Goldplay Exploration has found a new gold discovery at San Marcial
Right now it seems that all the conditions are in place for gold to climb, as some analysts are predicting gold to reach US$1,500 an ounce by the end of 2019. If you have invested in the gold sector the best news you can hear is that the gold company you have invested in has found a new gold discovery.
Goldplay Exploration Ltd. (TSXV: GPLY | OTCQB: GLYXF) owns a +250 square kilometer exploration portfolio in the Rosario Mining District, Sinaloa, Mexico. Goldplay controls strategic portions within the Rosario District, surrounded by multiple historical artisanal gold-silver mines and abundant exploration targets. To date Goldplay has had good exploration success mostly for silver; however gold is also starting to be found.
Goldplay Exploration’s projects
- The San Marcial Project (silver, gold, lead, zinc) (Flagship project).
- El Habal (gold, silver).
- Yauco (gold, silver).
- Villa Union.
- El Placer II.
Goldplay Exploration tenements shown in red
The San Marcial Project (silver, gold, lead, zinc) (Flagship)
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The San Marcial Project consists of 1,250 hectares, located in the prolific Rosario Mining District, in Sinaloa, Mexico. The Project is an attractive near surface, high-grade silver resource potential open pit development. To date, the San Marcial Project has 47 million ounces of silver equivalent (AgEq.) in Indicated & Inferred Resource, at good grades (117 g/t Ag indicated, 91 g/t inferred).
The San Marcial Project is already doing very well for silver discovery; however, there is gold potential as well. The mineralization has already shown silver and gold results of up to 974 g/t Ag and 2.01 g/t Au over one-meter channel samples. The announcement of high grade silver with results of 12 m at 323 g/t Ag that has been received at the south-eastern limits of the San Marcial Resource area is also providing encouragement for further extensions to the southeast.
A new gold discovery at the San Marcial Project
As a result of its ongoing surface exploration at the San Marcial Project, Goldplay has a new gold discovery. Located approximately 1.5 kilometers to the west of the San Marcial silver resource, assay results from channel sampling show up to 10 grams per tonne (g/t) Au.
Marcio Fonseca, President, CEO and Director of Goldplay stated: “The name of the zone is Nava. It is important because it is a brand new target that is 1.5 kilometers from the resource area. The resource area is a silver open-pit high-grade, but this is gold, the new discovery, and shows to us now that we have a multi-commodity concession, gold and silver, which is the core business of the company.”
During surface exploration, a series of old workings and tunnels were identified going through the mountain. There was the realization that previous miners were chasing gold, there must be something there. After crushing it became apparent it was a really good target in the area as there was a lot of visible gold. The new Nava target has 3 tunnels with 2 that interconnect over an extension of at least 300 meters.
Drilling to continue at San Marcial
Goldplay has also announced its 5,000 meter diamond core drilling program at San Marcial. The 2019 program objective will be a 3 fold expansion of their current silver resource, also helped by drilling at Faisanes and Nava. This will also include to define the new gold resource at the target and to investigate any newly discovered zones along the Faisanes Nava corridor.
Given the deteriorating global geopolitical climate, it can certainly be a good time to invest in the most promising gold and silver exploration companies. Goldplay Exploration has loads of exploration potential for both silver and gold. Currently, the market cap is only C$ 5.3 million, which therefore offers excellent potential value at this time.
Matthew Bohlsen is a Senior Editor for InvestorIntel.com. With a Graduate Diploma in Applied Finance and Investment (similar to CFA), and a Graduate Diploma in ... <Read more about Matthew Bohlsen>