Goldplay’s maiden mineral resource reveals a 57% increase in contained silver equivalent at high grade
The Egyptians were the first to produce a known currency exchange ratio, that mandated the correct ratio of gold to silver; one piece of gold was equal to two and a half pieces of silver. In Roman times, the price ratio was set at 12 to 1, then in 1792, the gold/silver price ratio was fixed by law in the United States at 15:1. The ratio of silver to gold in the earth’s crust is 17.5:1. All of this goes to show that gold and silver are both valuable precious metals and there will always be a market to sell them.
Goldplay Exploration Ltd. (TSXV: GPLY | OTCQB: GLYXF) is a Canadian company focused on the discovery of gold-silver deposits in the historically prolific Rosario Mining District in Sinaloa, Mexico. Although we are only just into the early stages of 2019, Goldplay has already had a busy beginning to the year at its San Marcial project in Sinaloa Mexico.
The San Marcial Project – Mexico
The San Marcial Project is an attractive near-surface, high-grade silver, zinc, lead resource project covering 1,250 hectares. Previous drilling has only explored 600 meters of the 3.5 kilometre mineralized trend therefore giving the company significant exploration upside.
Maiden mineral resource at the San Marcial
On February 7, 2019, Goldplay announced its maiden mineral resource estimate for the San Marcial Project. The Mineral Resource consists of 36 million ounces of silver equivalent at an average grade of 147 grams per tonne in the Indicated category and an additional 11 million ounces AgEq in the Inferred category, at an average grade of 99 gpt. The San Marcial Mineral Resource is a substantial increase from the historical resource completed in 2008.
President and CEO Marcio Fonseca commented: “The completion of our maiden Mineral Resource on the San Marcial Project is a major milestone for Goldplay. We have achieved a significant increase in the contained ounces of both Ag and AgEq. The Mineral Resource provides a strong foundation to realize the full potential of the San Marcial Project.”
Five new exploration targets at San Marcial
Previous to the maiden resource announcement, the Company reported that the exploratory program carried out in the December quarter of 2018 at the San Marcial Project has expanded the Ag-Zn-Pb-Au mineralized trend beyond the historic NI 43-101 resource area, with five new exploration targets identified. The Company will continue to advance the program to refine the knowledge of these targets, aiming at a preliminary drilling program in 2019.
CEO Marcio Fonseca said: “The San Marcial Project is one of Goldplay’s top prospects and we continue to be very encouraged by the upside potential for expansion of the deposit.”
Frankfurt Stock Exchange Listed
Effective January 15, 2019, the Company shares are now listed on the Frankfurt Stock Exchange under the symbol GPE. The Frankfurt Stock Exchange is the third largest in terms of volume behind New York and the NASDAQ, and it will provide Goldplay access and exposure to a broader investment audience in Europe.
With 250 years of historical silver and gold production in the region, and several multi-million ounce historic silver mines nearby, the San Marcial concession has very good exploration potential for new discoveries. Goldplay already has a high grade near surface project that is progressing very well. In recent times they are also significantly growing their resource and soon to begin drilling at their five new potential targets.
Headquartered in Vancouver Canada, Goldplay Exploration has a market cap of CAD$ 9.43 million, which is a significant increase from their December 2018 market cap of CAD$ 6.97 million when we last reviewed them.
Matthew Bohlsen is a Senior Editor for InvestorIntel.com. With a Graduate Diploma in Applied Finance and Investment, and a Graduate Diploma in Financial Planning. He ... <Read more about Matthew Bohlsen>