VANCOUVER, Oct. 30, 2018 /CNW/ - Goldplay Exploration
Ltd. (TSXV: GPLY, OTCQB: GLYXF) ("Goldplay" or the "Company")
is pleased to announce positive results from sampling of the
historical core drill holes completed in 2010 ("historical core"),
from the Company's San Marcial Project in Mexico. The results support open pit potential
for the initial 500-meter-long historical NI 43-101 resource area
("historic resource"). Results reveal a much wider mineralized zone
along strike and down-dip than originally modelled in the historic
resource with opportunities for expansion.
- 61.0 meters (true width 47.8 meters) @ 93 gpt AgEq
-
- Including 23 meters (true width 17.3 meters) @ 160 gpt
AgEq
- 56.0 meters (true width 42.0 meters) @ 61 gpt AgEq
-
- Including 33.0 meters (true width 24.8 meters) @ 79 gpt
AgEq
- 12.5 meters (true width 9.4 meters) @ 126 gpt AgEq
Goldplay President and CEO Marcio
Fonseca commented, "Our systematic sampling of available
core (not previously sampled) has confirmed much wider and
continuous mineralization than previous geological modelling part
of the historic resource. The width and shallow depth of
intersections associated with attractive grades, hosted in wide
hydrothermal breccias and favorable topography, continue to
reinforce the open pit development potential at San Marcial. The
results also reinforce opportunities for future open pit
development and upside exploration potential, as sampling is
revealing new, wider polymetallic mineralized zones, continuous
along strike and down dip, doubling the footprint of the previously
modelled mineralized zone. The sampling results together with an
updated geological interpretation are being incorporated in a new
3D Geological Model in preparation for a scheduled new resource
estimation."
The location of drill holes completed prior to the historical
resource and the location of sampled drill holes SM-10-01,
SM-10-05, SM-10-10, SM-10-13, SM-10-16, SM-10-17 and SM-10-19 are
illustrated below (Figure 1).
The most significant result for this release was returned from
drill hole SM-10-01 (Figure 2), which intersected 61 meters
grading 93 gpt silver equivalent (AgEq), including a high-grade
section of 23 meters grading 160 gpt AgEq.
Drill hole SM-10-05 (Figure 2), intersected 56 meters
grading 61 gpt AgEq including 33.0 meters grading 79 gpt
AgEq. The following table summarizes the most significant
drill intercepts (uncut, undiluted) for this release:
|
Hole
No.
|
From
(m)
|
To
(m)
|
Interval
(m)
|
True
Width
(m)
|
Ag
g/t
|
Pb
%
|
Zn
%
|
Au
g/t
|
AgEq*
g/t
|
|
SM-10-01
|
50
|
111
|
61.0
|
47.8
|
46.8
|
0.3
|
0.6
|
0.02
|
93
|
|
including
|
60
|
83
|
23
|
17.3
|
56
|
2.5
|
2.6
|
0.01
|
160
|
|
SM-10-05
|
163.1
|
219.1
|
56.0
|
42.0
|
26
|
0.2
|
0.3
|
0.14
|
61
|
|
including
|
163.1
|
196.1
|
33.0
|
24.7
|
32.9
|
0.3
|
0.5
|
0.08
|
79
|
|
SM-10-10
|
159.9
|
178
|
18.1
|
13.7
|
16.9
|
0.2
|
0.5
|
0.03
|
49
|
|
SM-10-13
|
161.1
|
164.1
|
3.0
|
2.3
|
50.8
|
0.02
|
0.05
|
0.12
|
64
|
|
SM-10-16
|
50
|
69
|
19.0
|
14.2
|
42
|
0.1
|
0.3
|
0.10
|
68
|
|
SM-10-16
|
103.4
|
116.3
|
12.9
|
9.7
|
15
|
0.9
|
1.3
|
0.10
|
126
|
|
SM-10-17
|
79.2
|
150
|
70.8
|
53.0
|
11
|
0.1
|
0.4
|
0.03
|
35
|
|
SM-10-19
|
27
|
51
|
24.0
|
18.0
|
60
|
0.2
|
0.3
|
0.03
|
82
|
Note: all numbers are rounded. AgEq (silver equivalent) is
calculated from gpt data. AgEq g/t = Ag g/t + Au g/t x
(Ag Price per oz/ Au price per oz) +
(Pb grade x ((Pb price per lb./Ag price per oz) x 0.0685714 lbs.
per Troy Ounce x 10000 g per %)) +(Zn grade x ((Zn price per lb./Ag
price per oz) x 0.0685714 lbs. per Troy Ounce x 10000 g per %)). Ag
price per oz (US$16.50), Au price per
oz (US$1,250), Pb price per lb.
(US$0.95) and Zn price per lb.
(US$1.15) and 100% Metallurgical
Recovery.
All the results highlighted in this release support a
silver-zinc-lead-gold mineralization hosted in a wide and
continuous hydrothermal breccia with evidence of a multi-phase
mineralizing event along major northwest oriented faults.
The Company is continuing its drill core sampling program,
aiming to complete a NI 43-101 compliant resource estimate during
the December 2018 quarter. The
receipt of the drilling permits (News Release dated 18 October 2018), provides the Company immediate
capability to advance drilling along the 3.5 km mineralized trend,
outside the historic resource, with the objective of identifying
new discoveries.
In addition to the core sampling program, the Company has
re-opened historical underground workings where there is evidence
of bonanza style mineralization in the center of the historic
resource (Figure 7). A sampling program has been implemented with
results expected over coming weeks.
To view the drill hole location map, cross sections and
longitudinal section from this news release, please click the
following links:
Historical Drill Holes Location Map San Marcial
Cross Section K-L San Marcial
Cross Section M-N San Marcial
Cross Section O-P San Marcial
Cross Section Q-R San Marcial
Cross Section S-T San Marcial
Cross Section U-V San Marcial
Longitudinal Section San Marcial
QA/QC Protocols
Thorough QA/QC protocols are followed in all sampling programs
and in assays completed by the Company. Goldplay's management
includes routine duplicates, blanks and standard samples in assay
lots for all surface and drill hole samples. The samples are
submitted directly to the SGS laboratory facilities in Durango, Mexico, for sample preparation and
assaying. The assaying at SGS is by Fire Assay with AA finish, for
Au (> 10 ppm gravimetric finish), Ag ICP-AES with 4 acid
digestion (up to 100 ppm). For Ag results over 100 ppm an ICP-AES 4
acid digestion with detection limit from 100-1,000 g/t is completed
at SGS laboratories in Vancouver,
Canada. For samples with over limits of Zn and Pb
(>10,000 ppm), an ICP-AES with Sodium Peroxide Fusion is
performed, to improve recovery.
The Qualified Person under the NI 43-101 Standards of Disclosure
for Mineral Projects for this news release is Marcio Fonseca, President and CEO of Goldplay,
who has reviewed and approved its contents.
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 with an ongoing
drill program. 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. THE FORWARD-LOOKING INFORMATION CONTAINED IN
THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF
THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO
CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE
ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS
INFORMATION AS OF ANY OTHER DATE. WHILE GOLDPLAY MAY ELECT TO, IT
DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR
TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE
LAWS.
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