High Grade Silver Results, Including 6 Metres at 232 g/t Ag, Enhance San Marcial Project
High Grade Silver Results, Including 6 Metres
at 232 g/t Ag, Enhance San Marcial Project
VANCOUVER
,
Sept. 4, 2019
/CNW/ -
Goldplay Exploration Ltd. (TSXV: GPLY,
FRANKFURT
:
GPE, OTCQB: GLYXF) ("Goldplay" or the "Company")
is pleased to announce that additional
high-grade silver (Ag) has been encountered in a re-opened old adit, or tunnel, at the Faisanes
target (Figure 1) on the edge of the NI 43-101 silver resource area at the Company's San Marcial
Project ("San Marcial"),
Sinaloa, Mexico
, as announced in February this year (
see News Release dated
7 February 2019
).
Channel sampling along the walls of the historical tunnel, originally opened by artisanal miners,
returned a high-grade silver zone containing
6 m
at 232 g/t Ag (Table 1). The interval ended in high-
grade material at the deepest sampled point within the tunnel. The Company is reviewing plans to
extend the tunnel beyond this high-grade interval. The high-grade silver zone is within a broader zone
of
11 m
at 155 g/t Ag which commences at the opening of the shallow tunnel.
The high-grade silver in tunnel T-002 provides depth continuity, and correlates well with high-grade
results in trench SMtr-001, which included
15 m
at 472 g/t Ag within a broader zone of
56 m
at 196
g/t Ag (Figure 2). Individual channel samples within the SMtr-001 trench reached as high as
1 m
at
1,685 g/t Ag and
1m
at 1,228 g/t Ag (
see News Release dated
20 February 2019
). The highest
grade in tunnel T-002 is
1 m
at 353 g/t Ag, providing continuity of the high grades at depth. This also
correlates with silver grades up to 248 g/t Ag in drill hole SM-19-01. The drill hole, tunnel and
surface trench are all located within the Faisanes target – a potential extension of the breccia-hosted
silver mineralization in the adjacent resource area.
Goldplay President and CEO
Marcio Fonseca
commented
,
"Over recent months, our
exploration activities to expand existing NI 43-101 silver resources at San Marcial have succeeded
in delineating new high-grade gold targets, but we have also been able to discover new silver
zones peripheral to the resource area. These latest high-grade silver results, including
6m
at 232
g/t Ag, from a re-opened historical adit at the Faisanes target, on the NW edge of the resource
area provide lateral and depth continuity to the high-grade silver results reported from our nearby
surface trench SMtr-001, which returned
56m
at 196 g/t Ag. We expect to test this target further in
our current drilling program, which already has identified bonanza-grade gold (
1m
at 204.6 g/t Au)
in the adjacent SM-19-01."
Table 1: San Marcial Tunnel T-002: Best assay results
Tunnel
From (m)
To (m)
Sample
Length (m)
True
Thickness (m)
Grade Ag
(g/t)
Grade Pb
%
Grade
Zn
%
T-002
including
0.0
11.0
11.0
9.5
155
0.14
0.56
5.0
11.0
6.0
5.2
232
0.19
0.62
Channel lengths are measured starting from the opening of the tunnel. All numbers are rounded.
Mineralized zones are calculated allowing for maximum
1 m
of internal waste. High grade interval
uses 80 g/t Ag cut-off grade and low-grade interval uses 30 g/t Ag cut-off grade.
Figure 1: San Marcial Project – Location of T-002 Tunnel at Faisanes Target (CNW Group/Goldplay
Exploration Ltd)
The potential of the Faisanes target area, to the NW of the San Marcial resource area, is
demonstrated in Figures 2 and 3, which show the three dimensional relationship between the high
grade silver mineralisation encountered in tunnel T-002 as well as in trench SMtr-001, and the
recently reported high grade gold in SM-19-01. Further drilling of this target is planned in the
Company's current drilling program, to test the potential to expand the existing resource.
Figure 2: Faisanes Target Tunnel T-002: Location with SMtr-001 and SM-19-01 (CNW
Group/Goldplay Exploration Ltd)
CURRENT DRILL PROGRAM
The Company is executing its San Marcial resource expansion strategy with its initial drill program at
Faisanes and at
Nava
.
