Goldplay Discovers New High-grade Mineralization At San Marcial and Confirms Upside Resource Potential.
September 18, 2018 (Source) —
- 1.5 meters (true width 1.5 meters) @ 1,197 gpt Ag or 1,285 gpt AgEq*
- 1.0 meter (true width 1.0 meters) @ 501 gpt Ag or 531 gpt AgEq
- 32.4 meters (true with 16.0 meters) @ 57 gpt Ag or 82 gpt AgEq
- 4.4 meters (true width 2.4 meters) @ 120 gpt Ag or 210 gpt AgEq
- 47.0 meters (true width 12.0 meters) @ 0.2 gpt Au **
Goldplay Exploration Ltd. (TSXV: GPLY, OTCQB: GLYXF – the “Company” or “Goldplay”) is pleased to announce additional results from sampling of the historical core drill holes, completed in 2010, from the Company’s San Marcial Project in Mexico. The Company has confirmed upside potential for resource expansion with advancement of the sampling program, new 3D geological modelling and discovery of new precious and base metals mineralization at San Marcial. The new results expand known mineralization 200 meters down dip beyond the historic NI 43-101 resource area (“historic resource”) and also delineate a new discovery subparallel to the main mineralized zone, increasing twice the footprint of mineralization, as illustrated in Figures 1 and 2.
Goldplay President and CEO Marcio Fonseca commented, “The San Marcial exploration program continues to deliver near surface, wide and high-grade intersections supporting not only open pit, but also underground, potential. We have now received information confirming continuity of a mineralized system for more than 200 meters down dip, beyond the extent of the historic resource, as well as the discovery of a sub-parallel mineralized system that has the potential to expand the resource, generating new Ag-Au drilling targets( Figure 2). We are currently advancing surface exploration of other untested targets along the 3.5 km mineralized trend (and beyond the 500 meter long mineralized trend of the historic resource). The discovery of Ag-Au and Au-only mineralization, represented mainly by a stockwork system hosted in silicified volcanic, has doubled the footprint of precious and base metal mineralization, creating a near surface additional open pit target zone with indications of high-grade mineralization for future underground target exploration.”
Drill hole SM-10-09 intersected three zones near surface (7.8 meters @ 181 g/t AgEq, 18.7 meters @ 91 g/t AgEq and 16.5 meters @ 52 g/t AgEq) together with drill holes SM-10-06 (46 meters @ 129 g/t AgEq – News Release August 28th 2018) and SM-10-22 (19.5 meters @ 157 g/t AgEq –* including 1.5 meters @ 1,285 g/t AgEq – News Release August 16th 2018), confirming continuity of mineralization 200 meters down dip. These results indicate an immediate area for expansion of the estimated resources, scheduled for completion in 2018.
Sampling of drill hole SM-10-22 has confirmed near surface, wide mineralization (32.4 meters @ 82 gpt AgEq), supporting open pit target potential at San Marcial, as illustrated in Figure 3. The following table highlights the most significant drill results (uncut) from SM-10-09 and SM-10-22 for this news release.
Note: all numbers are rounded. **Au only mineralization hosted in stockwork.
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AgEq (silver equivalent) is calculated from gpt data. AgEq g/t = Ag g/t + Au g/t x (Ag Price per oz/ Au price per oz) + (Pb grade x ((Pb price per lb./Ag price per oz) x 0.0685714 lbs. per Troy Ounce x 10000 g per %)) +(Zn grade x ((Zn price per lb./Ag price per oz) x 0.0685714 lbs. per Troy Ounce x 10000 g per %)). Ag price per oz (US$16.50), Au price per oz(US$1250), Pb price per lb. (US$0.95) and Zn price per lb. (US$1.15) and 100% Metallurgical Recovery.
These results, together with historical data and a 3D geological modelling provide additional information to extend known mineralization down-dip in the center of the historical resource area.
The new Ag-Au and Au mineralization discovered by sampling SM-10-09 represents a new target to expand the resource. It is mainly comprised of a pervasive stockwork system (millimetric veining) hosted by a silicified epiclastic volcanic sequence, with evidence of disseminated sulphide. The consistent Au mineralization along the 47 meters shows grades ranging from 0.2 gpt Au up to 1.1 gpt Au, with base metal mineralization absent.
This indicates the likely presence of a low to intermediate sulphidation epithermal system with low base metal content and geochemically distinct from the silver mineralization defined in the historic resource.
The location of drill holes completed prior to the historical resource and the location of sampled drill holes SM-10-09 and SM-10-20 are illustrated as follows (Figure 1).
The Company will continue with the drill core sampling program, prioritizing areas with historical drilling not fully sampled in the past and located in areas with evidence of upside potential for resource expansion.
Thorough QA/QC protocols are followed in all sampling programs and in assays completed by the Company. Goldplay’s management includes routine duplicates, blanks and standard samples in assay lots for all surface and drill hole samples. The samples are submitted directly to the SGS laboratory facilities in Durango, Mexico, for sample preparation and assaying. The assaying at SGS is by Fire Assay with AA finish, for Au (> 10 ppm gravimetric finish), Ag ICP-AES with 4 acid digestion (up to 100 ppm). For Ag results over 100 ppm an ICP-AES 4 acid digestion with detection limit from 100-1,000 g/t is completed at SGS laboratories in Vancouver, Canada. For samples with over limits of Zn and Pb (>10,000 ppm), an ICP-AES with Sodium Peroxide Fusion is performed, to improve recovery.
The Qualified Person under the NI 43-101 Standards of Disclosure for Mineral Projects for this news release is Marcio Fonseca, President and CEO of Goldplay, who has reviewed and approved its contents.
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 with an ongoing drill program. 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.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE GOLDPLAY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
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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