VANCOUVER, Feb. 21, 2019 /CNW/ - Goldplay
Exploration Ltd. (TSXV: GPLY, FRANKFURT: GPE, OTCQB: GLYXF) ("Goldplay" or
the "Company") is pleased to announce high grade silver
(Ag) results from a trench extending silver mineralization from the
resource area to the Faisanes target (Figure 1) at the San Marcial
Project, located in Sinaloa,
Mexico. Goldplay recently announced a NI 43-101 resource for
the San Marcial Project (see News Release dated 7 February 2019) and is undertaking exploration
on the remainder of the concession to identify additional resources
along the 3.5 km mineralized trend.
The SMtr-001 trench is located in the northwest of the San
Marcial Resource Area, in the Faisanes target (Figure 2), and it
has a length of 113 metres, extending the mineralized zone from the
resource area on the footwall of the deposit. Faisanes is a new
target that was identified by Goldplay during recent surface
exploration activities (see News Release dated 18 January 2019).
Channel sampling of the trench has identified a broad area of
mineralization with a true thickness of approximately 56 metres,
and the mineralization has a similar orientation to the adjacent
resource, trending northwesterly, parallel to the high-grade
Breccia zone in the resource area. This 56
m broad zone contains an average grade of 196 g/t Ag (Table
1, Figure 3). Within that broad zone of silver mineralization, two
separate high-grade zones exist, representing potential open pit
amenable zones for future drilling. The first zone is estimated to
have a true thickness of 15 m at 472
g/t Ag and the second zone is estimated to have a true thickness of
14.6 m at 211 g/t Ag.
Table 1 San Marcial – Silver results from Trench
SMtr-001
Trench
|
From
(m)
|
To
(m)
|
Channel Length
(m)
|
True Thickness
(m)
|
Grade Ag
(g/t)
|
SMtr-001
|
10.0
|
85.0
|
75.0
|
56.0
|
196
|
including
|
27.0
|
72.0
|
45.0
|
33.0
|
288
|
including
|
28.0
|
47.0
|
19.0
|
15.0
|
472
|
and
|
54.0
|
72.0
|
18.0
|
14.6
|
211
|
|
Channel lengths
are measured along the trench commencing at the northern end. True
thickness is calculated using
assumptions of the orientation of the mineralization. All numbers
are rounded
|
Goldplay President and CEO Marcio
Fonseca commented, "These excellent silver results from
trench SMtr-001 are highly encouraging as Goldplay strives to
expand the silver resource at the San Marcial Project. The
high-grade silver results suggest that mineralization from the
resource area may be continuous into the adjacent Faisanes area,
with definition of parallel zones, which would validate discoveries
of new mineralization encountered in the footwall of the deposit
when logging and assaying historical drill holes in the second half
of 2018. The trench displays significant widths of high-grade
silver mineralization at surface, supporting the upside potential
to expand the resources in the near future. We are currently
planning additional trenches to follow up the mineralization
identified at Faisanes along strike to the west-northwest.
Channel samples from SMtr-001 were collected with a rock saw,
typically on 1 m continuous
intervals, unless prevented by access. The samples were sent to the
SGS de México, S.A. de C.V laboratory facilities in Durango, Mexico where they were analyzed for
gold using fire assay, and multi-elements (including silver) using
ICP. Results from the other elements analyzed in the laboratory
process are currently being reviewed
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.
The Company continues to advance surface exploration at the San
Marcial Project, focusing on the five targets recently identified
by soil and rock sampling (News Release dated 18 January 2019). These targets, including
Faisanes, 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.
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 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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SOURCE Goldplay Exploration Ltd