VANCOUVER, Feb. 7, 2019 /CNW/ - Goldplay Exploration Ltd.
(TSXV: GPLY, FRANKFURT: GPE,
OTCQB: GLYXF) ("Goldplay" or the "Company") is pleased to
announce the completion of an independent NI 43-101 mineral
resource estimation ("Mineral Resource"), for the San Marcial
Project, located in Sinaloa,
Mexico. Goldplay's maiden San Marcial Mineral Resource is a
substantial increase from the historical resource completed by
Silvermex Resources Inc. in 2008 ("Historical
Resource")1 and reported by Goldplay on 18 April 2018.
The Mineral Resource consists of 36 million ounces ("Moz") of
silver equivalent ("AgEq")2 at an average grade of 147
grams per tonne ("gpt") AgEq in the Indicated category and an
additional 11 Moz AgEq at an average grade of 99 gpt AgEq in the
Inferred category, using a 30 gpt AgEq cut off for open pit and 80
gpt AgEq for underground resource classification completed by WSP
Canada Inc. on February 07, 2019. The
Mineral Resource includes 22 core drill holes (assayed during 2018)
in addition to the 30 core drill holes that were used to estimate
the Historical Resource in 2008.
Table 1 San Marcial Resource Table - (30 gpt and 80 gpt
AgEq2 cut off grade)
Resource
|
Grade
|
Contained
Metal
|
Category
|
M
Tonnes
|
Ag
gpt
|
AgEq2
gpt
|
Zn
%
|
Pb
%
|
Ag
Moz
|
AgEq2
Moz
|
Zn
Mlbs
|
Pb
Mlbs
|
Measured
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Indicated
|
7.6
|
117
|
147
|
0.5
|
0.3
|
29
|
36
|
86
|
53
|
Inferred
|
3.4
|
91
|
99
|
0.4
|
0.1
|
10
|
11
|
26
|
8
|
See Resource table
later in this report (Table 2) for additional
details.
|
All numbers are
rounded.
|
Highlights of the Mineral Resource (Table 1) and comparisons
with the Historical Resource include:
- A shallow, high-grade Ag core zone ("Breccia Zone"), up to
40 m in thickness (Figure 1). It
represents 3.0 million tonnes at an average grade of 239 gpt AgEq,
200 gpt Ag, equivalent to 23 Moz AgEq and 19 Moz Ag, respectively
(Table 2)
- The Breccia Zone represents 63% of the Indicated Resource
category
- A 59% increase in Ag in the Indicated category compared to the
Historical Resource
- A 126% increase in Ag in the Inferred category
- A 57% increase in AgEq in the Indicated category
- A 44% increase in AgEq in the Inferred category
- A 103% increase in Indicated tonnes
- 98% of the 36 Moz AgEq Indicated Resource is potentially
mineable by open pit
- A 56% increase in Zn and a 77% increase in Pb in the Indicated
category
- A broad peripheral mineralized zone ("Stockwork Zone") (Figure
1)
- Increased continuity of the mineralization along strike as well
as down-dip, delineating a continuous ore zone along the
500 m strike. Both the Breccia and
surrounding Stockwork Zones outcrop at surface. Significant surface
exposures of the mineralization support the potential for future
definition of an open pit amenable Ag-Zn-Pb mining project.
Goldplay President and CEO Marcio
Fonseca commented, "The completion of our maiden Mineral
Resource on the San Marcial Project is a major milestone for
Goldplay We have achieved a significant increase in the contained
ounces of both Ag and AgEq. The Mineral Resource provides a strong
foundation to realize the full potential of the San Marcial
Project. We are progressing with detailed, systematic exploration
of the under-explored additional 3.5 km of mineralized trend.
Recent surface exploration results have already confirmed new
exploration targets in the vicinity of the mineral resource (Figure
2), representing future upside opportunity for resource expansion
in 2019. The significant increase in the Mineral Resource including
delineation of a high-grade shallow Breccia Zone (Figure 1),
represents an attractive target amenable for potential open pit
development, and is open along strike as well as down dip, given
most of the core drilling to date has only tested down to
250 m below the surface. Goldplay
congratulates its technical team for achieving an impressive
increase in the Mineral Resource at San Marcial, when compared to
the Historical Resource1 (see:
http://goldplayexploration.com/wp-content/uploads/2019/02/GOLDPLAY-NewRel-April18th2018Final.pdf)
Goldplay retained the services of WSP Canada Inc. to complete
the 3-D modeling and independent NI 43-101 Mineral Resource
estimation for the San Marcial Project. In doing so, the Company
has delivered a material increase in the tonnage, grades and ounces
of Ag in the Mineral Resource with the addition of 22 holes to the
previous model, for a total of 52 drill holes.
