Source: Streetwise Reports 02/11/2019
Company is working in district that has 250 years of silver and gold production.
Goldplay Exploration Ltd. (GPLY:TSX.V; GLYXF:OTCQB), a Canada-based company that has been focused on exploring its properties in Mexico, has released its maiden resource estimate at its flagship San Marcial project in the Rosario Mining District in Sinaloa.
“The maiden resource was completed by an independent qualified person, WSP Canada Inc., defining an open pit amenable Indicated and Inferred resource,” Marcio Fonseca, Goldplay’s president and CEO, told Streetwise Reports. “In doing so, the company has delivered a material increase in the tonnage, grades and ounces of silver in the maiden resource estimate.”
The new, independent resource completed by WSP Canada derives a total resource of 47 million ounces (47 Moz) silver equivalent (Ag eq) Indicated and Inferred. It includes a “shallow, high-grade silver core zone (Breccia Zone), up to 40 meters in thickness, which represents 3.0 million tonnes at an average grade of 239 grams per tonne (239 g/t) Ag eq, 200 g/t Ag, equivalent to 23 Moz Ag eq and 19 Moz Ag, respectively,” the company noted.
The total resource consists of 36 Moz of Ag eq at an average grade of 147 g/t in the Indicated category and 11 Moz silver equivalent at an average grade of 99 g/t in the Inferred category. Cutoff grades of 30 g/t Ag eq were used for the open pit and 80 g/t Ag eq for underground.
The maiden resource marks a substantial increase over Silvermex Resources’ historical resource that was reported in 2008: a 59% rise in silver in the Indicated category, 103% increase in Indicated tonnes and a 126% increase in silver in the Inferred category. The silver equivalent amount increased 57% in the Indicated category and 44% in Inferred.
“Some 98% of the 36 Moz Ag eq Indicated Resource is potentially mineable by open pit,” Goldplay noted.
The resource is based on 52 core drill holes: 22 core drill holes that were assayed in 2018 plus the 30 core drill holes Silvermex used for its 2008 historical resource.
“The completion of our maiden Mineral Resource on the San Marcial Project is a major milestone for Goldplay. We have achieved a significant increase in the contained ounces of both Ag and AgEq. The Mineral Resource provides a strong foundation to realize the full potential of the San Marcial Project,” Marcio Fonseca stated.
“The significant increase in the Mineral Resource including delineation of a high-grade shallow Breccia Zone, represents an attractive target amenable for potential open pit development, and is open along strike as well as down dip, given most of the core drilling to date has only tested down to 250 m below the surface,” Fonseca added.
The resource is based on a 500-meter section of the 3.5-km-long mineralized trend.
“We are progressing with detailed, systematic exploration of the under-explored additional 3.5 km of mineralized trend,” Fonseca noted.
Goldplay previously announced that recent exploration work had expanded the silver-zinc-lead-gold mineralized trend beyond the historical NI 43-101 resource area and has identified five new exploration targets. The San Marcial exploration program included soil and rock chip sampling, as well as geological mapping along the 3.5 km mineralized trend.
“Recent surface exploration results have already confirmed new exploration targets in the vicinity of the mineral resource, representing future upside opportunity for resource expansion in 2019,” Fonseca explained.
Goldplay identified the new targets as Cabanas, Faisanes, Nava, Pedregal and Chachalaca, which are all located in the vicinity of the historical resource.
Source: Goldplay Exploration
“The San Marcial Project is one of Goldplay’s top prospects in the Rosario Mining District and we continue to be very encouraged by the upside potential for expansion of the deposit,” Fonseca stated. “The 250 years of historical silver and gold production in the region, with several multi-million ounce historic silver mines nearby, support the exploration potential for new discoveries on the under-explored San Marcial concession.”
Goldplay noted that it is aiming to conduct a preliminary drill program in 2019.
Fonseca noted the company already has exploration permits in place. “If we want to drill another 69 holes in 2019, we have the option to do so. We won’t have to go back and get the permits.”
Goldplay owns over 250 sq km of land in Mexico, in five different projects: San Marcial, El Habal, Yauco, Villa Union and El Placer II.
Goldplay Exploration Mexican Projects
Project Name
Description
Resources
Size
Location
San Marcial
A near-surface, high-grade silver + lead + zinc project: Targeting Open Pit Development
Gold, Silver, Zinc, Lead
1,250 hectares
Mexico
El Habal
Gold – Silver exploration project located in a multimillion ounce historical mining district.
Gold, Silver
3,700 hectares
Mexico
Yauco
Exploration targets near existing historic shallow underground gold and silver mines.
Gold, Silver
7,000 hectares
Mexico
Villa Union
Covering 5km of the western edge of the Panuco Graben, and 7km of the western edge of the Rosario Graben, Villa Union provides an immediate target for precious metals exploration.
Gold, Silver
5,600 hectares
Mexico
El Placer II
Located in the Concordia Mining District, this mine is 60 km from Mazatlán via paved highway, northeast of Villa Union
Gold, Silver, Lead, Zinc
111,000 hectares
Mexico
Frankfurt Stock Exchange
Goldplay began trading in January on the Frankfurt Stock Exchange under the symbol GPE. The Frankfurt Stock Exchange is the third largest in volume, coming right behind the NYSE and NASDAQ.
The company noted that this move “will provide Goldplay access to a broader investment audience in Germany and Europe.”
There are currently 41 million Goldplay shares outstanding. Management and insiders own 22% of the company. Sandstorm Gold Ltd., JDS Energy & Mining Inc. and SSR Mining Inc. own 6%, 4.5%, and 2.5%, respectively.
Goldplay’s shares currently are trading at CA$0.25.
Read what other experts are saying about:
- Goldplay Exploration Ltd.
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( Companies Mentioned: GPLY:TSX.V; GLYXF:OTCQB,
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