VANCOUVER, Sept. 4, 2019 /CNW/ - Goldplay
Exploration Ltd. (TSXV: GPLY, FRANKFURT: GPE, OTCQB: GLYXF) ("Goldplay" or
the "Company") is pleased to announce that additional
high-grade silver (Ag) has been encountered in a re-opened old
adit, or tunnel, at the Faisanes target (Figure 1) on the edge of
the NI 43-101 silver resource area at the Company's San Marcial
Project ("San Marcial"), Sinaloa,
Mexico, as announced in February this year (see News Release
dated 7 February 2019).
Channel sampling along the walls of the historical tunnel,
originally opened by artisanal miners, returned a high-grade silver
zone containing 6 m at 232 g/t Ag
(Table 1). The interval ended in high-grade material at the deepest
sampled point within the tunnel. The Company is reviewing plans to
extend the tunnel beyond this high-grade interval. The high-grade
silver zone is within a broader zone of 11
m at 155 g/t Ag which commences at the opening of the
shallow tunnel.
The high-grade silver in tunnel T-002 provides depth continuity,
and correlates well with high-grade results in trench SMtr-001,
which included 15 m at 472 g/t Ag
within a broader zone of 56 m at 196
g/t Ag (Figure 2). Individual channel samples within the SMtr-001
trench reached as high as 1 m at
1,685 g/t Ag and 1m at 1,228 g/t Ag
(see News Release dated 20 February
2019). The highest grade in tunnel T-002 is 1 m at 353 g/t Ag, providing continuity of the
high grades at depth. This also correlates with silver grades up to
248 g/t Ag in drill hole SM-19-01. The drill hole, tunnel and
surface trench are all located within the Faisanes target – a
potential extension of the breccia-hosted silver mineralization in
the adjacent resource area.
Goldplay President and CEO Marcio
Fonseca commented, "Over recent months, our
exploration activities to expand existing NI 43-101 silver
resources at San Marcial have succeeded in delineating new
high-grade gold targets, but we have also been able to discover new
silver zones peripheral to the resource area. These latest
high-grade silver results, including 6m at 232 g/t Ag, from a re-opened historical
adit at the Faisanes target, on the NW edge of the resource area
provide lateral and depth continuity to the high-grade silver
results reported from our nearby surface trench SMtr-001, which
returned 56m at 196 g/t Ag. We expect
to test this target further in our current drilling program, which
already has identified bonanza-grade gold (1m at 204.6 g/t Au) in the adjacent
SM-19-01."
Table 1: San Marcial Tunnel T-002: Best assay
results
Tunnel
|
From
(m)
|
To
(m)
|
Sample
Length (m)
|
True
Thickness (m)
|
Grade
Ag
(g/t)
|
Grade
Pb
%
|
Grade
Zn
%
|
T-002 including
|
0.0
|
11.0
|
11.0
|
9.5
|
155
|
0.14
|
0.56
|
5.0
|
11.0
|
6.0
|
5.2
|
232
|
0.19
|
0.62
|
Channel lengths are measured starting from the opening of the
tunnel. All numbers are rounded. 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.
The potential of the Faisanes target area, to the NW of the San
Marcial resource area, is demonstrated in Figures 2 and 3, which
show the three dimensional relationship between the high grade
silver mineralisation encountered in tunnel T-002 as well as in
trench SMtr-001, and the recently reported high grade gold in
SM-19-01. Further drilling of this target is planned in the
Company's current drilling program, to test the potential to expand
the existing resource.
CURRENT DRILL PROGRAM
The Company is executing its San Marcial resource expansion
strategy with its initial drill program at Faisanes and at
Nava.
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 the Faisanes
target on the western edge of the Resource (Figure 1). This
high-grade gold intercept has been followed up with detailed
geological and geochemical modelling. Findings from these newest
studies strongly support further drilling along 600 metres of
strike length at Faisanes in the Phase I drilling program. The
discovery of a high-grade gold mineralized zone, associated with
high grade silver and base metals (Pb-Zn), opens the exploration at
San Marcial. The Company anticipates completing approximately 3
additional core drill holes at Faisanes during the current program
to follow up on SM-19-01.
Drill hole SM-19-02, testing the Nava gold target 150
m beneath the broad gold interval in trench SMtr-020 that
returned 24 m at 2.1 g/t Au
(including 5 m @4.0 g/t Au), is now
complete and SM-19-03 is currently underway, testing an easterly
extension of the Nava target. The
Nava target is located 1.5 km west
of the San Marcial resource area and approximately 1 km west of the
Faisanes discovery. A 500 m-long gold
mineralized zone has been defined at Nava. For further details, see News Release
dated 10 July, 2019. Logging and
sampling of SM-19-02 is now complete with laboratory analyses
pending.
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 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, 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
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