Goldplay Announces its 2019 Drilling Program at its San Marcial Project in Sinaloa, Mexico
Goldplay Announces its 2019 Drilling
Program at its San Marcial Project in
Sinaloa, Mexico
VANCOUVER, May 16, 2019 /CNW/ - Goldplay Exploration Ltd.
(TSXV: GPLY, FRANKFURT: GPE, OTCQB: GLYXF) ("Goldplay"
or the "Company") is pleased to announce details of its 5,000 metre
diamond core drilling program at the San Marcial Project (the
"Project") in the Rosario Mining District, Sinaloa, Mexico. The
objective of the 2019 program will be three-fold: to expand the current
NI 43-101 silver ("Ag") resource by drilling the Faisanes target; to
define a new gold ("Au") resource at the Nava target; and to
investigate newly discovered zones along the Faisanes-Nava Corridor
(Figure 1).
Figure 1 - Location Faisanes and Nava Targets in relation to current
San Marcial Resource Area. (CNW Group/Goldplay Exploration Ltd)
The drilling program will be comprised of two phases. During Phase I,
approximately 5,000 metres of shallow drilling (250 m to 300 m) will be
completed aiming to define shallow down dip and along strike
continuity of mineralization already outlined by recently completed
surface exploration and sampling programs. At the Faisanes target,
the drilling will focus on wide intersections at surface located adjacent
to the existing San Marcial resource area. It will investigate down dip
and along strike extensions of high grade silver mineralization,
including 56 m @ 196 g/t Ag (see News Release February 21, 2019),
as well as mineralization recently identified in trenches along a strike
length extending 600 m to the west of the San Marcial resource area
(Figure 2). The 600 m long Faisanes target compares with the 500 m
strike length of the San Marcial resource area, which represents an
immediate opportunity for resource expansion.
Figure 2 – Location of Planned Drill Sections - Faisanes Target (CNW
Group/Goldplay Exploration Ltd)
At the Nava target, the recently discovered wide gold mineralization,
40 m @ 0.7 g/t Au (see News Release May 7, 2019), represents a low
sulphidation epithermal system with a potential strike length of 500 m.
The proposed shallow drilling program will investigate down dip and
along strike continuity of the mineralization in the zone defined by
Goldplay's recent trenching (Figure 3), and later expand 400 m
towards the western extension of the mineralized zone.
Figure 3 - Location Planned Drill Sections – Nava Target (CNW
Group/Goldplay Exploration Ltd)
The Company anticipates drilling other highly prospective areas in the
Faisanes-Nava Corridor where there is evidence of a favorable
geological setting to host Au-Ag mineralized zones associated with old
workings.
The Company is fully permitted to drill up to 69 drill holes and has
obtained all land access and legal permits to carry out all exploration
activities including drilling at the San Marcial Project. Subject to results
of the Phase I drilling program described above, the company is
anticipating further drilling in late 2019 and early 2020 with a Phase II
drilling program. The Phase II will aim not only to expand the Au and
Ag mineralization further down dip and along strike, but also to
investigate eight exploration targets located along a 6 km trend
outside of the 500 m long San Marcial resource area (Figure 4).
Figure 4- Location Exploration Targets in the San Marcial Project
(CNW Group/Goldplay Exploration Ltd)
Goldplay President and CEO Marcio Fonseca commented,
"Goldplay's strategy for San Marcial is to achieve a material increase
in the high-grade resources by drilling the new targets in the vicinity of
the current resource over the next six months. The Company has built
a robust and attractive high-grade silver, potentially open pit, project
and the recent discovery of Au targets has transformed the San
Marcial Project into a multi-commodity resource-development stage
project. Our successful exploration program has enabled Goldplay to
discover eight targets in a short period of time, making the San
Marcial Project one of the most attractive projects in the Rosario
Mining District. We look forward to moving forward with drilling and
exploration with the goal of identifying significant tonnage of high-
grade material which will continue to dramatically improve the
attractiveness of the San Marcial Project."
The Company has engaged a drilling contractor to immediately
commence drilling on the San Marcial property. This initial drilling
program is expected to be for up to 5,000 meters at the newly
discovered Faisanes and Nava targets. Subject to the approval of the
TSX.V, the Company intends to issue common shares to the drilling
contractor for the services provided in regard to this Phase I work
program, with the number of shares and share price being determined
at the market price at the time the work has been completed, in
compliance with the policies of the TSX.V.
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 at the San Marcial Project, as well
as a follow up exploration program in the 100% owned exploration
portfolio. Goldplay is one largest concession holders in one of the
most prolific mining districts in Mexico, controlling strategic
concessions next to large gold and silver producers in Mexico.
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.
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CO: Goldplay Exploration Ltd
CNW 08:00e 16-MAY-19