VANCOUVER, July 30, 2019 /CNW/ - Goldplay
Exploration Ltd. (TSXV: GPLY, FRANKFURT: GPE, OTCQB: GLYXF) ("Goldplay" or
the "Company") is pleased to announce a high-grade gold
intersection from its first core drill hole at the San Marcial
Project ("San Marcial"), Sinaloa,
Mexico.
Drill highlights at the Faisanes target ("Faisanes")
include:
- Drill hole SM 19-01 intersected 1
m @ 204.6 g/t Au, defining a new gold mineralized zone close
to surface, immediately adjacent to the western edge of the San
Marcial NI 43-101 resource* ("resource area").
- 32 m wide hydrothermal breccia
hosting a series of high-grade Pb-Zn-Ag massive sulphide
veins.
- Discovery of high-grade Au-Ag shallow mineralization beneath
old workings.
- Drilling at Faisanes is following up a recent surface
channel sample that returned 56 m @
196 g/t Ag.
THE STRATEGY
Phase I drilling at Faisanes is currently testing the continuity
and dip of a newly discovered mineralized system identified by
recent surface channel sampling. This system contains a wide,
high-grade Ag-Pb-Zn-Au mineralized zone, of which channel sample
results returned up to 56 m @ 196g/t
Ag including 15 m @ 472 g/t Ag (news
release 21 February 2019). The
Company is actively focused on surface and drilling exploration
along the 600 m long Faisanes zone
(Figure 01), including prospecting for discoveries of new
high-grade Au-Ag zones.
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. One year ago, our data indicated
high-grade silver, lead and zinc at San Marcial. Today, we have
added high-grade gold. We are committed to continue
systematic exploration and drill programs at San Marcial".
DRILLING THE NAVA TARGET AS
WELL
The Nava target ("Nava") is
located 1.5 km west of the San Marcial resource area and
approximately 1 km west of the Faisanes discovery, where recent
surface sampling reported continuous gold mineralization and
visible gold, notably:
- 24 m @ 2.1 g/t Au including
5 m @ 4.0 g/t Au
A 500 m long gold mineralized zone
has been defined at Nava. For
further details, see news release 10 July
2019.
The Company is executing its San Marcial resource expansion
strategy with its drill programs at Faisanes and at Nava.
GEOLOGY
Faisanes comprises an extension along-strike of the
silver-lead-zinc mineralization defined in the resource area.
Gold-silver low sulphidation epithermal mineralization at
Faisanes is hosted in hydrothermal breccia
and lapilli tuff intercalated with flow-banded dacite.
The first drill results have identified a 32
m wide hydrothermal breccia zone hosting multiple
intersections of high-grade Pb-Zn-Ag mineralization. In addition to
the breccia, a sulphide-rich lapilli tuff hosting a high-grade
gold-silver zone has been defined in a 1m interval within a larger 4 m interval of the same rock type and sulphide
dissemination that returned much lower grades in the 0.1 to 0.2 g/t
range.
The first drill hole (SM 19-01) was drilled 75 meters below
surface, confirming mineralization previously identified by
trenching (Trench 01) and shallow old workings.
SM 19-01 discovered a new Ag-Pb-Zn breccia hosted mineralization
close to the resource area as well as the new Au-Ag zones. The
following table summarizes the most significant drill assay results
(uncut, undiluted) from SM 19-01.
Table 1 Assay results from SM 19-01
Drill
Hole
|
From
(m)
|
To
(m)
|
Sample
Length (m)
|
True
Thickness
(m)
|
Grade Au
(g/t)
|
Grade
Ag
(g/t)
|
Grade
Pb
%
|
Grade
Zn
%
|
SM
19-01
|
46.65
|
47.4
|
0.75
|
0.6
|
0.01
|
248
|
0.17
|
0.08
|
47.4
|
51.4
|
53.0
|
Not
sampled
|
-
|
-
|
-
|
-
|
51.4
|
58.5
|
7.1
|
6.1
|
0.05
|
69.3
|
0.2
|
0.4
|
SM
19-01
|
67.5
|
105
|
37.5
|
32.5
|
0.01
|
5
|
0.6
|
0.2
|
including
|
86.3
|
89.1
|
2.8
|
2.4
|
0.01
|
8
|
59
|
4
|
New Discovery –
High-Grade Au- Ag Disseminated Sulphide-Veinlets – Lapilli
Tuff
|
SM
19-01
|
126
|
127
|
1.0
|
0.9
|
204.6
|
155
|
0.03
|
0.07
|
SM
19-01
|
136
|
138
|
2.0
|
1.7
|
0.03
|
18
|
0.3
|
0.6
|
165
|
177
|
12.0
|
10.4
|
0.01
|
8
|
0.2
|
0.4
|
All numbers are
rounded. Mineralized zones are calculated allowing for maximum 2 m
of internal waste, using cut-off grades of 0.1 g/t Au, 30 g/t Ag,
0.2% Pb and 0.2 % Zn to define the broad, mineralized
zone.
|
The hydrothermal breccia hosts a series of massive sulphide
(galena-sphalerite) intersections in veins/stockworks (Figure 02),
trends NW to SE, and dips approximately 70 degrees. It hosts a
high-grade, massive base metal mineralization, 2.8 m @ 59 % Pb and 4% Zn warrants testing of
similar surface targets identified within the exploration
concession.
The high-grade gold results (Figure 03), have been followed up
with detailed geological and geochemical modelling. The sum of this
work strongly supports Goldplay's plans to conduct further drilling
along strike on Faisanes.
The discovery of a high-grade precious (Au-Ag) and base metals
(Pb-Zn) mineralized zone opens the exploration at San Marcial and
confirms a highly prospective geological environment for additional
gold and silver discoveries. The Company anticipates completing
approximately 3 additional core drill holes at Faisanes in Q3/19 to
follow up on SM 19-01.
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. The analytical
methods are , 4-acid Digest and Inductively Coupled Plasma Optical
Emission Spectrometry with Lead Fusion Fire Assay with
gravimetric finish for silver above over limits. For gold assays
the analytical methods are Lead Fusion and Atomic Absorption
Spectrometry Lead Fusion Fire Assay and gravimetric finish for gold
above over limits.
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 aiming new gold and
silver discoveries 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. The NI 43-101 has defined a high-grade potential open
pittable Ag project, attractive for future development. 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
recent regional exploration program completed by Goldplay,
increasing the knowledge of the extension of the mineralized system
from 500 meters to 6 km by delineation of additional 8 targets for
future drilling. 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 in a felsic volcanic environment, with field
and sampling evidence dacite-rhyolite dome structures in a highly
prospective geological environment for gold and silver
discoveries.
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.
*click here for a link to the report of the March 2019 NI 43-101 resource update
SOURCE Goldplay Exploration Ltd