_______________________
|
1 The
historical NI 43-101 resource estimate is based on a cut off of 30
g/t Ag for open pit and 80 g/t Ag for underground resource
classification completed by Micon International Ltd. for Silvermex
on November 5, 2008. The historical resource is based on 4,884 m of
drilling in 30 core drill holes completed by Silvermex and previous
operators over a strike length of 500 m and vertical extent of 250
m. A qualified person has not done sufficient work to verify and to
classify the historical estimate as current mineral resources and
the Company is not treating the historical estimate as current
mineral resources. Further work must be carried out to verify all
historic information before a resource estimate is possible, and
there can be no assurance that when established, that any such
resource would be economically recoverable. The NI 43-101 was filed
on SEDAR on November 21, 2008 under the name of Silver Ore Mining
Corporation, the predecessor of Silvermex.
|
The increased Mineral Resource in comparison with the Historical
Resource is summarized as follows:
- Total silver equivalent ounces, Indicated Resources, increased
57% to 36 million ounces.
- Total silver ounces, Indicated Resources, increased 59% to 29
million ounces.
The drill holes are spaced on average 45
m between sections, along an initial 500 m long mineralized zone, and drilled to a
maximum depth of 250 m. The Mineral
Resource was estimated by ordinary Kriging using Surpac block
modelling software in multiple passes in 3
m by 3 m by 3 m blocks. Grade estimates for all elements were
based on 3 m composited assay data.
Capping levels were set as follows:
Zone
|
Ag
(gpt)
|
Zn
(gpt)
|
Pb
(gpt)
|
Low grade
Stockwork
|
86.87
|
17,150
|
6,500
|
Stockwork
|
10.00
|
37,700
|
21,300
|
Breccia
|
1,530.00
|
74,920
|
66,000
|
In order to define a reasonable prospect of economic extraction,
the Mineral Resource was contained within a Whittle optimized pit
shell that uses an average Ag price of US$18.5/oz, Zn price of US$1/lb and Pb price of US$0.82/lb. These metal prices are based on a
comprehensive survey of commodities forecasts among most prominent
commodity experts. The assumed recoveries are based on average
recoveries of 89% Ag, 80% Zn and 95% Pb. Operating costs are based
on similar existing or nearby operations. For the portion of the
Mineral Resource not deemed amenable to economic open pit
extraction, the Company has assessed the reasonable prospect of
economic extraction in an underground context.
The San Marcial Mineral Resource has been estimated along a
500 m strike length which makes up
part of a 3.5 km long mineralized zone, supporting potential for
resource expansion (Figure1).
As recently announced, the Company continues to advance surface
exploration at the San Marcial Project, focusing on five targets
recently identified by soil and rock geochemistry (News Release
dated 18 January 2019). These
targets are yet to be drilled and are located in the vicinity of
the Mineral Resource. Goldplay has already received drilling
permits to advance a significant drilling program in 2019.
The Mineral Resource estimated for each resource category -
Indicated or Inferred - is displayed in Table 2, at different AgEq
gpt cut off grades. The Effective date for the mineral resource is
February 07th, 2019. A
Technical Report prepared in accordance with National Instrument
43-101 – Standards of Disclosure for Mineral Projects ("NI
43-101") will be filed on SEDAR at www.sedar.com within 45 days of
this release.
