VANCOUVER, March 27, 2019 /CNW/ - Goldplay Exploration
Ltd. (TSXV: GPLY, FRANKFURT: GPE,
OTCQB: GLYXF) ("Goldplay" or the "Company") announces that
a NI 43-101 Technical Report ("Mineral Resource") titled "San
Marcial Project, Mineral Resource Estimation and Technical Report"
has been filed on SEDAR (www.sedar.com).
The Mineral Resource estimated for each resource category -
Indicated or Inferred - is displayed in Table 1, at different
silver equivalent (AgEq) cut off grades. The report documents a
maiden mineral resource estimate for the initial 500 m long x 100 m
wide resource area, part of a 3.5 km mineralized exploration
corridor at the San Marcial Project.
2
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AgEq is based on long
term silver, zinc and lead prices of US$18.50 per ounce silver,
US$1.10 per pound zinc and US$0.95 per pound lead. The following
average metallurgical recoveries are assumed as 85% silver, 85%
zinc and 95% lead. A 30 gpt AgEq cut off for open pit and 80 gpt
AgEq for underground were used for resource classification
completed by WSP Canada Inc. on February 07, 2019
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Qualified Persons
The Independent Technical Report was prepared by Todd McCracken and Marcelo Filipov of WSP Canada Inc. ("WSP").
Messrs McCracken and Filipov are Qualified Persons as defined under
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects of the Canadian Securities Administrators ("NI
43-101"). The report is filed on SEDAR and is available
on Goldplay's website:
https://goldplayexploration.com/wp-content/uploads/2019/03/San-Marcial-43.101.pdf
The Company's Qualified Person as defined by NI 43-101 is
Marcio Fonseca, PGeo, President and
CEO. He has reviewed and approved the technical content of this
release.
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
NI 43-101 resource estimate has recently been disclosed (see News
Release dated 7 February 2019).
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. 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.
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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SOURCE Goldplay Exploration Ltd