VANCOUVER, British Columbia, October 9, 2018 /PRNewswire/ --
Goldplay Exploration Ltd. (TSXV: GPLY, OTCQB: GLYXF - the "Company" or "Goldplay") is pleased to announce additional positive results from sampling of the historical core drill holes, completed in 2010 ("historical core"), from the Company's San Marcial Project in Mexico. The high-grade results support open pit potential of the initial 500 meter long deposit.
- 57.3 meters (true width 51.6 meters) @ 122 gpt AgEq
- Including 14.3 meters (true width 12.9 meters) @ 278 gpt Ag Eq
- Including 18.6 meters (true width 16.7 meters) @ 117 gpt AgEq
- 58.7 meters (true width 52.8 meters) @ 104 gpt AgEq
- Including 12.5 meters (true width 11.2 meters) @ 379 gpt AgEq
Goldplay President and CEO Marcio Fonseca commented, "The shallow depth of intersections, favorable topography, width and high-grade of results announced in this release continue to reinforce the high-grade open pit development potential at San Marcial. The results also outline opportunities for expansion of the deposit, not only considering the silver mineralization but also zinc and lead with definition of new mineralized zones along strike and down dip, which were not previously incorporated in the historical interpretation. New Ag-Zn-Pb-Au mineralized zones identified from continued systematic sampling of historical core will be included in the upcoming resource estimation update scheduled for December 2018".
The location of drill holes completed prior to the historical resource and the location of sampled drill holes SM-10-07 and SM-10-15 are illustrated below (Figure 1).
Results of drill hole SM-10-07 (Figure 2) have confirmed near surface, wide mineralization of 57.3 meters @ 122 g/t AgEq, including two high grade silver rich zones hosted in a broad polymetallic Zn-Pb mineralized system hosted by hydrothermal breccias. The positive results extend the mineralization down dip and increase the potential size of the deposit in conjunction with additional sampling in other drill holes on the same cross section.
Drill hole SM-10-15 (Figure 3) intersected a zone near surface containing 58.7 meters @ 104 gpt AgEq which, together with historic trench results on the same cross section (13.9 meters @ 419 gpt AgEq), confirms the mineralized zone geometry at the NW extremity of the historic resource.
The following table highlights the most significant drill results (uncut) from SM-10-07 and SM-10-15 for this news release:
Hole No. From (m) To (m) Interval True Ag g/t Pb % Zn % Au g/t AgEq* (m) Width g/t (m) SM-10-07 103.2 160.5 57.3 51.6 59 0.6 0.7 0.02 122 including 113.3 127.6 14.3 12.9 56 2.5 2.6 0.01 278 including 134.7 153.3 18.6 16.7 109 0.02 0.1 0.01 117 SM-10-15 53.8 112.5 58.7 52.8 82 0.2 0.3 0.01 104 including 53.8 66.3 12.5 11.2 349 0.3 0.3 0.03 379 Note: all numbers are rounded.
AgEq (silver equivalent) is calculated from gpt data. AgEq g/t = Ag g/t + Au g/t x (Ag Price per oz/ Au price per oz) + (Pb grade x ((Pb price per lb./Ag price per oz) x 0.0685714 lbs. per Troy Ounce x 10000 g per %)) +(Zn grade x ((Zn price per lb./Ag price per oz) x 0.0685714 lbs. per Troy Ounce x 10000 g per %)). Ag price per oz (US$16.50), Au price per oz (US$1,250), Pb price per lb. (US$0.95) and Zn price per lb. (US$1.15) and 100% Metallurgical Recovery.
These results continue to reveal silver-lead-zinc mineralization in the historic resource area as well as down dip and along strike, in zones not previously included in that resource.
A multi-phase mineralized event is interpreted to have produced a broad polymetallic mineralized footprint hosted mainly by hydrothermal breccias and with high grade zones following major structures. The Company will continue its drill core sampling program, aiming to complete a NI 43-101 resource estimate during the December 2018 quarter. The potential area to expand and connect mineralized zones previously modelled in the historic resource is illustrated in the longitudinal section (Figure 4).
To view drill hole location map and longitudinal section from this news release, please click the following links:
Thorough QA/QC protocols are followed in all sampling programs and in assays completed by the Company. Goldplay's management includes routine duplicates, blanks and standard samples in assay lots for all surface and drill hole samples. The samples are submitted directly to the SGS laboratory facilities in Durango, Mexico, for sample preparation and assaying. The assaying at SGS is by Fire Assay with AA finish, for Au (> 10 ppm gravimetric finish), Ag ICP-AES with 4 acid digestion (up to 100 ppm). For Ag results over 100 ppm an ICP-AES 4 acid digestion with detection limit from 100-1,000 g/t is completed at SGS laboratories in Vancouver, Canada. For samples with over limits of Zn and Pb (>10,000 ppm), an ICP-AES with Sodium Peroxide Fusion is performed, to improve recovery.
The Qualified Person under the NI 43-101 Standards of Disclosure for Mineral Projects for this news release is Marcio Fonseca, President and CEO of Goldplay, who has reviewed and approved its contents.
About Goldplay Exploration Ltd.
Goldplay owns a >250 sq. km exploration portfolio in the historical Rosario Mining District, Sinaloa, Mexico. Goldplay's current exploration focus includes surface exploration and drilling, with a resource update to follow at the advanced-stage San Marcial Project and 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 project for which a historical resource estimate has been previously disclosed.
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 with an ongoing drill program. 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. THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE GOLDPLAY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
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.