Figure 3: San Marcial Tunnel T-002: Cross Section with SMtr-001 and SM-19-01 (CNW
Group/Goldplay Exploration Ltd)
Phase I drilling at San Marcial brought immediate success with drill hole SM-19-01 intersecting a
very high-grade gold interval of
1 m
at 204.6 g/t Au at the Faisanes target on the western edge of
the Resource (Figure 1). This high-grade gold intercept has been followed up with detailed
geological and geochemical modelling. Findings from these newest studies strongly support further
drilling along 600 metres of strike length at Faisanes in the Phase I drilling program. The discovery
of a high-grade gold mineralized zone, associated with high grade silver and base metals (Pb-Zn),
opens the exploration at San Marcial. The Company anticipates completing approximately 3
additional core drill holes at Faisanes during the current program to follow up on SM-19-01.
Drill hole SM-19-02, testing the
Nava
gold target
150 m
beneath the broad gold interval in trench
SMtr-020 that returned
24 m
at 2.1 g/t Au (including
5 m
@4.0 g/t Au), is now complete and SM-19-
03 is currently underway, testing an easterly extension of the
Nava
target. The
Nava
target is
located 1.5 km west of the San Marcial resource area and approximately 1 km west of the Faisanes
discovery. A
500 m
-long gold mineralized zone has been defined at
Nava
. For further details, see
News Release dated
10 July, 2019
. Logging and sampling of SM-19-02 is now complete with
laboratory analyses pending.
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 in
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 has successfully consolidated a district-sized portfolio, owning >250 sq. km of mineral
concessions in the historic
Rosario
gold-silver Mining District in the state of
Sinaloa, Mexico
. Its
flagship project, San Marcial, consists of a 1,250 ha land package located south of the
La Rastra
and Plomosas historic mines. San Marcial is a near-surface, high-grade silver, lead, and zinc open
pit amenable project for which a NI 43-101 resource estimate was completed by Goldplay in early
2019. Additionally, bonanza-grade gold was drilled in
July 2019
at San Marcial, opening up the
potential for further gold success. Goldplay's 100% owned
El Habal
precious metals project is
located 20 km west of the San Marcial Project. It comprises 3,700 hectares and is located 75 km
southeast of the modern coastal port of Mazatlán, and 10 km on a paved road from the historic
mining town of
Rosario, Sinaloa, Mexico
.
Goldplay's current focus includes expanding its NI 43-101 resource estimate at the San Marcial
project, which contains 36Moz Ag Eq (indicated) + 11Moz Ag Eq (Inferred), by defining new high-
grade gold and silver targets along the project's 6 km mineralized trend. Goldplay is the first
company to perform exploration work at San Marcial in over 10 years. It is a low-risk development
stage project, fully exploration permitted and supported by the local communities to carry out all
proposed exploration activities. Only
500 m
of the 6 km trend has been drilled to date, highlighting
the significant potential for further discoveries. The Company has identified 8 high-priority targets
along the 6 km trend and is currently drilling two high-priority targets at Faisanes and
Nava
. Some of
these exploration targets consist of old shallow pits, caved shafts and historic shallow underground
workings in areas with extensive hydrothermal alteration, hosted by major regional structures in a
felsic volcanic environment. Mapping and sampling by Goldplay have revealed evidence of dacite-
rhyolite dome structures in a highly prospective geological environment for additional high-grade gold
and silver discoveries.
The El Habal Project is a drill-stage project. Its oxidized gold mineralized zone outcrops along a
series of rolling hills with evidence of historic shallow underground mining along a 6 km-long
prospective corridor. The El Habal Project is located near the historic gold-silver Rosario Mine which
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.
The NI 43-101 reports for each of the San Marcial and El Habal Projects are available 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
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/September2019/04/c2633.html
%SEDAR: 00040149E
For further information:
+1 (604) 202 3155, Email: [email protected]
CO: Goldplay Exploration Ltd
CNW 08:00e 04-SEP-19