VANCOUVER, Nov. 25, 2019 /CNW/ - Goldplay
Exploration Ltd. (TSXV: GPLY, FRANKFURT: GPE, OTCQB: GLYXF) ("Goldplay" or
the "Company") is pleased to announce its maiden drilling
results at the Nava Gold Target ("Nava") within the Company's San
Marcial Project ("San Marcial"), Sinaloa,
Mexico. The drill program tested the new epithermal-style
vein system encountered in the Company's 2019 surface exploration
near the west end of the 1.5 km long San Marcial mineralized
corridor (Figure 1). Four diamond drill holes were completed, two
in each of the main vein prospects exposed by artisanal workings
(Figure 2). Assay results from the Nava diamond drill program are shown in Table
1.
Table 1: Assay results from Nava Target
drill holes
Drill
Hole
|
From
(m)
|
To
(m)
|
Sample
Length (m)
|
Au
Grade
(g/t)
|
Ag
Grade
(g/t)
|
SM-19-02
|
138.00
|
139.00
|
1.00
|
0.05
|
354
|
including
|
138.00
|
138.15
|
0.15
|
0.20
|
1377
|
|
179.00
|
181.00
|
2.00
|
0.02
|
18
|
including
|
179.90
|
180.35
|
0.45
|
0.21
|
196
|
SM-19-03
|
|
|
|
NA
|
|
SM-19-05
|
16.10
|
20.20
|
4.10
|
0.38
|
3
|
|
22.05
|
23.00
|
0.95
|
2.35
|
1
|
|
29.75
|
33.50
|
3.75
|
0.50
|
4
|
|
45.05
|
47.35
|
2.30
|
0.42
|
1
|
including
|
47.25
|
47.35
|
0.10
|
8.94
|
5
|
|
62.90
|
63.90
|
1.00
|
0.74
|
1
|
SM-19-06
|
6.55
|
7.50
|
0.95
|
1.22
|
10
|
|
86.15
|
86.30
|
0.15
|
0.48
|
5
|
|
87.30
|
87.50
|
0.20
|
0.47
|
1
|
|
|
|
|
|
|
All numbers are
rounded. Mineralized zones are calculated using minimum width of
0.1 m, allowing for maximum 1 m of internal waste, using cut-off
grades of 0.2 g/t Au to define the broad, mineralized zone. True
widths can not be confidently estimated at this point. NA = No
samples above 0.2 g/t Au cut-off.
|
Goldplay President and CEO Marcio
Fonseca commented, "We are pleased to report the
mineralized intercepts, including high grade silver, in the maiden
drill program at San Marcial's Nava Target. Goldplay's 2019 field
studies mark the first time in approximately ten years that any
type of exploration has been carried out at the project. The
encouraging results warrant further exploration, advancing the
Company's objective of resource expansion of San Marcial."
Highlights at the Nava Gold Target include:
- In 2019, a series of surface trenches identified gold (Au)
mineralized zones including intervals up to 24 m at 2.11 g/t Au (see News Release
10 July 2019). The recent drill
results confirm the presence of a continuous, well-defined
mineralized zone down dip and along strike;
- In 2019, the Company completed extensive (25 m x 25 m) soil
and rock sample grids, with multi-element, portable XRF assaying on
priority exploration areas, defining new drill targets. At
Nava, XRF results for pathfinder
elements such as lead, zinc and arsenic demonstrate positive
correlation to the recently discovered mineralized gold trend with
additional anomalous zones still to be drill tested (Figure
2);
- Presence of narrow banded, colloform texture quartz veining,
stockwork and breccias within the Company's recent drilling
correlated with surface and adit sampling results, (Figures 3 and
4), supporting the presence of a continuous low sulphidation
epithermal system, with opportunities for additional exploration
along strike and down dip.
About Nava
Nava is located 1.5 km west of
the San Marcial resource area (Figure 1) and approximately 1 km
west of the Faisanes drill discovery containing 1 m at 204.6 g/t Au (see News Release
30 July 2019). Phase I drilling at
the Nava Target was designed to test the lithological and
structural controls of the interpreted low sulphidation epithermal
gold system, as well as the distribution of mineralization in the
vicinity of encouraging gold results from surface exploration
earlier in the year, including a channel sample of 24 m at 2.11 g/t Au. The host rocks are similar
to the suite of volcanic rocks hosting the San Marcial silver
deposit however, the mineralization is decidedly different, being
predominantly gold.
Goldplay's exploration of the Nava Gold Target focused on two
hills with evidence of small-scale artisanal mining activity and
exposed quartz veins that returned visible gold in panned samples.
Recent surface exploration and drilling results support the
continuity of the mineralized system down dip and along strike, in
addition to recent evidence of narrow high-grade Ag-Au
mineralization (Figures 3 and 4).
GEOLOGY
Goldplay commenced systematic exploration at the Nava Gold
Target less than 12 months ago. Results indicated the target had
strong potential for the discovery of a low sulphidation epithermal
system. Recent drill results also indicate the presence of narrow
high-grade (>1,000 g/t Ag) veins.
The main lithologies at Nava
include: dacitic lapilli tuff, lithic lapilli tuff and lesser
diorite dykes intruding the volcanic package (Figures 3 and 4).
Circular features are present, occasionally hosting volcanic
breccias.
The presence of artisanal workings (consisting of surface pits
and two shallow horizontal shafts) on top of two adjacent hills,
drew initial attention to the target area. Additionally, panning of
quartz vein material returned small specks of visible gold.
The main controls on mineralization at Nava appear to be sub parallel
(ENE-WSW-trending) sets of quartz veinlets, tending to stockworks
in places and locally breccias, in a low sulphidation epithermal
system. Encouragingly, the mineralization was found not to be
confined to quartz veins but also in the wall rock, resulting in
broad mineralized zones.
The two drilled cross sections are shown in Figures 3 and 4
(below) and display localized intervals of quartz veining,
stockwork and also brecciation, within the four drill holes. Gold
mineralization is sporadic across these two cross sections.
Table 2: Nava Drill Hole Collar Location Details
Drill
Hole
|
Target
|
East
(mE)
|
North
(mN)
|
Dip
|
Azimuth
|
Final
Depth
(m)
|
SM-19-02
|
Nava
|
448,987
|
2,545,615
|
-50˚
|
350˚
|
293.5
|
SM-19-03
|
Nava
|
449,334
|
2,545,700
|
-50˚
|
340˚
|
150.0
|
SM-19-05
|
Nava
|
449,275
|
2,545,791
|
-50˚
|
160˚
|
65.0
|
SM-19-06
|
Nava
|
448,987
|
2,545,796
|
-48˚
|
200˚
|
100.0
|
The Company's maiden drill program at the San Marcial Project is
currently being completed with additional drilling at the Faisanes
and Guacamayo targets, testing for potential NW and SE extensions,
respectively, to the San Marcial resource area.
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. 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
AgEq (indicated) + 11Moz AgEq (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.
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