Table 2 San Marcial Resource Estimation
Table
Resource
Classification
|
Type
|
Cut-Off
|
Tonnage
(Mtonnes)
|
Ag
g/t
|
AgEq
g/t
|
Zn%
|
Pb%
|
Ag
(Moz)
|
AgEq
(Moz)
|
Zn(Mlbs)
|
Pb(Mlbs)
|
|
AgEq
gpt
|
|
|
|
|
|
|
|
|
|
Indicated
|
Breccia
|
Breccia
(OP)
|
30
|
2.9
|
202
|
241
|
0.7
|
0.4
|
19
|
23
|
42
|
29
|
Breccia
(UG)
|
80
|
0.1
|
90
|
124
|
0.6
|
0.3
|
0.2
|
0.2
|
0.8
|
0.3
|
|
|
Breccia
(Total)
|
3.0
|
200
|
239
|
0.7
|
0.4
|
19
|
23
|
43
|
29
|
|
Stockwork
|
Stockwork(OP)
|
30
|
4.6
|
64
|
88
|
0.4
|
0.2
|
9
|
13
|
42
|
23
|
Stockwork(UG)
|
80
|
0.1
|
72
|
103
|
0.5
|
0.3
|
0.2
|
0.3
|
1
|
1
|
|
|
Stockwork(Total)
|
4.6
|
64
|
89
|
0.4
|
0.2
|
10
|
13
|
43
|
24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indicated
Total
|
30
|
7.5
|
118
|
148
|
0.5
|
0.3
|
28
|
35
|
84
|
52
|
80
|
0.1
|
79
|
111
|
0.5
|
0.3
|
0.4
|
1
|
2
|
1
|
Total
|
7.6
|
117
|
147
|
0.5
|
0.3
|
29
|
36
|
86
|
53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resource
Classification
|
Type
|
Cut-Off
|
Tonnage
(Mtonnes)
|
Ag
g/t
|
AgEq
g/t
|
Zn%
|
Pb%
|
Ag
(Moz)
|
AgEq
(Moz)
|
Zn(Mlbs)
|
Pb(Mlbs)
|
|
AgEq
gpt
|
|
|
|
|
|
|
|
|
|
Inferred
|
Breccia
|
Breccia
(OP)
|
30
|
0.79
|
131
|
153
|
0.5
|
0.1
|
3
|
4
|
8
|
3
|
Breccia
(UG)
|
80
|
0.64
|
135
|
165
|
0.8
|
0.1
|
2.8
|
3.4
|
11.2
|
0.8
|
|
|
Breccia
(Total)
|
1.43
|
133
|
158
|
0.6
|
0.1
|
6
|
7
|
20
|
3
|
|
Stockwork
|
Stockwork(OP)
|
30
|
1.73
|
52
|
62
|
0.2
|
0.1
|
3
|
3
|
7
|
4
|
Stockwork(UG)
|
80
|
0.23
|
121
|
18
|
0.0
|
0.2
|
0.9
|
0.1
|
0
|
1
|
|
|
Stockwork
(Total)
|
1.96
|
60
|
57
|
0.2
|
0.1
|
4
|
4
|
7
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inferred
Total
|
30
|
2.52
|
77
|
90
|
0.3
|
0.1
|
6
|
7
|
15
|
6
|
80
|
0.87
|
131
|
125
|
0.6
|
0.1
|
3.7
|
4
|
11
|
2
|
Total
|
3.39
|
91
|
99
|
0.4
|
0.1
|
10
|
11
|
26
|
8
|
|
2
|
AgEq is based on long
term silver, zinc and lead prices of US$18.50 per ounce silver,
US$1.10 per pound zinc and US$0.95 per pound lead. The following
average metallurgical recoveries are assumed as 85% silver, 85%
zinc and 95% lead. A 30 gpt AgEq cut off for open pit and 80gpt
AgEq for underground resource classification completed by WSP
Canada Inc. on February 06, 2019. OP is amenable for potential open
pit development, UG is amenable for potential underground
development.
|
The Mineral Resource has been estimated by Marcelo Filipov, P.Geo of WSP Canada Inc. and
Todd McCracken, P.Geo of WSP Canada
Inc. Both Mr. Filipov and Mr. McCracken are Qualified Persons as
defined by National Instrument 43-101. The Mineral Resource has
been classified in accordance with CIM Definition Standards for
Mineral Resources and Mineral Reserves, adopted by CIM council, as
amended. Mr. Filipov and Mr. McCracken have read and approved the
contents of this press release as it pertains to the disclosed
Mineral Resource estimate.
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. Additional
sampling and re-sampling of existing pulps and rejects were
conducted to assess the variability of grades in the mineralized
zone. A WSP Canada Inc. independent qualified person visited the
San Marcial Project from Nov 12th to Nov
16th, 2018. Independent sampling was
completed in core samples and surface samples for validation
purposes. WSP Canada Inc. has reviewed the QA/QC protocols and
procedures implemented by Goldplay and results, believing
that the database is reliable for estimating the Mineral
Resource.
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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