VANCOUVER, Nov. 1, 2018
/CNW/ - Goldplay Exploration Ltd. (TSXV: GPLY, OTCQB: GLYXF)
("Goldplay" or the "Company")is pleased to announce high-grade
results from a historical underground tunnel that it has re-opened
at the Company's San Marcial Project in Mexico. The tunnel cuts the San Marcial Main
Fault and associated silver-bearing wide breccia approximately 80
meters below the surface near the center of the 500-meter-long
historical NI 43-101 resource area ("historic resource"). The
exceptional silver-lead-zinc-gold grades over substantial widths
reinforce the potential and continuity of mineralization from
surface and provide targets for our upcoming drill program.
- 13.0 meters (true width 7.0 meters) @ 1,048 gpt AgEq (550 gpt
Ag)
-
- Including 3.0 meters (true width 1.6 meters) @ 1,934 gpt AgEq
(1,127 gpt Ag)
Goldplay President and CEO Marcio
Fonseca commented, "We recently re-opened a historical
underground tunnel that cuts through the foot wall sequence of the
San Marcial deposit and through the silver-lead-zinc-gold bearing
hydrothermal breccia. The high-grade results that we received over
substantial widths, including 3 meters at over 1.9 kg/t AgEq,
support the high-grade nature of the mineralization. Our
understanding of the geological controls on the high-grade
mineralization will assist in the planning of our upcoming drill
program. The tunnel results support continuity of the polymetallic
mineralization from surface and provide positive correlation with
our current 3D modeling, which will lead into a new NI 43-101
resource estimate, expected in January
2019."
The location of the historical underground tunnel – near the
center of the historical resource area - along with the location of
drill holes completed prior to the historical resource and of
sampled 2010 drill holes reported to date, are illustrated below
(Figure 1).
The most significant result received from the channel sampling
within the historical tunnel, as stated above, included a very
high-grade section of 3 meters grading 1,934 gpt AgEq (Table
1). The 13m high-grade
mineralization, which includes significant contributions from lead
(5.0%) and zinc (5.9%), also contains gold credits (Table 1).
The high-grade mineralization has a strong structural component,
associated with the prominent northwesterly dipping San Marcial
Main Fault and related hydrothermal breccia bodies, which gives the
mineralized zone its substantial width near surface. Section O-P
(Figure 2) demonstrates the relationship between the high grades
received from the tunnel sampling, and the continuity with the
surface trench results and shallow drill results in SM-10-19,
SM-10-03 and SM-10-09. All of these samples lie within 100 meters
of the surface and hence provide an opportunity for future open pit
development.
As previously reported (18 September
2018), a new sub-parallel mineralized zone was discovered in
SM-10-09, in the foot wall to the main breccia mineralization. The
channel sampling along the length of the historical underground
tunnel has confirmed foot wall mineralization near the tunnel
entrance with 5 meters at 58 g/t AgEq, including 1 meter
at 239 g/t Ag (Figure 2). Although it is a narrow zone, this
foot wall mineralization provides encouragement for potential
resource additions.
The following table summarizes the most significant intercepts
(uncut, undiluted) for this release:
Table 1: Channel Sampling Results from Historical Tunnel -
San Marcial Project
Mineralized
Zone
|
From
(m)
|
To
(m)
|
Interval
(m)
|
True
Width
(m)
|
Ag
g/t
|
Pb
%
|
Zn
%
|
Au
g/t
|
AgEq*
g/t
|
Main
Zone
|
114.0
|
127.0
|
13.0
|
7.0
|
550
|
5.0
|
5.9
|
0.23
|
1,048
|
including
|
120.0
|
123.0
|
3.0
|
1.6
|
1,127
|
9.8
|
8.4
|
0.27
|
1,934
|
New
Discovery
|
2.0
|
7.0
|
5.0
|
5.0
|
54
|
0.01
|
0.07
|
0.00
|
58
|
including
|
3.0
|
4.0
|
1.0
|
1.0
|
239
|
0.02
|
0.13
|
0.00
|
246
|
Note: Distances
measured from tunnel entrance. All samples were 1 meter channels
along the tunnel walls.
|
|
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.
|
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 O-P 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