VANCOUVER, May 7, 2019 /CNW/ - Goldplay Exploration
Ltd. (TSXV: GPLY, FRANKFURT: GPE,
OTCQB: GLYXF) ("Goldplay" or the "Company") is pleased to
announce wide gold intersections in the Company's first two surface
trenches sampled to confirm the continuity and geometry of the low
sulphidation epithermal gold mineralization that returned
previously up to 10 g/t Au from channel sampling in underground
tunnels at the Nava Zone discovery (see News Release dated
16 April 2019).
The Nava gold (Au) discovery is
located approximately 1.5 kilometres to the west (Figure 1) of the
San Marcial NI 43-101 silver resource (see News Release dated
7 February 2019), supporting an
attractive mineralized corridor for discoveries and potential
resource expansion within the San Marcial Project. The Nava discovery is a zone with pervasive
hydrothermal alteration (silicification + hematite), at least 500
meters long x 100 m wide, hosting
banded quartz veining and stockwork mineralization.
Wide zones (up to 1.5 g/t Au) of oxide material were encountered
in both trenches, as characterized by a 13
m interval averaging 1.17 g/t Au in SMtr-003 (Table 1).
Locally, there are high grade 1 m
intervals supporting an attractive low sulphidation epithermal
system. Some of the assayed 1m
intervals have returned up to 3.14 g/t Au in SMtr-002 and 4.28 g/t
Au in SMtr-003 – this latter result falling within a 4 m interval at 2.41 g/t Au.
The continuity of gold mineralization supported by continuous
channel sample results allied with favorable geological setting
indicates high exploration potential for gold over a wide area in
the Nava zone measuring
600 m along strike and 40 m wide (Figure 2). This is demonstrated by
SMtr-003, where the entire 40 m
length of the trench averaged 0.70 g/t Au (Figure 3).
Goldplay President and CEO Marcio
Fonseca commented, "The Nava Zone, located to the
west of the San Marcial resource, is shaping up to be a potentially
significant low sulphidation epithermal gold target. Geological
mapping and geochemical data indicate evidence of gold
mineralization at the upper portion of a large low sulphidation
epithermal system, opening opportunities for upcoming drilling to
delineate future areas for resource definition. In addition , the
presence of high-grade individual results in wide mineralized zone
and presence of visible gold as recently announced from channel
sampling in historical tunnels at Nava, encourages the Company to continue
exploration at Nava.
Although still in the early stages of discovery, the Nava
Zone has the potential to make the San Marcial Project a true
multi-commodity project, adding opportunity to expand resource to
the already defined high grade silver NI 43.101 resource. The
strike length of the current NI.43,101 resource zone is
500 m, hosting 36 million ounces of
Ageq ("Indicated") and 11 million ounces of Ageq ( Inferred), ( San
Marcial Project, Resource Estimation and Technical Report,
February 07, 2019, Todd Mcccraken,
P.Geo, Marcelo Filipov, P.Geo ). The
Company has been successful due to exploration potential at the San
Marcial Project to materially increase the resource in a short
period of time and it is continuing surface exploration program
along the remainder of the 1.5 km mineralized corridor west of the
NI 43.101 resource area connecting Faisanes and Nava Zones
("Faisanes-Nava corridor"). Recent surface exploration results have
provided field evidence that support there is a continuous
structural mineralized trend of a total strike length of at least
4.0 km, including the current NI 43.101 resource area , Faisanes–
Nava Corridor and recently defined exploration targets to the east
of the current NI 43.101 resource area".
Table 1 Nava Zone – Gold results from Trenches SMtr-002 and
SMtr-003
Trench
|
From
(m)
|
To
(m)
|
True Thickness
(m)
|
Grade Au
(g/t)
|
Cut-off grade
Au (g/t)
|
SMtr-002
|
24.0
|
41.0
|
17.0
|
0.49
|
0.2
|
including
|
26.0
|
30.0
|
4.0
|
1.07
|
0.5
|
|
44.0
|
56.0
|
12.0
|
0.62
|
0.2
|
Including
|
49.0
|
50.0
|
1.0
|
3.14
|
1.0
|
and
|
55.0
|
56.0
|
1.0
|
1.26
|
1.0
|
|
|
|
|
|
|
SMtr-003
|
0.0
|
40.0
|
40.0
|
0.70
|
0.2
|
|
0.0
|
13.0
|
13.0
|
1.17
|
0.2
|
including
|
5.0
|
13.0
|
8.0
|
1.62
|
0.5
|
including
|
7.0
|
13.0
|
6.0
|
1.91
|
1.0
|
|
34.0
|
38.0
|
4.0
|
2.41
|
0.5
|
including
|
34.0
|
37.0
|
3.0
|
3.03
|
1.0
|
Channel lengths
are measured along each trench commencing at the southern end.
Channel thickness is estimated to approximate true thickness as the
orientation of the mineralization is perpendicular to the trenches
and sub-vertical. All numbers are rounded. Mineralized zones are
calculated allowing for maximum 1 m of internal waste, using the
stated cut-off grades.
|
The Nava Zone consists of a set of NE trending mineralized
quartz veins, as well as a zone of intense stockwork (Figure 2).
The veins are interpreted to be in a low sulphidation regime and
hosted within a porphyritic dacite and an andesitic tuff unit, in
proximity to the contact with an underlying dacite-rhyolite
volcanic package (Figure 4). The geological setting supports
presence of Dacite domes in a typical low sulfidation epithermal
system. The Nava Zone has no previous drilling.
The Company has placed a high priority on exploration activities
in the Nava Zone following this gold discovery supported by
600 m strike length and wide
width of gold mineralization allied with a pervasive
alteration & intensive stockwork system. This defines
potential open pit target for future drilling & resource
definition.
Geological mapping and additional channel sampling will be
carried out to also test for extensions of the mineralization along
strike to the NE and SW. This exploration program will also
include the stockwork zone located 300m to the west of the tunnels (Figure 2). It is
anticipated that the current activities will lead to a preliminary
drilling program to test the depth continuity of the gold
mineralization at Nava.
The Company continues to advance surface exploration at other
targets at the San Marcial Project as identified by soil and rock
sampling (News Release dated 18 January
2019). These targets, including Faisanes, which is
adjacent to the NI 43 101 Mineral Resource, representing immediate
opportunity for additional resource expansion. Goldplay has already
received drilling permits to advance a significant drilling program
in 2019 and fully authorized by local communities ("Ejido") to
carry out all exploration activities in the San Marcial
Project.
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.
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 and exploration at the San Marcial
Project, as well as a 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 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.
SOURCE Goldplay Exploration Ltd