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).
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.
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.
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).
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.
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SOURCE Goldplay Exploration Ltd
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