.

The material we sent to Minerals was averaging 300 oz per ton silver. This is without sorting. Straight from the mine face to Minerals. That gives an indication of the very high grades in the mine, and why Apex was able to establish the average 21.65 ounces per ton in the 43-101.

The miner’s adage, is drift into the high grade as narrow as possible and get the high grade to pay off as many of the upfront costs as possible, then when backing out, slab off the lower grades and leave as little behind as practicable.

Is your current Private Placement still open for subscription?

Yes, it is. Mining costs money, and to get to where we have positive cash flow we need additional funding.

The PP is a 10 cent share and a 2 year 15 cent warrant. We are already filling up the second tranche. Anyone wants to participate, email us at company@bayhorsesilver.com

Will you be announcing new pours with recovery rates as they occur?

Yes, we will. Minerals is being very careful in evaluating the silver recovery, just as we have been very cautious in everything we have done so far. Our goal is to get 98% plus recovery. The 1984 mining program was really concerned about recovery rates, as they were not up to their expectations.  That is why we are leaving no stone unturned in identifying the right crush/milling particle size, for flotation and leaching. The recovery numbers will be variable at first until we get the process fine-tuned, but we are encouraged by the preliminary results.

What is Bayhorse’s time line to commercial production and can Mineral Solutions scale to meet that production?

That is what the next couple of months are about. Minerals getting their part right, and telling us what we need to do to give them the right stuff, so we get our part right. This should all happen concurrently during this time. We will gradually ramp up to full production over the next few months. Hiccups will occur, but we have talented teams to take care of them.

At this point, what is the estimated all in cash cost per ounce of silver from the Bayhorse mine using the Mineral Solutions process.

Ah! That is the 64 dollar question. We have our internal numbers based upon the last two years of underground operations, and have put in a hefty number for the processing refining stage. We are targeting an all-in cash cost of US$10.00 per ounce, or less, but it will probably take 12 months of operations before we can say for sure what our exact costs are. Mind you, some of our costs should be lower, because we do not have to ship containers of concentrate to China, or suffer the low smelter payouts. Then there is VAT that does not get charged, nor potential tariffs.  All in all, we are much better off with Mineral Solutions.

We believe the mine will be profitable, or we would not be doing it, but ask me again in six months.

 

 

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