VANCOUVER, May 16, 2019 /CNW/ - 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.
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SOURCE Goldplay Exploration Ltd