VANCOUVER, Jan. 18, 2019 /CNW/ - Goldplay Exploration
Ltd. (TSXV: GPLY, FRANKFURT: GPE,
OTCQB: GLYXF) ("Goldplay" or the "Company") is pleased to
announce that the exploratory program carried out in the December
quarter of 2018 at the San Marcial Project, located in the Rosario
Mining District, Sinaloa, Mexico,
has expanded the Ag-Zn-Pb-Au mineralized trend beyond the historic
NI 43-101 resource area ("historic resource"), with five new
exploration targets identified.
The Company continues to advance the exploration program to
refine the knowledge of these targets, aiming at a preliminary
drilling program in 2019.
The December quarter exploration program at San Marcial included
soil and rock chip sampling as well as geological mapping along the
3.5 km mineralized trend. The five newly identified targets are
located in the vicinity of the historic resource (Figure 1). The
Company is in the process of finalizing a current resource
estimation after completing assaying of 22 additional core drill
holes in 2018. The company expects completion of the resource
estimation in January 2019.
The 12.5 km2 San Marcial project is located 5.5 km
south of the Plomosas mine and is easily accessible by paved
highways and dirt roads. Since consolidating a large portfolio of
concessions, consisting of 250 km2 in the historical
Rosario Mining District adjacent to other silver and gold
producers, Goldplay has become one of the largest concession
holders in the region.
Goldplay President and CEO Marcio
Fonseca commented, "The San Marcial Project is one of
Goldplay's top prospects in the Rosario Mining District and we
continue to be very encouraged by the upside potential for
expansion of the deposit. The exploration results on the 3.5 km
mineralized trend, in the vicinity of the historic resource, show
high quality targets delineated by the soil and rock sampling
program. The 250 years of historical silver and gold production in
the region, with several multi-million ounce historic silver mines
nearby, support the exploration potential for new discoveries on
the under-explored San Marcial concession."
During the second half of 2018, the Company's San Marcial
exploration program included the following field activities:
- Soil and rock sampling concentrated on areas with field
evidence of epithermal alteration and strong structural settings,
similar to the geological setting of the historic resource.
- Goldplay completed an initial 18 north-south soil grid lines,
with preliminary anomalies encountered on multiple lines, including
zinc, lead and other indicator elements (Figure 1) which have
proven important for targeting of the San Marcial silver deposit.
Each of the anomalies was followed up by infill soil lines.
- Five new targets, named Faisanes, Cabañas, Nava, Pedregal and Chachalaca (Figure 2) have been
prioritized for follow up exploration and detailed geological
mapping in the first half of 2019.
- The company reopened shallow historical underground workings
for detailed structural mapping and sampling.
- Detailed interpretation and analysis of the current exploration
results are underway to confirm targets for drilling in 2019. Drill
permits are already approved for the San Marcial Project
(See News Release dated 18 October
2018).
The soil sampling program consisted of 1,374 samples. The
samples were initially collected from 18 north-south lines on a
100 m x 25
m grid. Samples were then securely transported to the
Company's Rosario headquarters,
oven dried and analyzed by NITON XL3t 955 portable XRF equipment
for 33 elements. Results revealed anomalous values in zinc, lead
and copper, as well as other elements. These elements have all
shown to be important co-products in the San Marcial silver
deposit.
Five zones of anomalous geochemistry were identified in the NW,
SE and immediately adjacent to the historic resource - named
Faisanes, Cabañas, Nava,
Pedregal and Chachalaca. The
distribution of zinc in soils provides significant encouragement,
with anomalous zinc (>100ppm) continuing at least 1.5 km to the
west and northwest of the San Marcial silver resource area (Figure
2). Infilling of the soil grid to 25
m x 25 m on the five target
areas has commenced.
Some 150 m to the southeast of the
resource area, a strong (>500 ppm) zinc anomaly, approximately
75 m in width, has been encountered
on the last soil line sampled to date. This could represent a
significant extension to the San Marcial resource area. A large
25 m x 25
m soil sampling grid in this Cabañas area is now scheduled
for immediate follow up.
Given the demonstrated close association of zinc with silver
and, to a lesser extent gold, in the San Marcial Silver Project,
the zinc XRF results are considered good preliminary indicators of
potential precious metal rich zones. These quick turnaround XRF
results will be followed up later in the field program by
laboratory analysis of samples to test the silver and gold content,
as XRF is not yet considered to be a satisfactory method for
testing precious metals in soil sampling.
Geological mapping has identified strong regional fault
structures hosting pervasive epithermal alteration. The
Cabañas and Faisanes targets demonstrate very similar geology to
the historic resource, while the Nava and Pedregal targets indicate a NE-SW trending
structural setting, superimposed on a volcanic package of rhyolites
and andesites cut by dioritic dykes. The Chachalaca trend is
interpreted as a NW-SE trending structural setting, with geology
dominated by rhyolites and andesites.
In addition to the infill and extensional soil sampling program,
the Goldplay technical team is following up the identified
anomalies with detailed geological and structural mapping, as well
as sampling of rock chips and channels, again using the NITON for
quick turnaround XRF results to aid with target definition.
Selected samples will then be analyzed by the laboratory.
NITON XRF
All samples are securely transported to the Company's
Rosario headquarters for XRF
analysis. Members of the Goldplay technical team have been trained
in the use of the NITON XL3t 955 portable XRF equipment, with
results downloaded directly to a PC. Routine calibration of the
equipment is undertaken at the Company's Rosario headquarters, which is where all
readings are completed in an isolated XRF room. Soil samples are
oven dried prior to preparation and analysis.
This report does not contain any reference to gold or silver
results determined by XRF analysis due to limitations in the
accuracy of measurements of precious metals by this method. As the
new targets are developed further, samples will be sent to the
laboratory for fire assay analysis to quantify gold and silver
levels.
Qualified Person and QA/QC
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.
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
historical resource estimate has been previously disclosed.
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