VANCOUVER, April 5, 2018 /CNW/ - Goldplay Exploration Ltd. (TSXV: GPLY - the "Company" or "Goldplay"), is pleased to announce completion of the first ground geophysical survey at the Company's 100% owned El Habal Project, located in the historic (gold-silver) Rosario Mining District, Sinaloa, Mexico. The results of the CSMAT1 and ground magnetics surveys have delineated 15 new drill targets at El Habal, (see Figure 01).
Goldplay contracted Geofisica TMC to complete a 27-line CSMAT and a magnetic ground geophysical survey; consisting of 100m-line spacings and 409 total stations, over the 1.5 km known mineralized trend at El Habal. The geophysical surveys are the first ever carried out on the property and their results confirm anomalous zones previously identified by historical drilling results and nearby shallow historical underground workings (see Figures 02 and 03).
The surveys have also identified several resistive geophysical anomalies that correlate with anomalous surface trenching results and structural trends mapped in the 2017 exploration program completed by Goldplay.
Goldplay's technical team is highly experienced in studying epithermal and intrusive-related geological settings, with over 10 years of experience in the Rosario Mining District, and whose track record includes the discovery of the (currently operating) Trinidad open pit gold mine in the Rosario Mining District.
The nature and magnitude of the geophysical resistivity anomalies below the shallow underground workings are positive features illustrating the exploration potential of El Habal Project and with merit for further work. Goldplay is currently preparing a drilling program for Q2/2018. The program will test continuity of the shallow and deep mineralization mapped on surface, combining geological mapping, trenching, surface rock channel sampling, geophysics and 3D modelling.
Management believes that the completion of the first modern ground geophysical surveys at the El Habal Project is a significant milestone for Goldplay, validating the Company's exploration strategy to apply modern technology together with detailed geological/structural mapping to define the geological setting and geometry of mineralization at the El Habal Project in the highly prospective Rosario Mining District.
Marcio Fonseca, Goldplay's Chief Executive Officer, commented: "We are very satisfied with the results of the ground geophysical survey program, supporting our exploration strategy to create a solid foundation for drill target generation to advance exploration on the El Habal Project."
1. Controlled source audio frequency magnetotellurics ("CSMAT") is a commonly used surface-based geophysical method, which provides resistivity information of subsurface geology. The main benefit of the CSMAT method is its significant capacity for depth penetration. High quality data, good lateral resolution, cost-effectiveness and relative ease of interpretation for mineral deposits associated with regional structures have made CSMAT an effective geophysical technique for modern exploration of multimillion ounce epithermal deposits worldwide (ex: Veladero -Barrick Gold- Argentina, Salares Norte – GoldFields -Chile).
The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Marcio Fonseca, President and CEO for Goldplay, who has reviewed and approved its contents.
About Goldplay Exploration Ltd.
Goldplay Exploration Ltd. (TSX-V: GPLY) is an exploration-stage company with a strategic portfolio in the Rosario Mining District, Sinaloa, Mexico. Goldplay is currently focused on advancing exploration activities including drilling for its 100%-owned El Habal Project.
Goldplay's flagship El Habal Project is a low sulphidation epithermal exploration-stage project. The Project is located in the vicinity of the historical Au-Ag Rosario Mine ("Rosario Mine"). The Rosario Mine reportedly operated for 250 years. Goldplay's team has over 30 years' experience with senior roles in exploration, financing and development in the mining industry, including over 10 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.
El Habal is an exploration project and it does not contain any mineral resource estimates as defined by NI 43-101.
Historic drill intersection is reported as drilled thickness. True widths of the reported interval is unknown. Goldplay is providing the historical data for informational purposes only. Goldplay has not completed any quality control assurance program to the historical data. Although the Company believes that the work was completed by competent persons to the standards of the day, the Company cautions the reader that the drill results are historical in nature and have yet to be verified by the Company's "Qualified Person" under NI 43-101.
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 that 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) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE Goldplay Exploration Ltd
For further information: +1 (604) 202 31 55, Email: [email protected], Website: www.goldplayexploration.com, 999 West Hastings Street, Suite 900, Vancouver, British Columbia V6C 2W2