VANCOUVER, Aug. 8, 2019 /CNW/ - Goldplay Exploration Ltd.
(TSXV: GPLY, FRANKFURT: GPE,
OTCQB: GLYXF) ("Goldplay" or the "Company") is pleased to
announce the continued growth in gold discovery potential at the
Company's San Marcial Project, Sinaloa,
Mexico, with an update of the most recent surface results
and newly discovered gold-silver exploration drill targets.
While the project is known for its silver NI 43-101 resource
estimate ("Resource") News Release dated 07 February, 2019, recent gold-focused
exploration on targets peripheral to the Resource has yielded
significant gold results from the Nava, Faisanes, Chachalaca and Guacamayo
targets.
Goldplay's highlights to date from targets peripheral to the
Resource indicate a broad distribution of gold and silver over
approximately 6 km of mineralized trend, from the Limoncillos
target to the Micuines target (Figure 1). The following is a
summary of recent results at these targets:
- Nava – Sampling of
artisanal tunnels identified visible gold from panning of low
sulphidation quartz vein chip samples and channel sample results of
up to 0.4 m* (0.4m) at 10.0 g/t Au1. Trench
channel sampling (SMtr-020) returned intervals up to 24 m (17.7 m) at
2.1 g/t Au, including 5.0 m
(3.7m) at 4.0 g/t Au2.
Both zones are currently being drilled to test continuity of the
gold mineralization up to 150 meters beneath surface.
- Chachalaca Micuines – Recent rock chip sample results
identified on surface gold mineralization in a system similar to
Nava with returns of up to 1.1 g/t
Au. Historical rock chip samples at this target reported
1.0 m (0.9
m) at 13.3 g/t Au, 1.0
m (0.85m) at 7.9 g/t Au
including six other samples rock chip samples averaging
1.0 m in length and grades ranging
from 1.0 to 5.0 g/t Au. A trench/channel exploration program is
currently underway to verify these encouraging gold results and
obtain new sampling data, for the purpose of delineating new drill
targets.
- Guacamayo – a recent trench interval (SMtr-022) returned
a wide zone of high-grade silver (Ag) as well as anomalous gold –
24 m at 219 g/t Ag and 0.25 g/t
Au, including 1 m at 305 g/t Ag and
2.01 g/t Au3. Approximately 100 m to the SW of SMtr-022, trench SMtr-019
intersected 5 m at 0.6 g/t Au.
Goldplay is currently assessing the location of planned drill
targets on this target.
- Gold Discovery in the Resource Area – Recent assays of
drill holes identified new gold mineralization outside of the
Resource defining attractive new gold targets. Individual
drill-core results included 1.5
m (1.0 m) at 2.5 g/t
Au (SM-10-21), 12.3 m
(8.4 m) at 0.7 g/t Au (SM-20)
and 47.0 m (12 m) at 0.2 g/t Au (SM-10-09)4
(Figure 2).
- Faisanes - Drill hole SM-19-01 intersected
1 m (0.9
m) @ 204.6 g/t Au, immediately adjacent to the western
edge of the Resource5. This represents a new gold
mineralized zone outside of the Resource.
_____________________________
|
(*) – True
Thickness
|
1 See News
Release dated 16 April 2019
|
2 See News
Release dated 10 July 2019
|
3 See News
Release dated 22 May 2019
|
4 See News
Release dated 18 September 2018
|
Goldplay President and CEO Marcio
Fonseca commented, "A year ago, our data
indicated high-grade silver, lead and zinc at San Marcial. We have
now added high-grade gold over multiple target areas covering
approximately 6 km of trend prospective for gold and silver
mineralization. Our current exploration program includes our Phase
1 drill program as well as continued surface exploration of new
target areas with gold and silver potential. Drilling at
Nava is now underway with further
holes planned for both Nava and
Faisanes to expand on our recent successful gold discoveries. We
continue to encounter new gold and silver mineralized zones,
encouraging us to pursue additional exploration in the San Marcial
Project. As of today, we have covered only half of the concession
with a modern exploration program, opening up potential for
additional discoveries".
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 meters 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 is currently underway testing the
Nava gold target 150 meters
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). 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.
Additionally, the Company is actively focused on surface
exploration along the 6 km long, NW-SE trending corridor between
the Micuines and Limoncillo targets (Figure 1), including
prospecting for discoveries of new high-grade Au-Ag zones. Any new
gold and silver targets identified will be considered for drill
testing during the current program.
GEOLOGY
Gold and silver mineralization are widespread at the
Guacamayo, Resource and Faisanes targets
(Figure 1) and is stratigraphically associated with a felsic
volcanic sequence in the footwall below the San Marcial Fault. It
is also associated with breccia-hosted silver mineralization of the
NI 43-101 resource. The felsic volcanic sequence consists of
dacitic (to rhyolitic) composition intercalated lapilli tuffs, flow
banded and fine grained dacites (Figure 2). This association has
been interpreted to be part of a dacitic dome structure.
Sulphides can be locally disseminated or massive within the
volcanics, however narrow veins, that may incorporate quartz and/or
carbonate, can also be sulphide rich. The veins may be discrete
veins in places but may also appear form stockworks or breccias,
locally. At Guacamayo, Resource and Faisanes, gold and silver
appear to be closely associated with sulphide mineralization.
The recently discovered gold mineralization is typically defined
by broad low-grade zones with locally higher-grade results, as
shown by the recent exceptional drill result from SM-19-01 of
1 m at 204.6 g/t Au. To support this,
the San Marcial drilling database contains 148 core assays above
0.2 g/t Au, however only nine of these are > 1.0 g/t Au. The
majority (126) are in the range 0.2 to 0.5 g/t Au. Likewise, the
Guacamayo surface sampling data base to date contains 35 samples
> 0.2 g/t Au, however only two of these samples are > 1.0 g/t
Au (maximum 2.0 g/t), with the majority (29) in the range 0.2 to
0.5 g/t Au. This represents evidence of a broad and continuous gold
and silver mineralized system with opportunities for new
discoveries with cost effective surface exploration and definition
of drill targets to delineate high grade ore shoots.
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.
The Company is pleased to announce that the Company has granted
710,000 stock options to directors, officers, and consultants of
the company at an exercise price of $0.21
cents per option for a term of five years. Such options have
been granted pursuant to the company's 10-per-cent rolling stock
option plan and are in accordance with policies within the TSX
Venture Exchange.
The Company wishes to correct typographical errors contained in
its July 30, 2019 news release. The
correct disclosure should read as follows:
Drill
Hole
|
From
(m)
|
To
(m)
|
Sample
Length
(m)
|
True
Thickness
(m)
|
Grade
Au
(g/t)
|
Grade
Ag
(g/t)
|
Grade
Pb
%
|
Grade
Zn
%
|
SM
19-01
|
47.4
|
51.4
|
4.0
|
Not
sampled
|
-
|
-
|
-
|
-
|
SM
19-01
|
67.5
|
105.0
|
37.5
|
32.5
|
0.01
|
5
|
0.6
|
0.2
|
including
|
86.3
|
89.1
|
2.8
|
2.4
|
0.01
|
8
|
5.9
|
0.4
|
including
|
86.3
|
87.0
|
0.7
|
0.6
|
0.02
|
6
|
4.0
|
0.5
|
including
|
88.6
|
89.1
|
0.55
|
0.5
|
0.13
|
23
|
25
|
0.9
|
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