VANCOUVER, Oct. 3, 2019 /CNW/ - Goldplay Exploration Ltd. (TSXV: GPLY, FRANKFURT: GPE, OTCQB: GLYXF) ("Goldplay" or the "Company") is pleased to announce that encouraging results in both silver (Ag) and gold (Au) have been received from the San Marcial Project, in Sinaloa State, Mexico.
- Channel sampling results include 0.6 m @ 587 g/t Ag and anomalous Au
- Surface channel samples taken along the access road at the Faisanes Target
- Drilling continues at the Faisanes and Nava Targets
- Results support the Company's theory that a high-grade precious metals system extension exists outside the San Marcial NI 43-101 resource (News Release dated 7 February, 2019)
Surface exploration and channel sampling at Faisanes have revealed additional high-grade silver and gold anomalies (Figure 1). Channel sampling consisted of saw-cutting along the road walls and road surface near the SM-19-01 discovery drill hole (News Release dated 30 July, 2019), which returned a 1 m intercept of 204.6 g/t gold. The channel sampling was augmented by systematic geological and structural mapping along the road.
The high-grade silver and anomalous gold samples are located on the NW edge of the existing resource area and as such are interpreted as potential extensions of the breccia-hosted silver mineralization. Additional investigations are underway to understand the links between these anomalous silver and gold zones and the high-grade gold result recently reported in SM-19-01 (Figure 2). The following table outlines the latest channel sample results:
Table 1: San Marcial Trench SMtr-001 Extensions: Best assay results
Extension Trench SMtr-001
Nth extension - creek
All numbers are rounded. Insufficient information is known of the orientation and controls of these latest intervals to determine true thickness. As a result, the thickness represented here is actual sample thickness. Mineralized zones are calculated allowing for maximum 1 m of internal waste. High-grade interval uses 80 g/t Ag cut-off grade and low-grade interval uses 30 g/t Ag cut-off grade. * Below detection limit
Goldplay President and CEO Marcio Fonseca commented, "Over recent months, our exploration activities to expand current NI 43-101 silver resources at San Marcial have succeeded in delineating new high-grade silver and gold targets. Additionally, we have recently discovered new, high-grade silver zones peripheral to the resource area. These silver and gold results support our theory of a high-grade mineralized system hosted in geological structures (faults) on the NW edge outside of the resource area. We expect to further explore these geological structures hosting high-grade mineralization, targeting the definition of additional resources at the Faisanes target."
CURRENT DRILL PROGRAM
The Company is currently executing its maiden drill program at San Marcial, focusing on the Faisanes and Nava targets. To date, one drill hole has been completed at Faisanes and three drill holes have been completed at Nava. Additional holes at both targets will be completed in this current drill program.
Phase I drilling at San Marcial brought immediate success with drill hole SM-19-01 intersecting a very high-grade gold interval of 1 m at 204.6 g/t Au at Faisanes on the NW edge of the Resource (Figure 1). This high-grade gold intercept has been followed up with detailed geological and geochemical modelling of the target. Findings from the latest mapping and sampling, including geological/structural evidence of additional structures hosting mineralization, strongly support further drilling along the 600 metres of strike length at Faisanes in the Phase I drilling program.
The Company is currently drilling at the Nava target located 1.5 km west of the San Marcial resource area and approximately 1 km west of the Faisanes discovery. A 500 metre-long gold mineralized zone has been defined on surface at Nava. For further details, see News Release dated 10 July, 2019. Drilling at Nava will comprise four shallow drill holes testing continuity of mineralization discovered by surface trenching across shallow artisanal workings. Laboratory analyses for Nava drill holes are pending.
The scientific and technical data contained in this news release related to the San Marcial Project was reviewed and/or prepared under the supervision of Marcio Fonseca, P.Geo., a non-independent qualified person to Goldplay Exploration Ltd. who is responsible to ensure that the geological information contained in this news release is accurate and who acts as "qualified person" under the National Instrument 43-101 Standards of Disclosure of Mineral Projects.
Quality Assurance Program and Quality Control Procedures ("QA/QC")
Goldplay has implemented QA/QC procedures which include insertion of blank and standard samples in all sample lots sent to SGS de México, S.A. de C.V laboratory facilities in Durango, Mexico, for sample preparation and assaying. For every sample with results above Ag >100 ppm (over limits), these samples are submitted directly by SGS de Mexico to SGS Canada Inc in Burnaby, BC. The analytical methods are 4-acid Digest and Inductively Coupled Plasma Optical Emission Spectrometry with Lead Fusion Fire Assay with gravimetric finish for silver above over limits. For gold assays the analytical methods are Lead Fusion and Atomic Absorption Spectrometry Lead Fusion Fire Assay and gravimetric finish for gold above over limits.
About Goldplay Exploration Ltd.
Goldplay has successfully consolidated a district-sized portfolio, owning >250 sq. km of mineral concessions in the historic Rosario gold-silver Mining District in the state of Sinaloa, Mexico. Its flagship project, San Marcial, consists of a 1,250 ha land package located south of the La Rastra and Plomosas historic mines. San Marcial is a near-surface, high-grade silver, lead, and zinc open pit amenable project for which a NI 43-101 resource estimate was completed by Goldplay in early 2019. Additionally, high-grade gold was drilled in July 2019 at San Marcial, opening up the potential for further gold success. Goldplay's 100% owned El Habal precious metals project is located 20 km west of the San Marcial Project. It comprises 3,700 hectares and is located 75 km southeast of the modern coastal port of Mazatlán, and 10 km on a paved road from the historic mining town of Rosario, Sinaloa, Mexico.
Goldplay's current focus includes expanding its NI 43-101 resource estimate at the San Marcial project, which contains 36Moz Ag Eq (indicated) + 11Moz Ag Eq (Inferred), by defining new high-grade gold and silver targets along the project's 6 km mineralized trend. Goldplay is the first company to perform exploration work at San Marcial in over 10 years. It is a low-risk development stage project, fully exploration permitted and supported by the local communities to carry out all proposed exploration activities. Only 500 m of the 6 km trend has been drilled to date, highlighting the significant potential for further discoveries. The Company has identified 8 high-priority targets along the 6 km trend and is currently drilling two high-priority targets at Faisanes and Nava. Some of these exploration targets consist of old shallow pits, caved shafts and historic shallow underground workings in areas with extensive hydrothermal alteration, hosted by major regional structures in a felsic volcanic environment. Mapping and sampling by Goldplay have revealed evidence of dacite-rhyolite dome structures in a highly prospective geological environment for additional high-grade gold and silver discoveries.
The El Habal Project is a drill-stage project. Its oxidized gold mineralized zone outcrops along a series of rolling hills with evidence of historic shallow underground mining along a 6 km-long prospective corridor. The El Habal Project is located near the historic gold-silver Rosario Mine which operated for over 250 years.
Goldplay's team has over 30 years of experience with senior roles in exploration, financing, and development in the mining industry, including over ten years of extensive exploration experience in the Rosario Mining District, leading to previous successful discoveries.
The NI 43-101 reports for each of the San Marcial and El Habal Projects are available on SEDAR.
Disclaimer for Forward-Looking Information
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Mr. Marcio Fonseca
P. Geo, President & CEO
Goldplay Exploration Ltd.
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