Goldplay Exploration announces surface trenching program results to date at the 100% owned El Habal Property: including 130 meters grading 1.86 g/t Au, 100 meters grading 1.20 g/t Au , 90 meters grading 0.84 g/t and the most recent discovery expanding the mineralized zone further east with 20 meters grading 1.33g/t and 50 meters grading 0.48 g/t Au including (13 meters grading 1.07g/t)
VANCOUVER, June 5, 2018 /CNW/ - Goldplay Exploration Ltd. (TSXV: GPLY - the "Company" or "Goldplay"), is pleased to provide a summary and additional results of the surface trenching program at the El Habal Property in Sinaloa, Mexico. The results to date have identified oxidized gold mineralization on the surface along a 1000 meter-long mineralized zone. Additionally, the results of recent trenching at the Octavio target support opportunities to continue exploration along the mineralized zone to the east, (figure 01).
Results from the surface trenching program to date shows significant widths, high grades and consistent mineralization on the surface at most targets at the El Habal Property. These results together with a recently completed ground geophysical survey program ("CSAMT") defined quality drill targets under investigation in the ongoing core drilling program.
All intervals have been reported on an uncut basis. In some of the trenches, where bedrock was not available, sampling was completed in the vicinity to access bedrock and provide sampling coverage on a continuous basis. A complete table with all results can be found at: http://bit.ly/SurfaceTrenchResults
Surface Trenching Highlights
Santos Target
| Trench |
From (m) |
To (m) |
Width (m) |
Au (g/t) |
Comment |
| Santos |
0 |
130 |
130 |
1.86 |
(1)-includes internal dilution |
| including |
38.5 |
63.8 |
25 |
3.39 |
|
| including |
94.3 |
121.8 |
26 |
4.13 |
Sampling was completed near shallow historical underground or surface mining works close to major structures intersecting a highly silicified rhyolite. Occurrence of visible gold was reported in a group of high grade samples in this target.
La Reina Target
| Trench |
From (m) |
To (m) |
Width (m) |
Au (g/t) |
Comment |
| La Reina |
0 |
90 |
90 |
0.84 |
(1)-includes internal dilution |
| including |
25.2 |
37.1 |
11.9 |
1.99 |
|
| including |
175.6 |
187.6 |
12 |
1.77 |
The sampling program covered an area with evidence of shallow artisanal historical mining activity. The host rock is silicified rhyolite with intense structural fabric hosting stockworks and narrow vein systems. The CSAMT survey results have indicated 2 shallow, low resistivity, anomalies in this target . Goldplay is reopening the historical underground workings in the area for additional sampling.
Arenal Target
| Trench |
From (m) |
To (m) |
Width (m) |
Au (g/t) |
Comment |
| Arenal |
0 |
100 |
100 |
1.2 |
(1)-includes internal dilution |
| including |
22.6 |
34.1 |
11.5 |
1.92 |
|
| including |
65 |
111.2 |
46.2 |
1.74 |
|
| including |
133.2 |
148.2 |
15 |
1.74 |
At El Arenal there are multidirectional veins and stockwork system hosted by silicified rhyolites. There are also a series of historical shallow shafts defining an area with a presence of intense gold mineralization in the vicinity of the high-grade sampling zone.
Octavio Target
| Trench |
From (m) |
To (m) |
Width (m) |
Au (g/t) |
Comment |
| Octavio |
0 |
52 |
52 |
0.42 |
(1)-includes internal dilution |
| including |
24 |
37 |
13 |
1.07 |
|
| Octavio |
0 |
20 |
20 |
1.33 |
|
| Octavio |
0 |
5 |
5 |
1.76 |
The recent sampling results at the Octavio target, confirm the continuity of mineralized systems further east, representing an opportunity for additional shallow drilling targets. The gold mineralization is represented mainly by oxidized stockwork systems hosted by altered andesites.
These combined results define a consistent oxidized gold mineralized zone over 1000 meters along the strike, supporting the exploration potential at the El Habal. The wide mineralization, together with the common occurrence of high-grade bonanza grades and associated resistivity targets, encourages Goldplay to continue with its surface and core drilling exploration program at the El Habal in the coming months.
All intervals have been reported on an uncut base. The 2017 and 2018 surface trenching samples with assays results above 10 g/t and 5g/t respectively have been re-assayed with metallic screen fire assay with gravimetric finishing. In locations where the topography did not allow continuous sampling, a secondary surface trenching was completed in the vicinity to provide good continuity on sampling line intersecting the mineralized zone on bedrock outcrops.
