Surface Channel Sampling at Nava Zone Returns Wide Gold Intersection 40 m at
Surface Channel Sampling at Nava Zone
Returns Wide Gold Intersection 40 m at
0.7 g/t Au Including 6.0 m @1.9 g/t Au
VANCOUVER, May 7, 2019 /CNW/ - Goldplay Exploration Ltd.
(TSXV: GPLY, FRANKFURT: GPE, OTCQB: GLYXF) ("Goldplay"
or the "Company") is pleased to announce wide gold intersections in
the Company's first two surface trenches sampled to confirm the
continuity and geometry of the low sulphidation epithermal gold
mineralization that returned previously up to 10 g/t Au from channel
sampling in underground tunnels at the Nava Zone discovery (see
News Release dated 16 April 2019).
The Nava gold (Au) discovery is located approximately 1.5 kilometres
to the west (Figure 1) of the San Marcial NI 43-101 silver resource
(see News Release dated 7 February 2019), supporting an attractive
mineralized corridor for discoveries and potential resource expansion
within the San Marcial Project. The Nava discovery is a zone with
pervasive hydrothermal alteration (silicification + hematite), at least
500 meters long x 100 m wide, hosting banded quartz veining and
stockwork mineralization.
Wide zones (up to 1.5 g/t Au) of oxide material were encountered in
both trenches, as characterized by a 13 m interval averaging 1.17 g/t
Au in SMtr-003 (Table 1). Locally, there are high grade 1 m intervals
supporting an attractive low sulphidation epithermal system. Some of
the assayed 1m intervals have returned up to 3.14 g/t Au in SMtr-002
and 4.28 g/t Au in SMtr-003 – this latter result falling within a 4 m
interval at 2.41 g/t Au.
The continuity of gold mineralization supported by continuous channel
sample results allied with favorable geological setting indicates high
exploration potential for gold over a wide area in the Nava zone
measuring 600 m along strike and 40 m wide (Figure 2). This is
demonstrated by SMtr-003, where the entire 40 m length of the trench
averaged 0.70 g/t Au (Figure 3).
Goldplay President and CEO Marcio Fonseca commented, "The
Nava Zone, located to the west of the San Marcial resource, is
shaping up to be a potentially significant low sulphidation epithermal
gold target. Geological mapping and geochemical data indicate
evidence of gold mineralization at the upper portion of a large low
sulphidation epithermal system, opening opportunities for upcoming
drilling to delineate future areas for resource definition. In addition ,
the presence of high-grade individual results in wide mineralized zone
and presence of visible gold as recently announced from channel
sampling in historical tunnels at Nava, encourages the Company to
continue exploration at Nava.
Although still in the early stages of discovery, the Nava Zone has the
potential to make the San Marcial Project a true multi-commodity
project, adding opportunity to expand resource to the already defined
high grade silver NI 43.101 resource. The strike length of the current
NI.43,101 resource zone is 500 m, hosting 36 million ounces of Ageq
("Indicated") and 11 million ounces of Ageq ( Inferred), ( San Marcial
Project, Resource Estimation and Technical Report, February 07,
2019, Todd Mcccraken, P.Geo, Marcelo Filipov, P.Geo ). The
Company has been successful due to exploration potential at the San
Marcial Project to materially increase the resource in a short period of
time and it is continuing surface exploration program along the
remainder of the 1.5 km mineralized corridor west of the NI 43.101
resource area connecting Faisanes and Nava Zones ("Faisanes-Nava
corridor"). Recent surface exploration results have provided field
evidence that support there is a continuous structural mineralized
trend of a total strike length of at least 4.0 km, including the current NI
43.101 resource area , Faisanes– Nava Corridor and recently defined
exploration targets to the east of the current NI 43.101 resource area".
Table 1 Nava Zone – Gold results from Trenches SMtr-002 and
SMtr-003
Trench From (m) To (m) True Thickness
(m)
Grade Au
(g/t)
Cut-off grade
Au (g/t)
SMtr-002 24.0 41.0 17.0 0.49 0.2
including 26.0 30.0 4.0 1.07 0.5
44.0 56.0 12.0 0.62 0.2
Including 49.0 50.0 1.0 3.14 1.0
and 55.0 56.0 1.0 1.26 1.0
SMtr-003 0.0 40.0 40.0 0.70 0.2
0.0 13.0 13.0 1.17 0.2
including 5.0 13.0 8.0 1.62 0.5
including 7.0 13.0 6.0 1.91 1.0
34.0 38.0 4.0 2.41 0.5
including 34.0 37.0 3.0 3.03 1.0
Channel lengths are measured along each trench commencing at the southern end. Channel thickness is estimated to approximate
true thickness as the orientation of the mineralization is perpendicular to the trenches and sub-vertical. All numbers are rounded.
Mineralized zones are calculated allowing for maximum 1 m of internal waste, using the stated cut-off grades.
Figure 1 Nava - Location to the west of the San Marcial Resource and
the Faisanes Target (CNW Group/Goldplay Exploration Ltd)
The Nava Zone consists of a set of NE trending mineralized quartz
veins, as well as a zone of intense stockwork (Figure 2). The veins are
interpreted to be in a low sulphidation regime and hosted within a
porphyritic dacite and an andesitic tuff unit, in proximity to the contact
with an underlying dacite-rhyolite volcanic package (Figure 4). The
geological setting supports presence of Dacite domes in a typical low
sulfidation epithermal system. The Nava Zone has no previous drilling.
Figure 2 Nava Zone – Location of Tunnels, Old Workings and
Stockwork Zone (CNW Group/Goldplay Exploration Ltd)
Figure 3 Nava Zone – Geology and Tunnel Sampling Results (CNW
Group/Goldplay Exploration Ltd)
The Company has placed a high priority on exploration activities in the
Nava Zone following this gold discovery supported by 600 m strike
length and wide width of gold mineralization allied with a pervasive
alteration & intensive stockwork system. This defines potential open
pit target for future drilling & resource definition.
Geological mapping and additional channel sampling will be carried
out to also test for extensions of the mineralization along strike to the
NE and SW. This exploration program will also include the stockwork
zone located 300m to the west of the tunnels (Figure 2). It is
anticipated that the current activities will lead to a preliminary drilling
program to test the depth continuity of the gold mineralization at Nava.
The Company continues to advance surface exploration at other
targets at the San Marcial Project as identified by soil and rock
sampling (News Release dated 18 January 2019). These targets,
including Faisanes, which is adjacent to the NI 43 101 Mineral
Resource, representing immediate opportunity for additional resource
expansion. Goldplay has already received drilling permits to advance
a significant drilling program in 2019 and fully authorized by local
communities ("Ejido") to carry out all exploration activities in the San
Marcial Project.
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
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CO: Goldplay Exploration Ltd
CNW 08:00e 07-MAY-19