Goldplay Exploration Ltd. (TSXV: GPLY, OTCQB: GLYXF – the “Company” or “Goldplay”) is pleased to provide an update with respect to the Company’s ongoing exploration activities and plans for 2018.
Over the past 4 months, Goldplay has pursued an aggressive exploration program leveraging the team’s experience and track record in the discovery of Au and Ag deposits in the Rosario Mining District, Sinaloa, Mexico.
Goldplay has also demonstrated its ability to make accretive acquisitions through acquiring the advanced resource stage San Marcial Project (see press release dated April 18th, 2018), which has positioned the Company to take advantage of low cost but high value acquisitions in Sinaloa, Mexico.
Goldplay’ s 250 sq. Km, 100% owned, highly prospective exploration portfolio, allied with the San Marcial project, secure its strategic position for growth in the historical Rosario Mining District.
2018 Exploration Update
El Habal
The 2018 surface exploration program (geological mapping, access to underground workings, trenching and ground geophysical program) has identified a highly anomalous gold mineralized zone covering a 1 sq. km zone, Target Area A (Figure 01 El Habal), with opportunities for expansion along strike and down dip.
The completion of the initial trenching program (see press release dated June 5th, 2018) together with the completion of a modern ground geophysical survey program (CSAMT, Magnetometry, see press release dated April 5th, 2018), created the foundation for the current diamond drilling program.
Goldplay initiated a two-phase diamond drilling program in Target Area A (see press release dated May 22nd, 2018). The phase I diamond drilling program includes approximately 2000 meters of drilling, targeting continuity of the gold mineralized zones down dip at approximate 100 to 150 meters below the surface inside Target Area A. Goldplay is anticipating completing the phase I drilling program by mid-July, forecasting a steady flow of assay results throughout the following months as additional results are received and interpreted. Once all results are received and interpreted, Goldplay will initiate a phase II diamond drilling program.
Goldplay has re-opened all historical shallow underground workings at El Habal, aiming to complete a detailed 3D modelling of mineralized zones, together with geological mapping, sampling and delineation of new targets for future diamond drilling.
An additional surface exploration program (trenching, geological mapping) is anticipated to be completed in 2018 inside the 6km long – 1 km wide mineralized corridor. Upon delineation of new targets, the Company will initiate a diamond drilling program in newly identified areas. The Company has defined two new areas for exploration surrounding the historical Mina La Espanola and Northeast of the historical Mina El Habal in the Octavio area(Figure 01).
San Marcial
San Marcial is an attractive near surface high grade silver, zinc, lead and gold project with a historical National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) resource completed by Silvermex Resources Inc. (“Silvermex”). reporting +30Moz Ag equivalent (1), and with immediate opportunity for resource expansion. The San Marcial historical NI-43.101 reports +30Moz Ag equivalent (1) as detailed in the report completed by SilverMex and titled “Updated NI 43 101 Technical Report For The San Marcial Property La Rastra Mining District” dated November 5, 2008 (filed on SEDAR November 21, 2008, by Silver One Mining Corporation) and prepared by Micon International Limited).
The existing historical NI 43-101 resource estimation exhibits significant exploration upside not only for open pit amenable development, but also showing attractive high-grade Ag intersections supporting a potential for future underground development.
Goldplay has received, and is reviewing, a total of 52 drill holes, including a historical exploration and drilling database and related core-boxes A summary of initial 30 historical results (2) completed by SilverMex and titled ( “3000 Meter Core Drilling Program to Commence on the San Marcial Silver Project” dated May 14, 2010 was …read more
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