VANCOUVER, May 22, 2019 /CNW/ - Goldplay Exploration
Ltd. (TSXV: GPLY, FRANKFURT: GPE,
OTCQB: GLYXF) ("Goldplay" or the "Company") is pleased to
announce that high grade silver (Ag) results of 12 m at 323 g/t Ag have been received at the
southeastern limits of the San Marcial NI 43-101 Resource Area,
providing encouragement for extensions to the southeast in the
Guacamayo target. The potential of the San Marcial Project for gold
(Au), in addition to silver, mineralization continues to be
enhanced with anomalous silver and gold results received of up to
974 g/t Ag and 2.01 g/t Au over one metre channel samples.
The Guacamayo target is located at the southeastern end (Figures
1 and 2) of the San Marcial NI 43-101 Resource Area (see News
Release dated 7 February 2019), an
area highlighted for potential resource expansion within the San
Marcial Project. The Guacamayo target has been identified in soil
and rock chip sampling as having potential not only for silver but
also gold mineralization in the vicinity of the Resource Area
(Figure 3).
The high-grade silver interval of 12
m at 323 g/t Ag is within a broader zone of 24 m at 219 g/t Ag (Table 1). The SMtr-022 trench
is located to the SE of the last drill hole in the San Marcial
Resource Area – historical hole SM-05 (Figure 4) – which returned
an intersection of 19.6 m at 282 g/t
Ag from 1.4 m depth. Consequently,
the mineralization in the SMtr-022 trench shows consistency and
hence a continuation to the SE of that high-grade silver
mineralization, at surface.
Gold was not analyzed in the historic SM-05 drill hole, so the
anomalous gold in SMtr-022 is unexpected, representing a new
mineralized zone not included in the current NI 43-101 resource
estimation. The broad 24 m silver
interval also includes an average of 0.25 g/t Au. Locally, a one
metre interval within the broad silver zone contains a highest
grade of 2.01 g/t Au (Table 1). This result supports the gold
discovery announced by Goldplay in the central part (Section 180NW)
of the San Marcial NI 43-101 Resource Area (see News Release dated
18 September 2018), hosted by
stockwork style mineralization in the footwall below the
silver-bearing breccia.
Goldplay President and CEO Marcio
Fonseca commented, "We are extremely pleased by the
channel sample results from trench SMtr-022 as they indicate the
potential for expanding the resource into the Guacamayo target to
the SE of the San Marcial NI 43-101 silver resource area. Wide
mineralization on surface, including high grade silver up to
1m at 974 g/t Ag, provides further
encouragement for potentially expand the resource.
Our recent exploration has also identified the previously
unrecognized gold potential of the San Marcial Project, with the
Nava Zone developing as a pure gold discovery, and the footwall
zone below the San Marcial silver-rich breccia also hosting broad
anomalous gold mineralization. This gold potential is enhanced by
trench SMtr-022 with results up to 2.01 g/t Au."
Table 1 Guacamayo Target – Significant Laboratory
Results from Trench SMtr-022
Trench
|
From
(m)
|
To
(m)
|
Interval Width
(m)
|
Grade Ag
(g/t)
|
Grade Au
(g/t)
|
Cut-off grade
Ag (g/t)
|
SMtr-022
|
3.0
|
27.0
|
24.0
|
219
|
0.25
|
80
|
including
|
3.0
|
5.0
|
2.0
|
78
|
0.43
|
*
|
and
|
10.0
|
11.0
|
1.0
|
142
|
0.44
|
*
|
and
|
14.0
|
26.0
|
12.0
|
323
|
0.30
|
250
|
including
|
22.0
|
23.0
|
1.0
|
974
|
0.18
|
250
|
and
|
24.0
|
25.0
|
1.0
|
305
|
2.01
|
*
|
|
|
|
|
|
|
|
Channel lengths are measured along each trench commencing at
the northern end. All numbers are rounded. Mineralized zones are
calculated allowing for maximum 2 m
of internal waste, using the stated cut-off grades.
* Au
results based on Au>0.4 g/t
Geological mapping and additional channel sampling are underway
to test for further extensions of the San Marcial NI 43-101
resource along strike to the SE. It is anticipated that further
success in this SE extension zone will lead to drill testing in the
recently announced drill program (see News Release dated
16 May 2019).
Qualified Person
The scientific and technical data contained in this news release
related to the San Marcial Project was reviewed and/or prepared
under the supervision of Marcio
Fonseca, P.Geo., a non-independent qualified person to
Goldplay Exploration Ltd. who is responsible to ensure that the
geological information contained in this news release is accurate
and who acts as "qualified person" under the National Instrument
43-101 Standards of Disclosure of Mineral Projects.
Quality Assurance Program and Quality Control Procedures
("QA/QC")
Goldplay has implemented QA/QC procedures which include
insertion of blank and standard samples in all sample lots sent to
SGS de México, S.A. de C.V laboratory facilities in Durango, Mexico, for sample preparation and
assaying. For every sample with results above Ag >100 ppm (over
limits), these samples are submitted directly by SGS de
Mexico to SGS Canada Inc at
Burnaby, BC.
About Goldplay Exploration Ltd.
Goldplay owns a >250 sq. km exploration portfolio in the
historical Rosario Au-Ag Mining District, Sinaloa, Mexico. Goldplay's current focus
includes resource expansion and exploration at the San Marcial
Project, as well as a 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 open pit project for
which a NI 43-101 resource estimate was completed by Goldplay in
early 2019. It is a low risk resource development stage project,
fully permitted for all exploration activities and with support and
authorization by local communities to carry out all necessary work
on the project. 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.
SOURCE Goldplay Exploration Ltd