Quality assurance/quality control
Trenching undertaken by Goldplay in 2017 - 2018 has been supervised by onsite personnel at the project who rigorously collect and track samples, which are then sealed and shipped to Bureau Veritas and SGS Minerals for analysis. SGS's and Bureau's quality system complies with the requirements for the international standards ISO 17025 and ISO 9001. Analytical accuracy and precision are independently controlled using blanks, control reference material and duplicate samples.
Marcio Fonseca, Goldplay's Chief Executive Officer, stated, "The Surface trenching results define a consistent oxidized gold mineralization zone extending over 1000 meters with evidence of high grade results together with a wide mineralized zone. This, together with the most recent ground geophysical survey results, indicate attractive exploration potential at El Habal".
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 square kilometer exploration portfolio in the Rosario Mining District, Sinaloa, Mexico. Goldplay currently focuses on exploration activities including drilling in progress at the El Habal Project and planned resource update at the recently acquired advanced stage San Marcial Project.
The El Habal Project is a low sulphidation epithermal exploration-stage project with an ongoing core drilling program. The1000 meter long oxidized gold mineralized zone outcrops along a series of rolling hills with evidence of historical shallow underground mining. The El Habal Project is near 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 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.
The San Marcial consists of an attractive near-surface high-grade silver, zinc and lead project with a historical National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") (1) with an immediate opportunity for resource expansion.
| Resource |
Grade |
Contained Metal |
|||||
| Category |
Tonnes |
Ag (g/t) |
Zn (%) |
Pb (%) |
Ag M(oz) |
Zn M(lbs) |
Pb M (lbs) |
| Indicated |
3,755,893 |
149.20 |
0.67 |
0.36 |
18.0 |
29.9 |
55.3 |
| Inferred |
3,075,403 |
44.21 |
0.51 |
0.29 |
4.4 |
19.5 |
34.7 |
| (1) |
The historical NI 43-101 resource estimate is based on a cut off of 30 g/tAg for open pit and 80 g/t Ag for underground resource classification completed by Micon International Ltd. for Silvermex on November 5, 2008. The historical resource is based on 4884 meters of drilling in 30 core drill holes. A qualified person has not done sufficient work to verify and to classify the historical estimate as current mineral resources, and the Company is not treating the historical estimate as current mineral resources. Further work must be carried out to verify all historical information before a resource estimate is possible, and there can be no assurance that when established, that any such resource would be economically recoverable. |
The existing historical NI 43-101 resource estimation exhibits significant exploration upside as it only comprises 30 drill holes completed up to November 2008. Additional 22 drill holes were completed post-filing of historical NI 43-101, representing an immediate opportunity to update and expand the resources. The historical NI 43-101 covers 600 m of a mineralized trend which is open along strike for an additional 3.5 km, supported by positive surface exploration results. The mineralization is an open down dip as most of the historical drilling was completed only up to 250 m below the surface in the resource estimation area. Historical preliminary metallurgical results from oxide and sulfide samples from San Marcial have indicated column leach tests recoveries in the range of 80% for a 72-hour leach period and preliminary flotation test work in drill core composite samples reporting recoveries in the range of 90%.
The mineralization at San Marcial is typical of the low sulphidation, epithermal systems hosted near the contact of the Tertiary, Upper and Lower Volcanic units in the Sierra Madre Occidental Geologic Province.
Along the 3.5 km mineralized trend, there are highly altered hydrothermal breccias, conglomerates, and relatively fresh dacite porphyry intrusive. Faulting is an important structural feature related to the silver gold zinc lead copper mineralization, and the intersection of east-west with northwest structures are considered the most prospective areas for exploration at San Marcial.
There are two main mineralized zones (upper and lower), located in the center of the mineral concession and both outcropping at surface. Both mineralized zones and associated host rocks exhibit fracture filling and typical hydrothermal textures of epithermal deposits. There is local brecciation hosting mineralized zones.
San Marcial exhibits significant exploration upside supported by historical regional exploration programs completed by previous operators with the identification of 14 exploration targets like San Marcial inside the 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.
Goldplay is providing the historical drill data and historical NI 43-101 for informational purposes only. Goldplay has not completed any quality control assurance program to the historical drill data and NI 43-101. Although the Company believes that the work was completed by competent persons to the standards of the day and 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) accept responsibility for the adequacy or accuracy of this press release.
SOURCE Goldplay Exploration Ltd
+1 (604) 202 31 55, Email: [email protected], Website: www.goldplayexploration.com, 999 West Hastings Street, Suite 900, Vancouver, British Columbia V6C 2W2
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