Goldplay strikes high grade gold and silver in Mexico
A Canadian silver and gold explorer has been making some great silver and gold discoveries in Mexico, including an exciting recent drill result that intersected 1 m @ 204.6 g/t gold (Au), and 155 g/t silver (Ag) at their 100% owned San Marcial Project.
Goldplay Exploration Ltd. (TSXV: GPLY | OTCQB: GLYXF) 100% owns a 250 sq. km exploration portfolio in the historical Rosario Mining District in Sinaloa, Mexico. The Company’s current focus includes the current resource expansion and the exploration of new gold and silver discoveries at their flagship San Marcial Project in Mexico. Other nearby projects 100% owned by Goldplay include: El Habal, Yauco, La (Villa) Union and El Placer. Potential exists mostly for silver, gold, lead and zinc.
Goldplay Exploration’s projects in Mexico – San Marcial, El Habal, Yauco, La (Villa) Union and El Placer II
First drill hole at the Faisanes target at San Marcial strikes high grade gold and silver
News for exploration miners does not come much better than this. Goldplay announced on July 31 an exciting high-grade gold intersection from their first core drill hole at their Faisanes target at the San Marcial Project in Sinaloa, Mexico. The drill result was the first hole drilled as the Company aims to define a new gold mineralized zone close to surface. Drill hole SM 19-01 intersected 1 m @ 204.6 g/t Au, immediately adjacent to the western edge of the San Marcial resource. The drill hole was drilled 75 meters below the surface, confirming mineralization previously identified by trenching and shallow old workings. The drill result was also positive for silver (Ag) including 0.75m at 248 g/t Ag, and the same gold 1m interval as above had 155 g/t Ag. The Company anticipates completing approximately 3 additional core drill holes at Faisanes in Q3 2019 to follow up on SM 19-01.
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A year ago data was indicating a high grade silver, lead, and zinc target. The drilling at Faisanes target is following recent surface channel sampling that returned 56 m @ 196 g/t Ag. Prior drill results at San Marcial have discovered numerous high grade silver deposits, including 5.65m @1,225 g/t Ag.
Goldplay President and CEO Marcio Fonseca commented: “The high-grade gold-silver intercept is highly significant as it supports the Company’s goal of expanding the San Marcial resource. It is the first time in approximately 10 years that any type of exploration work has been carried out on the project.”
Huge exploration potential
San Marcial exhibits a significant exploration upside that is supported by regional exploration programs completed by previous operators. 14 exploration targets within Goldplay’s 100% owned concessions were identified with some exploration targets consist of old shallow pits, caved shafts and historical underground workings and sampling evidence of a highly prospective geological environment for gold and silver discoveries.
Exploration at the Nava target 1km from the Faisanes discovery
At the nearby Nava Target, approximately 1 km west of the Faisanes discovery, a broad high grade gold zone has been encountered at surface 300 m along strike, west of the original gold bearing trenches. Results of up to 10 g/t Au from previous channel sampling in shallow historical underground tunnels have been followed up by surface channel sampling along strike of up to 9 g/t Au. This is suggesting the possibility of a significant expansion to the size of the Nava target and defining an immediate drilling target.
CEO Marcio Fonseca commented: “A high grade gold zone containing 24 m at 2.11 g/t Au, has provided the Company with encouragement that the Nava target could host a significant body of gold mineralization in a low sulphuration epithermal system.”
Goldplay Exploration has already released a good NI 43-101 Resource at San Marcial of 47 MozAg Eq. The current Q3 2019 drilling campaign aims to expand the current resource, with a longer term plan towards a potential open pit silver, gold, lead and zinc mine at San Marcial.
With the trade war getting worse, gold and silver prices rising, it makes perfect sense for investors to be looking at promising gold and silver explorers. To date, Goldplay ticks all the right boxes.
Headquartered in Vancouver, Canada; Goldplay Exploration has a market cap of C$ 11.3 m.
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>